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  "documentTitle": "Rentokil Initial | Mergers and Acquisitions Presentation Deck | 21 slides",
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  "presentationDate": "2021-12-01 00:00:00",
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  "notes": "Includes disclaimer regarding currency conversion and accounting standards.",
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      "text": "Annualised pre-tax net cost synergies of at least US$150m (£113m) by the third full year post completion. Run rate synergies expected to accumulate c.30%, c.80% and 100% in the first, second and third 12 month periods respectively, post completion. Expected aggregate cash implementation costs of approximately US$150m, half of which will be incurred in the first 12 months post completion. Back office synergies from reduced corporate costs and scale efficiencies in administrative functions and overheads will represent c.50% of total synergies. Combining branches and routes will drive service productivity and savings in property costs, representing the remaining c.50% of total synergies. Additional (non-operating) synergies of $11m also expected to be achieved through financing.",
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      "text": "Note: GBP/USD rate of 1.3273 as per 10 December 2021 used to form Combined Group. Calculated using Terminix's financial results in US GAAP. Subject to amendment by Rentokil Initial when stated in the Circular and Prospectus and based on Rentokil Initial's accounting policies.",
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