BRAMBLES LIMITED — Investor Presentation 2018

Mar 13, 2018

Brambles Limited ABN 89 118 896 021 Level 10 Angle 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

==> picture [96 x 19] intentionally omitted <==

14 March 2018

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

Via electronic lodgement

Dear Sir / Madam

Brambles Limited – Investor Day Presentations

Brambles is hosting its 2018 Investor Day in London, United Kingdom on 14 March 2018 commencing at 8.30am London time (7.30pm Sydney time).

Enclosed are the presentations which will be given during the Investor Day.

A webcast of these presentations will be available on Brambles’ website at: www.brambles.com.

Yours faithfully Brambles Limited

Robert Gerrard

Company Secretary

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

2018 Investor Day
14 March 2018
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Safety briefing
Fire stairs
Ballroom
Assembly area
is outside
hotel entrance
Fire stairs
Fire exits
2
----- End of picture text -----

Event agenda 14 March 3 0830-0845 Welcome & Strategic Overview Graham Chipchase, CEO 0845-0915 Group financial overview + Q&A Nessa O’Sullivan, CFO 0915-1000 Global Supply Chain + Q&A Carmelo Alonso 1000-1030 BREAK River Room, first floor 1030-1115 CHEP Europe presentation + Q&A Mike Pooley, President, CHEP EMEA 1115-1215 CHEP USA presentation + Q&A Laura Nador, President, CHEP North America 1215-1315 LUNCH Quadrato Restaurant, ground floor 1315-1400 CHEP Asia-Pacific + Q&A Phillip Austin, President, Asia-Pacific 1400-1445 IFCO presentation + Q&A Wolfgang Orgeldinger, Group President, IFCO 1445-1515 BREAK River Room, first floor 1515-1600 BXB Digital + Q&A Prasad Srinivasamurthy President, BXB Digital 1600-1700 Q&A Graham Chipchase, CEO 1830-2100 Dinner @ Tom’s Kitchen 11 Westferry Circus, Canary Wharf

==> picture [482 x 28] intentionally omitted <==

Event agenda 15 March 0800 Site tour Meet in hotel foyer 0815-0900 Outward coach transport to site tours Hangman's Wood Industrial Park Stifford 0915-1115 Visit to CHEP service centre, South Ockendon South Ockendon Essex RM15 6RL 1115-1245 Onward transport 1245-1430 Holiday Inn Maidenhead Manor Lane, Berkshire Maidenhead SL6 2RA 1300-1430 GSK Norreys Drive Maidenhead SL6 4BL 1430-1500 Onward transport 1500-1600 Tesco Reading International Business Park, Reading, RG2 0PN 1600-1830 Site tour ends: drop-off Reading Train Station/Heathrow/Canary Riverside Plaza Hotel 4

==> picture [482 x 27] intentionally omitted <==

Financial numbers and format

==> picture [7 x 11] intentionally omitted <==

Unless otherwise stated:

==> picture [7 x 9] intentionally omitted <==

All currency amounts are in US dollars

==> picture [7 x 9] intentionally omitted <==

All dollar amounts are at actual foreign exchange (FX) rates

==> picture [7 x 9] intentionally omitted <==

Year-on-year percentage growth rates are in constant currency, as defined in the Glossary (see Appendix 1)

==> picture [7 x 10] intentionally omitted <==

All forward looking statements are subject to the Disclaimer on the next slide

5

==> picture [482 x 28] intentionally omitted <==

Disclaimer

The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions.

This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issue or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law.

Persons needing advice should consult their stockbroker, bank manager, solicitor, accountant or other independent financial advisor. Certain statements made in this presentation are forward-looking statements. The views expressed in this presentation contain information that has been derived from publically available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

These forward-looking statements are not historical facts but rather are based on Brambles’ current expectations, estimates and projections about the industry in which Brambles operates, and beliefs and assumptions. Words such as "anticipates“, "expects“, "intends“, "plans“, "believes“, "seeks”, "estimates“, "will", "should", and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Brambles, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Brambles cautions shareholders and prospective shareholders not to place undue reliance on these forwardlooking statements, which reflect the view of Brambles only as of the date of this presentation.

The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Brambles will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority. Past performance cannot be relied on as a guide to future performance.

To the extent permitted by law, Brambles and its related bodies corporate, and each of its and their officers, employees and agents will not be liable in any way for any loss, damage, cost or expense (whether direct or indirect) incurred by you in connection with the contents of, or any errors, omissions or misrepresentations in, this presentation.

==> picture [6 x 7] intentionally omitted <==

----- Start of picture text -----

6
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

2018 Investor Day 14 March 2018

==> picture [482 x 28] intentionally omitted <==

Strategic overview Graham Chipchase Chief Executive Officer 8

==> picture [482 x 27] intentionally omitted <==

Our purpose

Our assets form the invisible backbone of the global supply chain Brambles’ purpose The world’s biggest brands trust us with the products that matter is to connect people with life’s essentials, Digitising our physical network will shine a light on invisible areas of the supply chain every day The scale and density of our network means we can be more agile and responsive to our customers’ changing needs Our sustainable circular model defines what we do and who we are 9

==> picture [482 x 28] intentionally omitted <==

• Circular, sustainable business model Share and reuse model delivering value to our key stakeholders Customers  Enhances operational efficiency Employees  ~14,000 employees in over 60 countries  Frees up cash and resources  Developing our people with over 170,000  Supports sustainability objectives training hours in FY17  Lowers overall supply chain costs  Prioritising safety and employee engagement

• = Shareholders Communities and Environment  Sustainable growth driven by expansion  Share and reuse reduces of core businesses environmental impact

• Returns well in excess of our cost  Reducing empty transport miles and of capital CO2 emissions through customer

• Generating cash to fund growth, innovation and dividends  collaboration99.1% of wood sourced sustainably  Exposure to defensive consumer  Strategic partnerships to reduce food staples sector waste and help serve those in need

• 10

• Employees  ~14,000 employees in over 60 countries  Developing our people with over 170,000 training hours in FY17

• Prioritising safety and employee engagement

Communities and Environment

==> picture [482 x 27] intentionally omitted <==

What is happening in the supply chain The way the world makes, moves and sells goods is changing

==> picture [451 x 181] intentionally omitted <==

----- Start of picture text -----

Evolution of retail Sustainability considerations Digitisation of physical
 Small store formats  Elimination of empty transport supply chains
 Click & collect miles and food & packaging waste  Visibility of
 E-commerceHard discounters  Efficient use of finite resource, e.g. timber, energy, waterInfluencing purchasing decisions  goods movementCondition of goodsSupply chain efficiency
Changing consumer behaviour Experimentation with technology Skill shortages
 Choice  Automation  Blue collar labour
 Customisation  Big data  High tech skilled labour
 Immediacy  Autonomous vehicles
 AI and machine
learning
11
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Retail supply chain Moderate changes upstream, significant disruption downstream

==> picture [437 x 180] intentionally omitted <==

----- Start of picture text -----

FMCG
Retailers Channels
Manufacturers
Home delivery
E-commerce
pure-play
fulfilment centre Click & Collect at new location
Click & Collect at store
Retailer DC
Convenience and small format Consumers
E-commerce
divisions
Supermarket
Bricks and Hypermarket
Mortar
Fresh produce
growers Hard discounter
Upstream Downstream
12
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

