Brambles : CEO Retirement and Appointment of Successor

18 August 2016

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

Attached is a release to the Exchange relating to the above matter.

Yours faithfully

Group Company Secretary

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Until June this year Mr. Chipchase, 53, was Chief Executive Officer of Rexam plc, one of the world's largest consumer packaging companies with operations in over 25 countries. He joined Rexam in 2003 as Finance Director and successfully managed the company's plastics division until his appointment as CEO in 2010. During his tenure as CEO, Mr Chipchase refocused the company's strategy on core operations and strengthening customer relationships. He also improved the financial position of the business and delivered significant economic value to shareholders.

He left Rexam in June 2016, following the acquisition of the company by US-based Ball Corporation. Mr Chipchase is also a non-executive director and chairman of the remuneration committee of AstraZeneca plc.

Mr. Chipchase will commence with Brambles as CEO designate on 1 January 2017 and work closely with Mr. Gorman in the two-month transitional period until Mr. Chipchase takes over as CEO on 1 March 2017. Mr. Gorman will also be available to assist Mr. Chipchase up to 30 June 2017.

In making the announcement, Mr. Johns recognised Mr. Gorman's contribution to Brambles over the past seven years as CEO. "Tom was appointed CEO in October 2009 and he has worked tirelessly to re-focus our Company and deliver value for our customers, our employees and our shareholders. Total shareholder return from the date Tom was announced as CEO up to 12 August, 2016, was 145%1. He leaves Brambles in a strong financial and market position with a clear focus on delivering on commitments."

Mr. Gorman commented: "It has been both a pleasure and an honour to work with so many great people at Brambles. I am extremely proud of what our people have been able to accomplish during my tenure as CEO and am proud of the strong foundation for continued profitable growth I have helped establish. My decision to retire was not easy but I believe this is the right time for me to leave. Brambles is in great shape, our strategy is sound, and our team is aligned and committed. I wish Graham every success and I am looking forward to my future away from full-time executive life."

Mr. Johns commented: "After completing an extensive CEO succession process that considered internal and external candidates, the Brambles Board is delighted to have found a candidate with Graham's ability and experience to take Brambles forward and build on our strategy of customer focus, disciplined capital allocation, and profitable growth. Graham has extensive and successful management experience leading a large FTSE listed company in a global business with similar characteristics to Brambles. He brings an impressive track record of success to the Brambles CEO role."

Mr. Chipchase said it was a privilege to be appointed as the next Brambles CEO. "I'm excited to be asked to lead one of Australia's iconic companies and one of the world's most successful supply chain solutions groups. I will be inheriting an organization in a strong financial position with a clear value-creation strategy in place. I look forward to working with everyone at Brambles to ensure a smooth transition and to continue to deliver for our customers, employees, and shareholders."

Raluca Chiriacescu Manager, Investor Relations

+61 2 9256 5211

+61 427 791 189

raluca.chiriacescu@brambles.com

James Millard

Director, Corporate Communication, Group & Asia Pacific

+61 2 9256 5211

+61 414 777 680

james.millard@brambles.com

1 Total shareholder return calculated for the period commencing 6 October 2009 up to 12 August 2016 and includes the impact of the Recall demerger.

1. Biography of Graham Chipchase

2. Summary of key terms and conditions of employment for Graham Chipchase

3. Retirement of Tom Gorman

Brambles has its headquarters in Sydney, Australia, but operates in more than 60 countries, with its largest operations in North America and Western Europe. Brambles employs more than 14,500 people and owns more than 500 million pallets, crates and containers through a network of more than 850 service centres. For further information, please visit www.brambles.com.

Professional Career 2003 - 2016 Rexam plc

Chief Executive Officer (2010 - 2016)

Group Director, Plastics (2005 - 2010)

Group Finance Director (2003 - 2005)

MA (Hons) Chemistry, Oriel College, Oxford

Fellow of the Institute of Chartered Accountants in England and Wales 2012 - Present: Non-Executive Director, AstraZeneca plc

Until June this year, Mr. Chipchase, 53, was Chief Executive Officer of Rexam plc. Rexam is one of the world's largest consumer packaging companies with 56 plants in 26 countries and annual production exceeding 60 billion cans.

Key customers include Coca-Cola, Pepsi, SAB Miller, Heineken, Carlsberg, ABI and Red Bull.

After earning a first class honours degree in chemistry from Oriel College, Oxford, Mr. Chipchase chose to pursue a career in business starting with Coopers & Lybrand and, after success in a number of leadership positions at BOC and GKN, joined Rexam in 2003.

Starting as Group Finance Director, Mr. Chipchase moved to Group Director of Plastic Packaging. Mr. Chipchase refocused the plastics packaging division, successfully completed a number of acquisitions and tripled the revenue from £400 million to £1.2 billion.

In 2010, the Board elected Mr. Chipchase CEO of Rexam. Mr. Chipchase focused on driving economic value added, exited underperforming businesses and concentrated on can manufacturing.

Mr. Chipchase's strategy drove a strengthening of the Rexam balance sheet, returning £1.4 billion to shareholders and doubling the share price. He expanded Rexam's operations into new markets in Central and South America, the Middle-East, and India. He introduced lean disciplines and funded innovation.

In 2014 Rexam entered discussions with Ball Corporation (a competitor in beverage can manufacturing) regarding a possible combination. Ultimately, these conversations led to the acquisition of Rexam by Ball Corporation in which Rexam shareholders received a substantial premium. Mr. Chipchase left Rexam upon completion of the transaction in June of this year.