BRAMBLES LIMITED — Capital/Financing Update 2018

Apr 11, 2018

Brambles Limited

ABN 89 118 896 021 Level 10 Angel Place, 123 Pitt Street Sydney NSW 2000 Australia GPO Box 4173 Sydney NSW 2001 Tel +61 2 9256 5222 Fax +61 2 9256 5299 www.brambles.com

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12 April 2018

The Manager - Listings Australian Securities Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Via electronic lodgement

Dear Sir / Madam

BRAMBLES LIMITED DIVESTS ITS INTEREST IN THE HOOVER FERGUSON JOINT VENTURE

Please see the attached announcement relating to the above.

Yours faithfully Brambles Limited

Robert Gerrard

Group Company Secretary

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ASX & Media Release 12 April 2018

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Brambles Limited Divests its interest in the Hoover Ferguson Joint Venture

Brambles Limited announces that it has today entered into and completed an agreement to divest its 50% interest in the Hoover Ferguson Group Joint Venture (HFG) to its co-venturer, First Reserve, a leading global private equity investment firm exclusively focused on energy. The principal terms of the divestment were:

• HFG repaid to Brambles on completion the principal and accrued interest on HFG’s US$150 million subordinated shareholder loan;

• At the time of its formation in October 2016, Brambles received consideration of approximately US$77 million from First Reserve to equalise their respective ownership interests in HFG. Of this amount, approximately US$37 million was deferred. The deferred consideration remains in place, and will continue to accrue interest at 6.25% per annum and be guaranteed by First Reserve. The maturity date of the deferred consideration will be no later than 31 July 2026[1] ; and

• Brambles’ interest in HFG was transferred to First Reserve for nominal consideration.

The divestment of Brambles interest in HFG will give rise to a non cash write down of the investment which had a carrying value of US$4.9 million as at 31 March 2018. This charge will be included in the full year FY18 results and will be classified as a significant item.

Commenting on the divestment, Brambles’ CEO Graham Chipchase said: “Focusing investment in our core businesses that provide significant opportunities for growth and strong returns is one of our strategic priorities. As a result, the Board no longer sees the logistics operations in the oil and gas industry as a core business for Brambles and saw limited opportunity to deliver strong shareholder returns from our investment in HFG. We are pleased, therefore, to have reached a mutually-beneficial agreement with First Reserve to exit our investment. This includes securing repayment of our $150 million shareholder loan and preserving our longer position in relation to the deferred consideration.

We will use the funds from the shareholder loan repayment to pay down debt and to fund automation projects across the Group.

We wish First Reserve and the team at HFG the very best for the future.”

For further information, please contact:

Media

Investors Investors Media Sean O’Sullivan Raluca Chiriacescu James Millard Vice President, Investor Relations Director, Investor Relations Director, Corporate Communication, +61 2 9256 5262 +44 20 3880 9412 Group & Asia Pacific +61 412 139 711 +44 78 1065 8044 +61 414 777 680 sean.osullivan@brambles.com raluca.chiriacescu@brambles.com james.millard@brambles.com

1 As at 11 April 2018, the principal and accrued interest on the deferred consideration was approximately US$41.2 million. {EXT 00094370}

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