Brambles : Organisational Realignment and changes to ELT

9 February 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

Please see the attached announcement in relation to the above. Yours faithfully

Company Secretary

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Mr Chipchase said: "Over the past five months, and particularly since I joined Brambles at the beginning of January, I have been able to visit our major operations and offices and meet many of our senior executives and managers across the Group.

The changes I announce today reflect the following important considerations:

• a flattening of the organisational structure to enable me to be closer to the businesses and to achieve greater consistency of approach across the Group;

• a streamlining of reporting lines in the functions;

• the importance of BXB Digital to our future plans; and

• the continuation of Brambles' supply-chain solutions strategy."

  Under the new structure, CHEP operations will be managed as four regions with the Presidents of those regions reporting to Mr Chipchase.

• Pallets Asia Pacific, comprising pallet operations in Asia Pacific and the Pallecon Asia Pacific business.

• Pallets Europe, Middle East & Africa (EMEA), comprising pallet operations in Europe, Middle East, Africa and India and the Pallecon EMEA business, in addition to the Global Automotive business;

• Pallets Latin America, comprising pallet operations in Latin America; and

• Pallets North America, comprising pooled pallet operations in Canada and the USA, the CHEP Recycled business and the Pallecon North America business.

As a result of these changes, the divestment of CHEP Aerospace in December 2016 and the formation of the Hoover-Ferguson Group Joint Venture in October 2016, Brambles' Containers operations will no longer form a separate segment. There will be no changes to the IFCO RPCs business structure or management.

Reflecting this realigned structure, Brambles' ELT will comprise the following executives:

• Graham Chipchase, Chief Executive Officer

• Nessa O'Sullivan, Chief Financial Officer

• Jean Holley, Chief Information Officer

• Nick Smith, Group Senior Vice President, Human Resources

• Wolfgang Orgeldinger, Group President RPCs

• Mike Pooley, President, CHEP Pallets Europe, Middle East & Africa

• Kim Rumph, President, CHEP Pallets North America

• Phillip Austin, President, CHEP Pallets Asia Pacific

• Carmelo Alonso-Bernaola, Senior Vice President, Global Supply Chain

• Prasad Srinivasamurthy, President, BXB Digital

• Robert Gerrard, Group Vice President, Legal and Secretariat

The President of Pallets Latin America will report to Mr Chipchase, but will not be a member of the ELT. The biographies of all ELT members are set out in Annexure A.

Mr Chipchase said: "I am pleased to be able to add to the ELT a number of skilled and experienced executives from within the business to supplement the existing high quality executives already on that team. I look forward to working with them to drive our financial and operational success into the future."

As a result of these changes, Peter Mackie and Jason Rabbino will both be leaving Brambles.

Mr Mackie will depart Brambles at the end of March. However, he will continue to work with Mr Chipchase on an advisory basis on a number of strategic programs, until the end of September 2017. Mr Rabbino will continue to oversee the Group Strategy function, before departing Brambles during mid July 2017.

Mr Mackie has served Brambles and CHEP with distinction for more than 15 years, most recently as Group President, Pallets from March 2013. Since joining Brambles in 2001, he has served in regional, operational and functional leadership roles of increasing seniority. Under his leadership, the Pallets segment has grown strongly, with the launch of new product lines, entry into new markets, a greatly improved set of customer satisfaction results and outstanding improvements in Zero Harm performance. He has developed a leadership team that is ready to take the business forward as he moves on with his executive career outside Brambles.

Mr Rabbino has served as Group President, Containers since joining Brambles in May 2012, and held the additional role of Brambles' Head of Group Strategy, Innovation & Sustainability from June 2014. During his tenure, he grew and developed the Containers businesses, supported Brambles' portfolio optimisation and helped position Brambles as a recognised leader in the areas of innovation and sustainability.

Mr Chipchase said: "Although I have been with Brambles only a short while, the significant contribution Peter and Jason have made to Brambles is clear to me so, on behalf of the Company, I want to thank them for their outstanding service. They have our very best wishes for the future."

Raluca Chiriacescu Director, 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 5263

+61 414 777 680

james.millard@brambles.com

Reflecting positions as at 1 March 2017.

Joined Brambles at the beginning of January 2017 as Chief Executive Officer Designate. Prior to Brambles, Graham was Chief Executive Officer of Rexam plc, one of the world's largest consumer packaging companies, from 2010 to June 2016. Before becoming CEO, Graham first joined Rexam in 2003 as Group Finance Director and then moved to become Group Director of Plastic Packaging, where he refocused the plastics packaging division. Graham left Rexam in June 2016, after Rexam was successfully acquired by Ball Corporation. Graham is also a Non-Executive Director of AstraZeneca plc and chair of its Remuneration Committee, and also a member of the Worldwide Board of Directors of Enactus. He holds a MA (Hons) Chemistry, Oriel College, Oxford and is a fellow of the Institute of Chartered Accountants in England and Wales.

Joined Brambles in October 2016 as Chief Financial Officer Designate and became Chief Financial Officer on 17 November 2016. Prior to Brambles, Nessa worked for ten years with Coca-Cola Amatil, including as Group Chief Financial Officer from 2010 to May 2015, and as Group Chief Financial Officer for Operations and Chief Financial Officer for Australia and New Zealand. Nessa began her career in the audit practice with Price Waterhouse in Dublin, also working in New York and Sydney, before moving to Tyco Grinnell - Asia Pacific as a Financial Controller. She then joined PepsiCo where she held a number of senior functional roles over a 12-year period, including five years as Regional Chief Financial Officer, South Pacific Region for Yum! Restaurants International. Nessa is a Fellow of the Institute of Chartered Accountants in Ireland, a graduate of the Australian Institute of Company Directors and holds a Bachelor of Commerce (Hons) degree from University College Dublin.

Joined Brambles in 1992 and was appointed Senior Vice President Supply Chain for CHEP's global operations in February 2011. At Brambles, Carmelo has served in a range of Supply Chain roles, ranging from Quality Manager in Iberia, Logistics Director for South Europe, Vice President Logistics Europe, Senior Vice President Supply Chain Europe to his current global role in Supply Chain. Carmelo is an Spanish citizen, and holds an Agro-industrial Engineering degree from the Universidad Politécnica of Madrid. He also holds a Master of Business Administration degree from IE Business School, Madrid, and a Diploma of Manufacturing and Production Management.

Joined Brambles in 1989 and became President CHEP Asia Pacific in October 2014, having previously held the positions of President CHEP Australia and New Zealand and President CHEP Australia. Phillip has held a variety of senior roles across Brambles, including Chief Financial Officer of the Brambles Transport Group, Chief Financial Officer of CHEP Australia, Operations Manager for Wreckair Hire, and executive roles in the CHEP Australia business responsible for Sales, Asset Management and Business Development. Phillip is a board member of Enactus Australia and an Ambassador for the National Association for Women in Operations (NAWO). He holds a Bachelor of Economics and a Masters of Logistics Management, both from the University of Sydney.

Joined Brambles in 2003 as Senior Counsel, Brambles Group and was appointed Group Company Secretary in February 2008. Prior to joining Brambles, he was General Counsel and Company Secretary of Roc Oil Company Limited; Group Legal Manager, Cairn Energy plc; General Counsel and Company Secretary of Command Petroleum Limited; and a solicitor and senior associate with Allen Allen & Hemsley. He holds a Masters of Law from the University of Sydney and Bachelor of Science and Bachelor of Law degrees from the University of New South Wales. He is a Solicitor of the Supreme Court of New South Wales.