E-commerce market

Working with market leaders as supply chain models evolve

Servicing in-bound FMCG Proactively engaging with e-commerce flows to all large e-commerce retailers to help solve supply chain retailers globally challenges through pooling E-commerce supply chain: E-commerce supply chain challenges:  Growth highlighting the high cost and inefficiency of owned vs pooled pallets  Large capital outlay on pallets required for downstream distribution  Non-standardised in-bound packaging and end-of supply chain waste 13

• Growth highlighting the high cost and inefficiency of owned vs pooled pallets

• Non-standardised in-bound packaging and end-of supply chain waste

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Strategic priorities
Grow and strengthen our Deliver operational and Drive disciplined capital Innovate to create
network advantage organisational efficiencies allocation and improved cash generation new value Develop world-class talent
 Pursue significant growth  Leverage global scale and  Strike the right balance  Invest in new platform  Prioritise employee safety,
opportunities in core implement best practice in between growing developed solutions to deliver, enhanced engagement and capability.
businesses procurement, plant and developing businesses value and insights to  Foster a culture of agility and
 Invest in platform quality and automation and transport  Improve asset efficiency, customers innovation through
a differentiated, value- optimisation reduce equipment losses  Through BXB Digital, apply comprehensive, world-class
enhancing service offerings  Address under-performing technology to track goods, development programs
businesses optimise operations and
improve supply chain
efficiency for Brambles and its
customers
14
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Investor value proposition
Delivering long-term value and attractive shareholder returns
Brambles’ value creation model delivers through the cycle:
Sustainable growth at returns well in excess
of the cost of capital:
Mid-single digit revenue growth [1] ;
Underlying Profit leverage [1] ; and
Return on Capital Invested (ROCI) in the mid-teens
Sufficient cash generation to fund growth,
innovation and shareholder returns:
Dividends to be funded from free cash flow
1 At constant currency.
15
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

‘Mid-single digit revenue growth’
Growth to be driven by continuing conversion of customers to pooled solutions
CHEP Americas CHEP EMEA
Expected annual growth of 3-5% Expected annual growth of 4-7%
Reflecting ongoing conversion of 40% Reflecting significant addressable
customers away from alternative opportunities in both developed and
platforms. Pricing is expected to 30% developing markets. Pricing expected to
be modest. be broadly flat.
IFCO CHEP Asia-Pacific
20% 10%
Expected annual growth of 7-10% Expected annual growth of 2-3%
Reflecting increasing adoption of RPCs Reflecting modest growth in developed
in all regions. markets and disciplined expansion in
developing markets.
16
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

‘Underlying Profit leverage through the cycle’ …A multi-year process

==> picture [482 x 184] intentionally omitted <==

----- Start of picture text -----

Deliver
Invest for excellence Improved operational efficiency:
 Leverage global scale to reduce
Address the fundamentals  Increase level of automation in all direct costs
regions to global best practice  Increased network capacity
 Define global best practice in  standardRoll-out global procurement  Improved platform quality, service reliability and customer
procurement, automation and
initiatives targeting key spend pools satisfaction
transport optimisation
 Develop technology solutions to
improve supply chain efficiency
and visibility
17
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

‘ROCI in the mid-teens’

Delivering attractive and sustainable returns

Anticipated benefits of…

• Improved asset efficiencies across the Group

• Underlying Profit leverage through the cycle

• Actions to optimise the portfolio

• …to enable investment in network advantage

• Growth in core developed markets

• Expansion into developing markets and new avenues for growth e.g. First/Last Mile Solutions

• Innovation in technology, operations and customer service

• Investments to deliver operational and organisational efficiencies

Flexibility to balance growth and returns

18

==> picture [482 x 27] intentionally omitted <==

Summary

==> picture [6 x 11] intentionally omitted <==

Our sustainable model defines what we do and who we are

==> picture [6 x 10] intentionally omitted <==

==> picture [6 x 11] intentionally omitted <==

==> picture [6 x 11] intentionally omitted <==

Partnering with customers to navigate and capitalise on the evolving retail landscape

• Progress made against strategic priorities and clear plan to improve areas of underperformance

Business well positioned to deliver long-term value and attractive shareholder returns

19

==> picture [482 x 28] intentionally omitted <==

2018 Investor Day

14 March 2018

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Group financial overview
Nessa O’Sullivan
Chief Financial Officer
21
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Progress to date Increased cash flow, disciplined capital allocation and improved debt maturity profile

Cash flow generation

Capital allocation

Balance sheet

• US$89m improvement in free cash flow in 1H18

• US$89m improvement in free cash Now refocused on core pooling Ongoing debt capital market flow in 1H18 businesses – away from adjacencies issuance improving the Group’s debt  Asset efficiency/cycle time Identified high return automation maturity profile and reducing funding costs

• improvements in key markets opportunities in our core business

• Improved working capital Active management of under No major market debt refinancing required until FY20

• management performing and non-core assets

• Disciplined capital allocation  Disposal of non-core Investment-grade credit ratings maintained

• CHEP Recycled business

==> picture [5 x 5] intentionally omitted <==

• Improved management of asset compensations  Capital allocation aligned with profitability improvement plans

• 22

• 1H18 DPS maintained at AU14.5 cents, 30% franked

==> picture [5 x 6] intentionally omitted <==

==> picture [482 x 27] intentionally omitted <==

Initiatives in place to deliver sustainable cash generation Objective to fully fund dividend payments and growth initiatives

==> picture [440 x 181] intentionally omitted <==

----- Start of picture text -----

Area Opportunity vs. FY17 Initiatives 1H18 progress
Capital efficiency ~US$50-100m Focus on asset efficiency to reduce pooling capital intensity Improved asset efficiency in key
and allocation Disciplined capital allocation strategy focusing on core markets
pooling businesses Defined lumber strategy to
Procurement initiatives leveraging global scale and expertise reduce pallet costs and
to reduce pallet costs implementation commenced
Improved management of asset compensations Increased collection of asset
compensations
Working capital ~US$10-20m Improved cash collection processes Reduced working capital
management
Renegotiation of payment terms
Improved adherence to contractual terms and supply chain
finance
Significant Items ~US$40-50m Review of Significant Item projects to eliminate/reduce spend Minimal expense incurred to
complete legacy projects
23
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Refocused capital allocation strategy
Disciplined investment in core businesses
Historic focus on… Renewed focus on…
Diversification into adjacent businesses through M&A Higher returning core businesses and related innovation
Disciplined capital allocation to developing markets and
Supporting top-line growth with pooling capex
emerging opportunities in core businesses
Supporting growth with asset efficiencies and productivity
Continuous expansion into new geographies
improvements
24
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Reducing pooling capital intensity
Progress made with further opportunities identified
1 Improved asset efficiency to be delivered through:
Pooling capex/sales ratio %
 Cycle times
FY14-16 +3pp increase driven by 1pp reduction
25.0% cycle time expansion delivered 2  Customer collaboration initiatives including logistics and reuse
conditions
20.0% 19% 20% 19% 19% Opportunity:  Contract fee/term negotiations with key customers including management of compensations
17% 2% 2pp reduction
worth ~US$100m  Management incentives linked to asset efficiency
15.0%  Loss rates
 BXB Digital track and trace and improved asset management
10.0%
17%  Customer collaboration/negotiations/incentives
5.0%  Damage rates:
 Product innovation and material science to improve durability of
platforms
0.0%  Pallet costs:
FY14 FY15 FY16 FY17 Outlook
 Leverage global scale and industry expertise to reduce pallet costs
25
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Investing in non-pooling capex to deliver efficiencies
USA accelerated automation project a material untapped opportunity
Other PP&E capex
USA accelerated automation project
 US$150-US$160m capital investment from FY19-FY21,
50 4-year payback
 First 2 years of investment to be funded by US$100m proceeds
from CHEP Recycled business
 Savings progressively delivered within 9-12 months of initial
investment
70 60 62 71 80
Increased investment in other supply chain initiatives in
all regions including automation investment in other markets
and lumber related investments
FY14 FY15 FY16 FY17 Short/medium
term outlook
(p.a.)
Other PP&E Capex US Automation
Non-pooling capex investment to deliver long-term efficiencies and further strengthen our network
26
US$m
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Commitment to retaining strong balance sheet
Conservative financial policies
Net debt/EBITDA As at end of 1H18:
Undrawn committed credit facilities US$1.8bn
1.70x 1.73x 1.68x 1.74x EBITDA/net finance cost cover strong at 14.7 times
Refinanced €500m EMTN maturing in April 2018.
New debt issued at significantly lower interest rate
(1.5% vs. 4.625% on maturing debt)
Average term to maturity of total committed credit
facilities extended to 4.7 years
Baa1 (stable outlook) from Moody’s, BBB+ (stable
outlook) from Standard & Poor’s
FY16 FY17 1H17 1H18
1H18 increase in net debt/EBITDA largely due to the FX impact on
translation of Euro-denominated debt levels
27
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Dividends Striking the right balance between growth and shareholder returns Progressive Australian dollar dividend policy The policy has been delivering a payout ratio of between 55-60%[1] No anticipated impediments to continuing to payout within this range Franking expected to be 30% for the foreseeable future

