Brambles : 2017 AGM - Chairman's and CEO's Addresses

18 October 2017‌

The Manager-Listings

Australian Securities Exchange Limited Exchange Centre

20 Bridge Street

SYDNEY NSW 2000

Via electronic lodgement

Dear Sir / Madam

Brambles Limited

ABN 89 118 896 021

Level 40 Gateway 1 Macquarie Place Sydney NSW 2000 Australia

GPO Box 4173 Sydney NSW 2001

Tel +61 2 9256 5222 Fax +61 2 9256 5299

www.brambles.com

In accordance with Listing Rule 3.13.3, I enclose the addresses to be delivered by Mr Stephen Johns, Chairman and Mr Graham Chipchase, Chief Executive Officer, at the Brambles Limited Annual General Meeting, to be held at The Wesley Theatre, Wesley Conference Centre, 220 Pitt Street, Sydney, commencing at 2.00 pm this afternoon.

Also enclosed are copies of the slides to be used during the presentations at the meeting. Yours faithfully

Company Secretary

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Ladies and gentlemen, it is a great privilege to address you today as Brambles' Chairman.

I would like to start my address with an overview of where our company is today and the environment in which we operate.

Brambles is the world's leading provider of logistics solutions through the provision of reusable platforms - such as pallets, crates and containers - for shared use by a wide range of participants in supply chains globally. In terms of numbers, we own and manage approximately 590 million pallets, crates and containers, which service customers in more than 60 countries. Our operations are supported by Brambles' 14,000 employees and our network of over 850 service centres.

Our operating model is underpinned by our superior network advantage and industry-leading logistics expertise and we play an integral role in enhancing the safety, efficiency and sustainability of our customers' supply chains.

Today, we operate in a challenging environment characterised by increasing competitive intensity, ongoing macroeconomic uncertainty and a customer base navigating the challenges of a rapidly evolving retail landscape and changing consumer behaviour.

In this context, I will now address our performance in FY17 which was a very challenging year for Brambles.

We entered FY17 with confidence and strong momentum following a very successful FY16. Unfortunately, unexpected challenges in our largest business, US pallets, developed towards the end of the 2016 calendar year. These impacted our overall financial performance and led to the lowering of the company's FY17 guidance in February 2017. Our CEO, Graham Chipchase, will discuss the FY17 financial performance in more detail in his address.

The flow on effects of these issues on the Group's projections for FY18 and FY19, coupled with the need for greater financial flexibility to enable our businesses to meet the evolving needs of customers and maintain our network advantage, were the principal reasons for the Board's decision to withdraw the FY19 financial targets, which we originally announced to the market in December 2013. This decision, which was not taken lightly, also recognised the reality of the changing operating conditions and increasingly competitive landscape in our major markets.

The Board declared total dividends for the year of 29.0 Australian cents per share, in line with 2016. Franking on the final dividend increased to 30%, from 25% for the 2017 interim dividend, reflecting a change in the portion of offshore earnings.

As we move forward, we have reason to be confident. The fundamentals of all of our businesses remain strong and our strategy is to focus on the core drivers of value. As a result, Brambles is well- positioned to face challenges and capitalise on opportunities.

We are committed to leveraging our global scale and industry-leading expertise as we collaborate with customers to build the supply chains of the future. We seek to deliver growth and operational excellence in our core pallet, RPC and container pooling businesses by focusing on our five core

drivers of value which are: strengthening our network advantage; delivering operational and organisational efficiencies; driving disciplined capital allocation and improved cash generation; innovating to create new value; and developing world-class talent.

Graham Chipchase will discuss our strategic priorities in greater depth in his address.

FY17 was also a year of transition and renewal. We welcomed Graham Chipchase and Nessa O'Sullivan to Brambles, with Graham taking over as CEO on 20 February and Nessa becoming CFO on 17 November 2016.

Since joining Brambles Graham, with the Board's full support, has restructured the executive leadership team and outlined the strategic priorities I have previously mentioned.

The new executive leadership team reflects a flatter organisational structure, the global nature of our company and a greater balance between operational and functional leadership. This team brings together executives combining decades of experience at Brambles and fresh perspectives.

In accordance with our more focused strategy Graham, in August 2017, announced the intention to divest our North American non-pooling pallets business, CHEP Recycled. This sale process is now underway and we expect it to be completed within the current fiscal year.

Previously, we had also divested the Aerospace business in November 2016 and finalised our Oil and Gas joint venture, Hoover Ferguson Group, in October 2016.

We are very proud of our Sustainability achievements during the year and our solid progress towards our 2020 sustainability goals.

Starting with safety, the professionalism of our people and deeply-embedded safety culture have helped us to continue to reduce workplace injuries, down 32% over the prior year, with no fatalities in our operations during the year.

We continue to leverage our industry-leading expertise to help customers reduce costs and deliver on their own sustainability commitments. During the year, the use of our share and reuse business model coupled with over 200 customer collaboration initiatives saved 1.6 million trees and eliminated more than 2.5 million tonnes of CO2 and 1.4 million tonnes of waste from supply chains around theworld.

Looking to our own supply chain, we are pleased with our progress towards our 2020 target of 100% of global timber coming from certified sources. In FY17, the percentage of timber procured from certified sources increased by 2.1 percentage points to 99.1%.

Our talent management and learning programs gained great momentum, with a 78% increase in training days per employee for the year. In keeping with Brambles' strong commitment to inclusion and diversity, our leadership development programmes included activities that focused on understanding the impact of non-inclusive behaviours and unconscious bias in the workplace.

Brambles' business model, sustainability program and strong approach to corporate governance are consistently recognised as best practice by leading ratings institutions that benchmark our performance in these areas against other globally listed companies. Most notably, Brambles was