BRAMBLES LIMITED — Capital/Financing Update 2019

Jun 2, 2019

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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3 June 2019

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

Via electronic lodgement

Dear Sir/Madam

Brambles announces completion of the sale of its IFCO RPC pooling business

Please see the attached announcement relating to the above.

Yours faithfully

Brambles Limited

Company Secretary

Robert Gerrard

ASX & Media Release

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Brambles announces completion of the sale of its IFCO RPC pooling business

Sydney – 3 June 2019: Brambles refers to its announcement on 25 February 2019 that it had entered into a binding agreement to sell its IFCO reusable plastic containers (RPC) business to Triton and a subsidiary of the Abu Dhabi Investment Authority (ADIA) for an enterprise value of US$2.51billion. Brambles announces today that, following the necessary regulatory approvals, the completion of the sale took place on 31 May, 2019 in the Netherlands.

As also announced on 25 February 2019, Brambles intends to return up to US$1.95 billion of proceeds from the transaction to shareholders through a combination of a pro-rata return of cash of approximately US$300 million and an on-market share buy-back of up to US$1.65 billion. The balance of the proceeds will be used to repay debt to maintain leverage in line with the Board approved credit policy.

It is Brambles’ intention to commence the on-market buyback in early June 2019 before pausing on 23 June 2019 when the Company enters its blackout period until its 2019 full year result announcement on 21 August 2019.

The pro rata return of cash remains subject to obtaining an ATO ruling and shareholder approval at the 2019 Annual General Meeting. Subject to the ruling and shareholder approval, the pro rata return of cash is expected be paid to shareholders in October 2019.

For further information, please contact:

Investors & Media Investors Sean O’Sullivan Raluca Chiriacescu Vice President, Investor Relations Director, Investor Relations +61 2 9256 5262 +44 20 3880 9412 +61 412 139 711 +44 78 1065 8044 sean.osullivan@brambles.com raluca.chiriacescu@brambles.com

Brambles Limited (ASX:BXB) Brambles helps move more goods to more people, in more places than any other organisation on earth. Its pallets and containers form the invisible backbone of the global supply chain and the world’s biggest brands trust Brambles to help them transport their goods more efficiently, sustainably and safely. As pioneers of the sharing economy, Brambles created one of the world's most sustainable logistics businesses through the share and reuse of its platforms under a model known as ‘pooling’. Brambles primarily serves the fastmoving consumer goods (e.g. dry food, grocery, and health and personal care), fresh produce, beverage, retail and general manufacturing industries. The Group employs approximately 10,000 people and owns approximately 330 million pallets, crates and containers through a network of more than 775 service centres. Brambles operates in more than 60 countries with its largest operations in North America and Western Europe. For further information, please visit www.brambles.com

IFCO is the global-leading provider of RPC pooling solutions. IFCO's RPCs are used primarily to transport fresh produce from producers to leading grocery retailers in Europe, North America, Latin America, Japan and China. IFCO's solutions help retailers and producers reduce costs and increase sales by maximising efficiency, product quality, sustainability and safety throughout their supply chains.

Triton since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe. Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 37 companies currently in Triton's portfolio have combined sales of around €13 billion and around 84,000 employees. For more information: www.triton-partners.com

Abu Dhabi Investment Authority , established in 1976, is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. ADIA has invested in private equity since 1989 and has built a significant internal team of specialists with experience across asset products, geographies and sectors. Through its extensive relationships across the industry, the Private Equities Department invests in private equity and credit products globally. Its philosophy is to build long-term, collaborative relationships with its partners and company management teams to maximise value and support the implementation of agreed strategies.