1 Payout ratio is calculated as the total dividend cost converted to USD at the exchange rate on the date the dividend is declared, divided by Underlying Profit after finance and tax costs.

28

==> picture [482 x 27] intentionally omitted <==

Summary

==> picture [6 x 9] intentionally omitted <==

==> picture [6 x 9] intentionally omitted <==

==> picture [6 x 10] intentionally omitted <==

==> picture [6 x 9] intentionally omitted <==

Clear plan to improve cash flow generation, meaningful progress in 1H18

Refocused capital allocation, asset efficiency plans already delivering results

Opportunities identified to further strengthen operational performance including USA accelerated automation project

Commitment to strong balance sheet supported by conservative financial policies

Striking the right balance between growth and shareholder returns

29

==> picture [482 x 28] intentionally omitted <==

2018 Investor Day

14 March 2018

==> picture [482 x 27] intentionally omitted <==

Global Supply Chain

Carmelo Alonso-Bernaola Senior VP, Global Supply Chain 31

==> picture [482 x 28] intentionally omitted <==

Our mission

==> picture [434 x 194] intentionally omitted <==

----- Start of picture text -----

“ Standardise processes and enable best practice sharing to deliver
improved safety, cost efficiencies and customer satisfaction”
Optimise the supply chain and Deliver best in class customer service
= =
Transport costs Quality
+ +
Plant costs Availability
+ +
Capital expenditure Safety
32
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Our approach
Global standardisation to local implementation
Global Supply Chain
Human
Finance
Resources
product supplyProcess and Zero Harm Strategic planning North AmericaSupply chain Supply chain Europe Supply chain LATAM Supply chain AIME Supply chain APAC
Global standardisation Local implementation
 Strategic network planningProcess engineeringAutomation  Stocks and flows planningTransport procurementTransport planning/execution
 Procurement  Transport collaboration
 QualitySafety  Plant operationsLean manufacturing
33
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Lumber, labour and transport inflation Inflationary pressure increasing in most markets

			12-month	increase
	North America	Latin America	Europe	AIME	ANZ	Asia
Labour	+3.0%	+8.7%	+2.0%	+7.0%	+3.0%	+5.5%
Lumber	+9.0%	+4.2%	+7.1%	+8.0%	+2.7%	+1.5%
Transport	+6.2%	+6.2%	+7.0%	+5.5%	+3.5%	+2.2%
Oil (Crude)	+11.4%	+19.6%	+18.7%	+18.7%	+18.7%	+18.7%
Fuel (Diesel)	+14.7%	+6.2%	+7.7%	-	-	-
Note: Inflation data is based on regional indices and		reflects exit rates as at 31 December 2017.
34

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Strategic priorities
Deliver supply chain efficiencies through technological innovation
Strategic priorities Programs
Leverage global skills and Plant automation
resources to drive Deliver best-in-class service
standardisation
Transport procurement/collaboration/orchestration
Increase flexibility in
Develop strong supply
complex and demanding chain leaders Lumber procurement
environment
Pallet durability and material science
Reduce manual
intervention/labour Zero Harm in all activities
dependency Supply chain information technology
35
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Plant automation strategy
Automated solutions to address key operating challenges
Robotic
Automated
sort and
repair
Operating challenges: stacking
Labour availability
Repair capacity
Plant flexibility
Increasing demand for
high-spec platforms
Repair consistency
Zero Harm
Automated Integrated
inspection line
36
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Automation levels vary across regions
Key areas of opportunity identified
Europe
North America
Integrated lines/inspection systems: 85%
Integrated lines/inspection systems: 25% Repair systems: 75%
Repair systems: 10%
Africa, India & Middle East
Asia-Pacific
Integrated lines/inspection systems: 25%
Integrated lines/inspection systems: 75%
Repair systems: 5%
Latin America Repair systems: 5%
Integrated lines/inspection systems: 50%
Repair systems: 10%
Note: <25% integrated lines/inspection systems 25% - 80% integrated lines/inspection systems
Inspection automation threshold: >1 million pallets per annum. <80% integrated lines/inspection systems
Repair automation threshold: >300k pallets per annum.
37
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Automation investment to drive operational efficiency USA 3-year accelerated automation project: US$150-160m, 4-year payback

==> picture [435 x 169] intentionally omitted <==

----- Start of picture text -----

USA Europe
 US$150-160m capital investment from FY19-FY21 US$33m capital investment
 4-year payback period Automation penetration to reach 100%
 50+ plants to be automated Australia
 30% increase in network capacity US$22m capital investment
 Automation penetration to reach 85% Canada and Latin America
US$25m capital investment
Increased capacity, capability and productivity
38
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Overview of automation technologies Proven technology already deployed across the European network

==> picture [437 x 182] intentionally omitted <==

----- Start of picture text -----

G300/G350 Automated digital inspection (ADI) Penta Klippa & Klippa LC
Automated infeed and outfeed with manual inspection and repair Robotic board removal B1208
Aqua Klippa Combo Aqua Klippa Autonailing
Robotic board removal B1210 Robotic board removal B1210 and B1208 Robotic board replacement (under development)
39
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Plant automation technology journey

==> picture [10 x 7] intentionally omitted <==

----- Start of picture text -----

40
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Assisted sortation/integrated lines

Cost reductions, Zero Harm and standard quality

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 9] intentionally omitted <==

G600/G300 inspection equipment

Inspection equipment with automatic de-stacking of pallets and assisted pallet handling for ergonomic pallet inspection Benefits

==> picture [5 x 7] intentionally omitted <==

Cost reductions through productivity improvements in inspection and handling Ergonomic benefits and pedestrian segregation improving safety Standard product quality

==> picture [5 x 7] intentionally omitted <==

==> picture [5 x 7] intentionally omitted <==

==> picture [197 x 100] intentionally omitted <==

EMEA Americas Asia-Pacific Implementation – FY18 base 90 30 5

41

==> picture [482 x 28] intentionally omitted <==

Automated inspection

Cost reductions, repair efficiencies and standard quality

==> picture [5 x 9] intentionally omitted <==

==> picture [5 x 8] intentionally omitted <==

Automated digital inspection (ADI)

==> picture [5 x 7] intentionally omitted <==

High speed and highly accurate visionbased digital inspection replacing human visual inspection

Benefits

==> picture [5 x 7] intentionally omitted <==

Reduced pallet inspection costs by high speed process Repair efficiencies by enabling and enhancing performance of automatic board removal machines Consistent inspection quality by eliminating manual process variation EMEA Americas Asia-Pacific Implementation – FY18 base 25 22 2

==> picture [5 x 7] intentionally omitted <==

==> picture [5 x 7] intentionally omitted <==

==> picture [10 x 7] intentionally omitted <==

----- Start of picture text -----

42
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Robotic sort and stack system Lower capex, increased reliability and space efficiency

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 8] intentionally omitted <==

Robotic sorting and stacking of pallets to replace traditional pallet stackers and de-stackers

Benefits:

==> picture [5 x 7] intentionally omitted <==

Lower capex by deploying one robot to replace multiple outfeeds/stackers Higher reliability by avoiding jams/less maintenance required Less equipment, smaller footprint

==> picture [5 x 7] intentionally omitted <==

==> picture [5 x 8] intentionally omitted <==

==> picture [245 x 82] intentionally omitted <==

			EMEA	Americas	Asia-Pacific
Implementation –	FY18	base	8	10	0

43

==> picture [482 x 28] intentionally omitted <==

Automated repair Cost efficiencies, Zero Harm

==> picture [5 x 9] intentionally omitted <==

==> picture [5 x 8] intentionally omitted <==

Automatic board removal systems replacing manual processes Benefits:

==> picture [5 x 7] intentionally omitted <==

Reduced reliance on manual labour Increased repairs per hour Ergonomic benefits and reduced employee exposure to vibration from handheld tools For aqua units, elimination of fire risk, dust and noise

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 7] intentionally omitted <==

==> picture [5 x 7] intentionally omitted <==

==> picture [245 x 94] intentionally omitted <==

			EMEA	Americas	Asia-Pacific
Implementation –	FY18	base	40	4	0

44

==> picture [482 x 27] intentionally omitted <==

Transport procurement strategy Reducing exposure to high inflation

==> picture [6 x 9] intentionally omitted <==

==> picture [6 x 9] intentionally omitted <==

Leverage transport density, flows visibility and technology to find synergies in transportation routes

==> picture [5 x 7] intentionally omitted <==

Transport collaboration – Brambles and customers Transport orchestration – between customers enabled by Brambles Transport procurement – Brambles for customers

==> picture [5 x 7] intentionally omitted <==

==> picture [5 x 8] intentionally omitted <==

Expand utilisation of contracted/dedicated fleets and reduce exposure to line haul/spot market transportation

Reducing lines/planning variation Plant automation to reduce production constraints Plant network optimisation to reduce distances and optimise overall flows 45

==> picture [482 x 28] intentionally omitted <==

Transport optimisation

Using our unique transport expertise to optimise customer supply chains

==> picture [435 x 180] intentionally omitted <==

----- Start of picture text -----

A range of logistics services to support customers build more sustainable and cost effective supply chains
Transport collaboration Ready Transport orchestration Ready Transport procurement Ready
Combine our customers’ Analyse, coordinate, enable Organise tenders for our
transport flows with and implement customers’ transport using
CHEP flows in order to collaboration among our expertise, technology
avoid empty kms, cut costs multiple customers by and extensive carrier base
and deliver environmental using our matching
efficiencies technology
Ensure services above deliver expected results
Managed services by managing customer orders as part of the Under construction
above services or as a stand-alone offer
46
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Lumber procurement strategy Leverage global expertise in lumber procurement and sawmilling technology

==> picture [6 x 10] intentionally omitted <==

Balancing local supply in the USA with imports from Latin America

==> picture [6 x 11] intentionally omitted <==

Increase automation in USA sawmills and benchmark with European automation to reduce re-work Expand to new geographies, e.g. Russia Diversify supplier base in Asia-Pacific

==> picture [6 x 10] intentionally omitted <==

==> picture [6 x 10] intentionally omitted <==

47

==> picture [116 x 198] intentionally omitted <==

==> picture [482 x 28] intentionally omitted <==

Platform Durability

Ongoing program leveraging global insights Initiatives in production: USA : nail plate and clinched nails Europe : use of hardwood on leading structural boards Canada : use different timber densities

Initiatives under review:

Australia: change fasteners pattern on new and pool pallets Europe: change top board layout Latin America: standardised platform across region 48

==> picture [85 x 58] intentionally omitted <==

==> picture [132 x 67] intentionally omitted <==

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Materials science
Trials with different materials to reduce total pallet lifecycle costs
Full-size plastic pallet design innovation
Plastic/wood combination block replacement for wood (Global)
Hollow composite blocks
Block coatings and high density composite blocks
Plastic/wood composite replacement for dimensioned lumber (North America)
Use of engineered bamboo for structural elements
Post consumer recycle material for product launch (Europe)
Explore hybrid composite and combination of materials
Component and product innovation
49
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Supply Chain Information Technology Technology solutions for all aspects of supply chain management Sales and operations planning – Active in Europe, North America, ANZ Demand planning – Active in Europe, USA, South Africa, ANZ, Latin America Planning Supply chain planning Production sourcing optimisation – Active in Europe and USA Inventory optimisation TMS – Active in North America, Europe, ANZ, South Africa and Mexico Transport collaboration – Active in Europe and USA Transport LogNet Track and Trace – Active in USA Carrier mobile application – Active in Europe, AIME, ANZ and México Fork-lift driver enablement – Pilots in Europe, USA, South Africa, Australia YardNet Receive, Sort, Vehicle control hardware Repair, Ship Easy SAP portal – Active in North America and Latin America OpNet FMS/SAP integration – Active in all regions 50

==> picture [482 x 27] intentionally omitted <==

Supply Chain Information Technology Examples

Planning/Flow optimisation Collections Problem: scheduling multiple, complex supply chains with Problem: co-ordination of uncertain collections with ever-changing supply and demand requirements hauliers Solution: advanced forecasting and optimisation Solution: CHEP’s Carrier Mobile Application allows carriers technology to deliver on customer service commitments to view assigned loads and update load status and enables while minimising collection, repair and fulfillment cost real-time communications with drivers/forklift operators 51

==> picture [482 x 28] intentionally omitted <==

Supply chain information technology Examples

Service Centre Operations

Fulfilment

Problem: plant efficiencies are critical to reducing our Problem: pallet availability is critical to our customers’ costs, and achieving committed service levels operations, requiring very high service reliability Solution: CHEP’s mobile Forklift Driver Enablement Solution: CHEP’s Logistics Control Centre leverages realsolution allows operators to view work assignments, time information from carriers and operations systems to enables communication with truck drivers and eliminates constantly monitor service performance at plants and to back office clerical costs customers 52

==> picture [482 x 27] intentionally omitted <==

Summary

Supply chain agenda to deliver cost savings

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 9] intentionally omitted <==

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 9] intentionally omitted <==

Established areas of operational excellence providing opportunities to leverage expertise across the portfolio

Expansion of proven technology in all supply chain processes

==> picture [5 x 7] intentionally omitted <==

• Automation

==> picture [5 x 7] intentionally omitted <==

• Transport optimisation Planning and logistics execution Procurement

==> picture [5 x 7] intentionally omitted <==

==> picture [5 x 7] intentionally omitted <==

Innovating in our platform designs and material science

==> picture [5 x 7] intentionally omitted <==

• Pallet durability

==> picture [5 x 7] intentionally omitted <==

• New material

USA accelerated automation project investing US$150-160m of capital from FY19-FY21 to improve capability, capacity, productivity and customer service

53

==> picture [482 x 28] intentionally omitted <==

2018 Investor Day

14 March 2018

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

CHEP Europe
Mike Pooley
President, CHEP Pallets Europe, Middle East & Africa
55
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

The largest pooling network in Europe Moving more product to more places, more efficiently and sustainably CHEP Europe Nearest competitor Pallets in circulation 115 million pallets 18 million pallets Delivery 315,000 23,000 points delivery points delivery points Service 260+ service centres 100+ service centres centres in 32 countries present in 15 countries Employees 2,600 280 Note: Markers represent service centre locations 56

==> picture [482 x 27] intentionally omitted <==

CHEP is the market leader in Europe Significant growth opportunities within existing markets

==> picture [448 x 179] intentionally omitted <==

----- Start of picture text -----

Pallet 180m 163m 80m 181m 79m 111m 166m 500m 1.5b
units [1]
17%
30% 29%
49% 13%
62%
88% 78% 71% 23% 15% 89%
21%
1% 56% 70% 10%
2% 47%
1% 20% 28% 30% 28%
11% 11%
Germany Italy Poland France BeNeLux Spain UK EU Other EU Total
Market Share CHEP Other Poolers Whitewood exchange and unpooled
1Market share data relates to full-size pallets only. Source: internal data, open market competitor data and population and economic consumption levels.
57
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Revenue growth expectations Expansion with new and existing customers to be key driver of growth

==> picture [434 x 176] intentionally omitted <==

----- Start of picture text -----

CHEP Europe pallets: components of revenue growth
5-year
Expectation Key drivers
average
Organic 1% 1% - 2%  Net disposable income (largely reflecting impact of fuel prices and wage inflation)
Net new wins 3% 2% - 3%  Ongoing conversion of customers from whitewood Winning share from pooling competitors
Pricing 0% (1)% - 1%  Contract indexation for transport, labour and lumber inflation Proactive initiatives to retain large customers and renew longer-term contracts
New products/services - 1% - 1.5%  Growth in First/Last Mile Solutions and transport collaboration
Total 4% 3% - 7.5%
58
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Retail dynamic
Traditional retailers facing increasing pressure, complexity and costs
Convenience Stores Premium Food Retail,
e.g. M&S Food Department Stores
e.g. Waitrose, El Corte Ingles
Traditional Big Box Retailers
selling high % branded goods
e.g. Tesco, Carrefour, REWE
Hard Discount Online Retail / Club Stores
e.g. Schwarz Group (Lidl), Aldi, BIM e.g. Amazon, Costco
LOW ASSORTMENT HIGH
59
HIGH
PRICE
LOW
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Key drivers of network advantage
Partnering to drive efficiency, sustainability, and increased visibility
Supply Chain
Collaboration
Customer First Mile
Integration Solutions
Growing and
optimising
our core
Geographic Last Mile
Expansion Solutions
People
Development
60
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

First Mile Solutions (FMS)
Act as thought leader on inbound packaging flows
Solutions and platforms... …Successfully reducing Progress to date:
Health and safety food risks +30% growth in full-size
plastic pallets
Inbound complexity
MaterialsRaw Manufacturer/Producer Retailer/Distribution Centre Retailer Store Consumer Labour costs Major contract wins in Spain and Germany
Stops and blocks in
Pallecon IBC re-
automated lines
structuring on track
For all flows into manufacturers/producers
Product damage
Serving the packaging, ingredients, food and
cosmetics sectors
Full-size Liquid and
6% market share
plastic pallets dry containers
61
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

==> picture [247 x 31] intentionally omitted <==

----- Start of picture text -----

Last Mile Solutions (LMS)
Helping customers sell more and spend less
----- End of picture text -----

==> picture [434 x 182] intentionally omitted <==

----- Start of picture text -----

Solutions and platforms... …Adding value to customers Progress to date:
Increase consumer sales by up to 30% +10% YoY growth and
accelerating
Lower replenishment time by up to 60%
MaterialsRaw Manufacturer/Producer Retailer/Distribution Centre Retailer Store Consumer Decrease store labour by up to 75% Attractive margins and
returns
Reduce risk of loss and damage
End-to-end supply chain analysis of cost Key customer wins in
savings from LMS equipment Optimise on-shelf availability France, Italy, Poland and
Spain
Improve shopability
Virtual reality used to evaluate options in
store redesign and solution efficiencies
LMS platforms
Wheeled dolly Display pallet Wooden half pallet
62
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Transport collaboration Leveraging our network and expertise to create new solutions

==> picture [435 x 180] intentionally omitted <==

----- Start of picture text -----

Between Brambles and customer Launched in Europe in 2010
135 collaborating CHEP customers
404 transport lanes
72,000 shipments per year
reduced empty truck journeys by
4.5 million km
reduced CO2 emissions by
4,477 tonnes
shared savings for all participants
€6.6 million
63
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Transport orchestration Leveraging our network and expertise to create new solutions

==> picture [434 x 174] intentionally omitted <==

----- Start of picture text -----

Between customers, enabled by Brambles 2015: Launched in Spain
2017: Expansion into other European countries
21 collaborating CHEP customers up 45% in FY17
28 transport lanes up 50% in FY17
7,900 shipments per year up 54% in FY17
reduced empty truck journeys by
710,000 km
reduced CO2 emissions by
768 tonnes
shared savings for all participants
€755k
64
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Transport orchestration
Leveraging our network and expertise to create new solutions
65
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Customer integration
Simplify customer experience and improve CHEP processes
Pricing management Interactive invoicing Self service Seamless integration
Develop flexible, Transform the invoice into a Transform CHEP’s online Automate customer
customer-centric and value-add tool with self-service portal to interactions to reduce effort,
simpler pricing options integrated, electronic, significantly improve improve transparency and
interactive invoicing simplicity, speed and mobility increase data accuracy
Progress
450+ customers 14,400+ accounts >85% of customers First ‘Invoice by Delivery’
across 7 countries across 14 countries converted to myCHEP solution with Coca Cola UK
on new pricing on the new invoice Launch of standardised
express orders functionality
66
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Geographic expansion
Unlocking further potential in existing CEE markets
Nordics
CHEP market share 10%
Unserved: 90%
Germany Poland
CHEP market share CHEP market 28% Russia
share
Full-size pallet 11% Unserved: 100%
Unserved: 71%
Half pallet 16% Central Europe
Quarter pallet 87% CHEP market share 12%
Unserved: 88%
67
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Step change in people capability

Investing in our people in order to better support future growth

Talent development	Commercial development	Leadership development	External partnership and awards
Launch of Brambles’ graduate programme in 2018 Introduction of rotational role programmes and high potential development schemes	Immersive retail customer insights programmes in partnership with the IGD Commercial Academy offering training in key commercial skills such as account management, lead generation and negotiation skills	Suite of online and classroom-based leadership development programmes Introduction of Styles and Climate programmes to help strengthen our leadership culture	A dedicated focus on ‘inclusion and diversity’ through establishing partnerships with leading organisations such as LEAD and BITC CHEP Europe awarded Top Employer status for excellent employee conditions
68

==> picture [482 x 27] intentionally omitted <==

Sustainability as a competitive advantage Providing tangible benefits to our customers

==> picture [434 x 180] intentionally omitted <==

----- Start of picture text -----

1 Intrinsically sustainable 2 Award-winning program to 3 Helping customers meet
business model ensure we are the most their goals and become
sustainable choice more sustainable
FY17 5.4 million km
savings:
5,654 tonnes CO2
€7.9 million
Share and reuse model minimises Helping customers avoid risk in their Providing real sustainability savings to
replacement and waste disposal costs supply chain and comply with corporate customers through our solutions
Network density reduces transport targets and goals Transport collaboration and
distances, logistics cost and CO2 Helping customers achieve sustainable orchestration reduces transport cost,
Customers reduce raw materials use, accreditations, enhancing their profile empty miles and CO2 emissions
waste and CO2 emissions and brand
69
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Margin profile drivers Strong and sustainable margins

Structural drivers

==> picture [434 x 172] intentionally omitted <==

----- Start of picture text -----

5-year margin performance
CHEP Europe pallets First-mover advantage
Economies of scale
Complexity and fragmentation of the manufacturing
and retailing environment
Economic/operating drivers
Low-inflation environment
Strong delivery of supply chain efficiencies
Productivity initiatives e.g. automation
FY14 FY15 FY16 FY17 1H18
Note: Chart not to scale for indicative purposes only.
70
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Margin initiatives Continuous cost and asset productivity improvements to support margins

==> picture [435 x 181] intentionally omitted <==

----- Start of picture text -----

Plant automation Asset Transport Overhead Indexation clauses
and asset durability productivity efficiency reduction in contracts
 Ongoing investment in  Cycle time is monitored  Manage relationship  Efficiency projects and  Indexation in most
service centre monthly to ensure that with 1000+ carriers to IT process automation contracts allows cost
automation to improve it improves each year ensure best rates for investments inflation to be
volume capacity and  Established charging repeat lanes  Overhead cost recovered
repair consistency system for retailer reuse  Dedicated team efficiencies in emerging retrospectively
 Next phase of  Asset management managing spot market markets to be delivered  Vertical integration of
automation (automated demand to keep prices as businesses scale up timber supply chain in
repair) to be rolled out team working with retailers to reduce under control  Centralisation of key AIME region to mitigate
during 2018 points of leakage  Collaboration team business functions - against future soft
 Continuous focused on generating logistics, customer wood shortages
improvement in pallet savings by sharing service, finance and HR
design to reduce transport with and
damage rate and between customers
improve the ease and
cost of repair
71
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Summary

Strong momentum with further growth opportunities

==> picture [6 x 9] intentionally omitted <==

==> picture [6 x 9] intentionally omitted <==

==> picture [6 x 9] intentionally omitted <==

==> picture [6 x 9] intentionally omitted <==

==> picture [6 x 10] intentionally omitted <==

==> picture [6 x 9] intentionally omitted <==

Significant growth opportunities in both pallets and containers

Superior network advantage in established markets combined with automation investments provides competitive cost advantage

Progress in building network advantage in emerging markets

Financial profile and competitive differentiation enhanced by innovation in transport collaboration and First/Last Mile Solutions

Strong team of engaged people

Focus on accelerating development of our people to ensure customers always come to CHEP to help solve their supply chain challenges

72

==> picture [482 x 27] intentionally omitted <==

2018 Investor Day 14 March 2018

==> picture [482 x 28] intentionally omitted <==

CHEP USA Laura Nador President, CHEP North America 74

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Largest pooling network in USA
Providing superior scale and network efficiency advantages
~100m pallets
~1m loads on 23,000 lanes
~300m pallet issues
45 of top 50 FMCG
manufacturers served
45,000+ customer sites
19,000 retail locations,
200+ on-site facilities
Manufacturers Retailers CHEP locations
75
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

CHEP USA is the market leader Significant opportunity remains within a fragmented industry

==> picture [434 x 179] intentionally omitted <==

----- Start of picture text -----

Market size [1] : 770m pallet units
10+ regional/2,500+ local players:
Small and medium account focused
Pricing by regional supply/demand
Unserved [2] Ongoing collaboration
(~50%)
Other poolers (~10%) National players:
National account focused
CHEP USA Asset control challenging
(~40%)
Emerging competitors entering/exiting
1 Represents total market of 48 x 40 pallet equivalent units. Source: Internal analysis utilising U.S. NAICS for relevant market segments.
2 Primarily served by new and recycled whitewood but includes other potential opportunity.
76
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

CHEP value proposition Superior offering versus whitewood recycled pallets and other poolers

	Advantage vs.	Advantage vs.
	whitewood recycled pallets	other poolers
4-way entry transportation and handling efficiencies	
Reduced product damage	
Elimination of equipment purchases and repair costs	
Consistent quality	
Improved employee and customer safety	
Environmental sustainability		
Supply chain value-adding solutions		
Widespread availability and assurance of supply		
77

==> picture [482 x 28] intentionally omitted <==

Sustainability underpins our value proposition Creating real value through our ‘share & reuse’ model and expertise

==> picture [438 x 176] intentionally omitted <==

----- Start of picture text -----

Key benefits:
Eliminating Unlocking
880,000 empty miles Sustainability Elimination of empty miles and
and reducing through product CO2 footprint reduction through
3m pounds of CO2 Reducing > 2,000 damage reduction transportation collaboration
Zero Waste results through
tonnes of waste
reverse logistics retail solutions
helping meet their
Zero Waste goal Reducing food waste and
product damage through unit
load optimisation
Transportation Reverse Unit load
collaboration logistics optimisation
Helping customers drive savings and improve the sustainability of their supply chains
78
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Revenue growth expectations Expansion with new and existing customers key driver of growth

==> picture [435 x 185] intentionally omitted <==

----- Start of picture text -----

CHEP USA pallets: growth components
5-year Medium-term Initiatives
average expectations
Deepen customer engagements
Organic 1% ~1%
Capture new lanes
Target growth categories
Net new wins 3% 1% - 3% Aligned go-to-market strategy with customer segments
Disciplined funnel management
Market-based pricing
Pricing/Mix 1% (1)% - 1% Protect strategic accounts
Mitigate inflation, cost pressures
Total 5% 2% - 5%
79
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

USA market size of ~770m pallet units Four focus categories to grow and protect

==> picture [426 x 162] intentionally omitted <==

----- Start of picture text -----

Four key Total
Unserved market addressability
focus categories market [1]
~50% Longer-term 48% 52% Near to
medium term
~10%
~40%
Near to medium term: addressable with standard 48x40 wooden
pallet, conversion to a 48x40 footprint, introduction of an alternative
Beverages Produce Meat, Fish, Dairy Foods Other1 FY17 Total 48x40 platform or expansion into underpenetrated channels
and Eggs Longer term: addressable through non 48x40 alternative platforms and
unlocking new channels with new business models and asset controls
CHEP Share Competitor Share Unserved
1Market sizing based on US Census Bureau NAICS code data. Total size is based on 48 x 40 pallet equivalent units with the ‘Total Opportunity’ inclusive of pooling competitors and unserved
volume (new/recycled whitewood, non 48X40 platforms, slip sheets, floor loaded).
----- End of picture text -----

==> picture [10 x 7] intentionally omitted <==

----- Start of picture text -----

80
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Go-to-market strategy Aligned to financial expectations

==> picture [434 x 183] intentionally omitted <==

----- Start of picture text -----

Segment Share of Growth CHEP’s
definition sales Segment characteristics, requirements potential competitive position
Lane expansion opportunity Retain existing business
Strategic Enables scale Grow by converting new lanes
Primary competitor: other poolers Forge strategic relationships to protect margin
Highly penetrated Retain existing business through relationships
Protect Enables scale and joint business plans/solutions
Primary competitor: other poolers Optimise price for retention and profitability
Under penetrated Strategically target large win-backs
Emerging Primary competitor: whitewood recycled Target large whitewood conversions
and other poolers Focus on traditional “hunting”
Under penetrated Expand team to accelerate growth
SME Market price headroom Convert new customers and lane expansions
Primary competitor: whitewood recycled Annual price adjustments
81
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Direct cost pressures impacting margins Customer, competitive and market cost pressures

==> picture [442 x 173] intentionally omitted <==

----- Start of picture text -----

Year-on-year Underlying Profit margin decline Key drivers of 2.9pp margin decline:
Increased transport moves, pallet repairs and handling
costs due to capacity constraints and changing retailer
and customer behaviour
Transport freight-rate inflation
Price investments to protect network advantage/density
Overhead/indirect cost control
1H17 Transport Plant costs Other 1H18
Underlying costs Underlying
Profit margin Profit margin
Note: Chart not to scale, for indicative purposes only.
82
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Mid-term Underlying Profit margin improvements
Initiatives to mitigate cost pressures and fund strategic investments
~2-3pp improvement in Underlying Profit margin through FY21 Mitigating actions:
Supply chain cost-out initiatives include
Transport optimisation
Network optimisation
Procurement including lumber sourcing
Automation
Pricing/inflation surcharges
Note: Chart not to scale, for indicative purposes only.
83
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Retailer driven network costs increasing Solutions are helping to both mitigate cost and create value

==> picture [434 x 172] intentionally omitted <==

----- Start of picture text -----

Network/asset
Solutions Revenue
efficiencies
Onsite service offerings 
Pressures DC or store direct returns 
Retailer needs
Freight collaboration 
Recycler tactics
Competitor models Enhanced reuse programs  
Growth programs 
Pricing 
84
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Transport inflation accelerating
Delivering efficiencies and enforcing appropriate charges to offset impact
Supply Chain optimisation CHEP performing better than market in 1H18
Network design to lower length of haul and improve 8%
on-time performance
6%
Inventory optimisation
Fleet management 4%
Expansion of contract carriers 2%
Mode optimisation 0%
Supplier base expansion Jul Aug Sep Oct Nov Dec Jan
-2%
Inflationary cost mitigation through charges
CHEP Inflation CASS Market Index
Source: US Cass US Truckload Linehaul Index, CHEP internal data.
85
US Transport Inflation y-o-y
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Lumber inflation
Sourcing strategies help to reduce cost pressures
Lumber market inflation Mitigating strategies
$420
Optimising Mix
Import/Domestic
US Tariffs imposed upon
Canadian softwood Regional suppliers
$390
Leveraging our global scale and experience with
sawmilling technology
Contractual pricing including surcharges
$360
Major natural disasters
throughout US
$330
Jul Aug Sep Oct Nov Dec
Source: Random Lengths Index, internal analysis using applicable components.
86
$/1,000 Board Feet (MBF)
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Automation: US$150-160m investment over 3-years US$40-45m annual operational expense savings by 2021

==> picture [435 x 171] intentionally omitted <==

----- Start of picture text -----

Project to automate ~85% of the service center network by 2021
2019 2020 2021 Total - 3 yrs 4-year payback and significant benefits:
Installations 15 20 18 50+ 30% increase in capacity, driving
significant productivity gains
Penetration [1] 40% 60% 85% 85%
Reduced reliance on manual labour
Capex US$42-45m US$53-55m US$55-60m US$150-160m Increased consistency of platform quality
Inspection systems Robotic sort and stack Repair automation Finishing line
1 Integrated lines
87
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Pricing and surcharges
Disciplined approach to mitigate constraints
Constraints to pricing growth
Pricing initiatives
Margin compression from
manufacturers and retailers 1 Market-based pricing
CHEP issue volume mix 2 Inflationary cost mitigation (surcharges)
Competitive environment 3 Contractual contingencies
Investments in ‘Protect’ strategy 4 Re-use compensation
88
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Capital efficiency and cycle time improvements Key driver of increased cash flow generation

==> picture [443 x 179] intentionally omitted <==

----- Start of picture text -----

US pooling capital expenditure (US$m) Cycle times improving Initiatives to improve efficiency
Near to mid-term actions
350.0300.0 15.1% 17.4% 20.5% 17.4% 16.8% 20.0% FY14-FY16 cycle times: 7.2% increase Enhanced retail reuse programsIdle manufacturer stock management
250.0 15.0% Plant inventory optimisation
200.0 vs. Asset recovery footprint expansion
10.0%
150.0 306 Mid to long-term strategies
264
239 1H17 – 1H18 cycle times:
100.0 198 BXB Digital to enable faster collection
5.0%
50.0 131 1.2% decrease Monetise extended cycle time
0.0 0.0% Optimise pallet purchase requirements
FY14 FY15 FY16 FY17 1H18
Pooling capex Pooling capex/sales %
89
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Asset efficiency improving Balanced approach to asset efficiency and pool health

==> picture [434 x 176] intentionally omitted <==

----- Start of picture text -----

Disciplined capital allocation approach
Reduce losses and improve cycle time:
Grow the recycler network
Strengthen our retail value proposition
Maintain pool
Reduce losses
health Deploy tracking technology (BXB Digital)
Maintain pool health:
Invest in pallet quality and durability
Improve cycle New pallets (with nail plates)
time
90
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Innovating for customer value
Industry looking for solutions to address inefficiencies and cost
On-shelf availability and
Increasing automation
labour efficiencies
Platform Replenishment
requirements solutions
91
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Innovating for automation

Customers investing in automation to address labour constraints

Pallet quality needs are changing

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 9] intentionally omitted <==

==> picture [5 x 9] intentionally omitted <==

Consistent unit loads are required to minimise system disruptions Platform, packaging, unit-load stability critical

Proactively engaging with customers to enhance offering and meet specific needs

==> picture [434 x 93] intentionally omitted <==

----- Start of picture text -----

CHEP’s Automated Systems
Optimisation team deployment
US Premium Plastic pallet:
specification Club store / Partner with customers when
investment CPG Exploration they’re making large automation
investments to minimise issues
92
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Innovating for replenishment Reflecting customer focus on on-shelf availability and labour efficiencies

==> picture [434 x 176] intentionally omitted <==

----- Start of picture text -----

Replenishment solution: Half pallet Major pilots underway
Scope
>100 retail stores
10 SKUs across USA and Canada
Expanding in 2018
Positive results
Improved sales
Increased on-shelf availability
Improved labour and supply chain efficiencies
“Solving for less touches”
93
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Innovating beyond the pallet BXB Digital provides new opportunities to unlock value

Areas of opportunity 1 Track and Trace The BXB Digital platform can enhance our efforts to: 2 Simplify the business Enable profitable growth Drive capital efficiency 3 Business model transformation 4 Enhanced customer value 94

==> picture [482 x 27] intentionally omitted <==

Leadership and talent development are key Our global network advantage supports our market needs

Talent development Commercial development Leadership development Cross-pollinating of people across Talent Development Centers at all NA20 Leaders Developing Leaders markets levels Strategic Workforce Planning Formal collaboration networks Center of Excellence ‘Functional Academies’ Recruiting new capabilities  Commercial/pricing experts  Innovation/product managers  Automation/skilled technical employees 95

==> picture [482 x 28] intentionally omitted <==

Summary Momentum back in the business, with ongoing opportunities Leveraging scale to deliver productivity improvements and cost efficiencies Investing in automation to increase efficiency and plant capacity Plans in place to address external market and customer cost pressures Improving cash generation through asset efficiency while ensuring a healthy pool Innovating to address the emerging and diverging needs of customers 96

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

2018 Investor Day
14 March 2018
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

CHEP Asia-Pacific Phillip Austin President, CHEP Asia-Pacific 98

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Overview
Diverse business covering developed and developing markets
Asia 11% of Asia-Pacific revenue
China - Entered 2006
Established framework and
ANZ 89% of Asia-Pacific revenue model that is well-positioned to
evolve with the physical supply
Australia - Commenced 1958 chain
Maintaining a strong market presence, South-East Asia - Entered 1995
leveraging ongoing business with
Smaller but regionally relevant
attractive incremental growth
markets targeting steady growth
opportunities
and improving return profiles
New Zealand - Entered 1974
Deeply penetrated and attractive
market with strong market positions,
successfully held in a period of
increased competition
99
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

==> picture [321 x 29] intentionally omitted <==

----- Start of picture text -----

Developed markets
Australia and New Zealand – 89% of Asia-Pacific revenue
----- End of picture text -----

==> picture [435 x 182] intentionally omitted <==

----- Start of picture text -----

Australia New Zealand
Depth and breadth of physical and Depth and breadth of physical and
customer network customer network
Full portfolio of Brambles products and Leading portfolio of Brambles products
services delivered from a single business and services
unit offering multiple value points to Direct access to global product and
customers engineering initiatives to drive growth
Ongoing accretive organic and new Successfully delivering growth in strong
business growth opportunities in the competitive dynamics
oldest and most penetrated market
Products
Full-size wooden pallet Plastic display pallets RPCs Intermediate Bulk Containers (IBCs)
100
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Australia – Pallets Established and resilient business

==> picture [429 x 144] intentionally omitted <==

----- Start of picture text -----

Pallet pooling segment
Consistent low to mid-single digit revenue growth, Market share by unit volume [1]
leveraged to the bottom line 2%
Stable and rational competitor
24%
Dynamic and evolving customer supply chains 2
Addressable
Ongoing investment in: Loscam
Product quality: assured pallet offering, increasing CHEP
automation 74%
Productivity: continuous improvement in engineering
and processes
Product innovation: fractional pallets, beverage trays
----- End of picture text -----

==> picture [434 x 31] intentionally omitted <==

----- Start of picture text -----

1CHEP estimates, market ASIC filings.
2 addressable includes standard-sized pallets in construction and owned pools, but excludes export.
101
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Australia - RPCs Significant growth opportunities despite loss of large contract

==> picture [434 x 184] intentionally omitted <==

----- Start of picture text -----

Australia RPC pooling segment
Market share by units %
Markets: ~25% of addressable opportunity
Leveraging current scale
Clear first-mover advantage
51% Innovative offer
Addressable1 Signed national framework agreement with first revenue billed
Retailer owned Other: ~25% of addressable opportunity
Other Poolers 20% Bananas, protein, deli and other cardboard
CHEP
21%
8%
1Addressable includes Protein and Deli/Ambient, but excludes export.
102
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Creating new value
Innovative products for evolving supply chains
Significant opportunities being created by new retail dynamics
Well-positioned through engagement with customer network as the supply chain evolves
Smaller fractional pallets Totes for online delivery Special purpose RPCs Digital value creation
103
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Developing markets
China and South-East Asia – 11% of Asia-Pacific revenue
China South-East Asia
Market evolving in line with supply chain Primary focus in Malaysia and Thailand
modernisation where supply chain maturity and potential
Portfolio of local and multi-national are appropriate for pooling
customers in targeted Tier 1 geographies Exploration of other countries does not
Strong state-owned competitor leveraging support capital deployment
existing 3PL operations Ongoing exploration of Intermediate Bulk
Focused opportunity in automotive Container (IBC) market potential
containers
Products
Full-size wooden pallet Display pallets Auto IcoQube
104
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

China
Evolution of pallet usage and supply chain modernisation
Market is currently here…
Use Move Share
Scope: In the warehouse Between sites Ecosystem
Current
alternative: No pallets Hand loading Pallet ownership
Regulation: Pallet size standards Logistics standards Supply chain TCO efficiency
Pooling Own/rent (static hire) Pallet flow Pooling (dynamic flows)
terminology:
105
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

==> picture [428 x 199] intentionally omitted <==

----- Start of picture text -----

China
Strategic activities of a “patient market maker”
China pallet market volume 2012-2020 [1] Estimated market share by unit volume2
Billion units
1.3b
Addressable
0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.6 1.7 Other RentalLoscam 3
CHEP
2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
<1%
Economic Physical Regulatory
 Business model focused on asset control  Focus activities in key geographies  Strategic partnership with CAITEC
 Pricing architecture from pallet  Driving palletised flows in retail and achieving standardisation
movements generates fair value for e-commerce  Promotion of pallet pooling in China’s
CHEP and customers 13th Five Year Plan
1 From Brambles study with a leading consulting firm in 2016.
2 Other includes multiple companies providing general rental and pooling of pallets. Addressable is estimated based on a study with a leading consulting firm.
3 Market share not to scale.
----- End of picture text -----

==> picture [15 x 7] intentionally omitted <==

----- Start of picture text -----

106
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Revenue Growth Expectations Continuation of current trends

Developed markets:

Developing markets:

==> picture [6 x 9] intentionally omitted <==

Pallets: low single-digit price and volume Pallets: ongoing double-digit growth in growth volumes, price growth remaining low RPC: targeting double-digit volume growth Containers: from lower base Exploring volume growth in Pallecon IBC Containers: Focused volume growth in Automotive

==> picture [6 x 8] intentionally omitted <==

Exploring volume growth in Pallecon IBC Focused volume growth in Automotive

==> picture [6 x 9] intentionally omitted <==

==> picture [5 x 7] intentionally omitted <==

Low growth in Pallecon reflecting maturity of business Strong growth prospects in smaller and new product pools

==> picture [5 x 7] intentionally omitted <==

107

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Disciplined capital allocation
Protect and grow responsibly
Asia-Pacific capex FY17 Australia and New Zealand
 Focus on steady and disciplined replacement capex
38%  Ongoing investment in growth products and services
at appropriate margins
60% Asia
Growth
62%  Majority growth capex, but deployed responsibly
Replacement 40%  Investment matched to demand at appropriate timing
and returns
ANZ Asia
 Maintenance of highly effective cash collection in established markets and improvements in Asia
 Improving asset utilisation by lowering hire stock capex
 Benefits of global procurement terms and initiatives
 Continuation of low price realisation supports cash flow in developed markets
108
Capital Allocation
Cash flow
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Strong financial position
Portfolio returns remain strong
Return On Capital Invested Returns reflect balance between:
CHEP Asia-Pacific Increasing yield from developed markets and core
26.2% 26.9% products:
24.4%
21.1% 22.0% Organic volume and price growth;
Improved asset efficiency; and
Operational and organisational efficiencies
Decline of historical sectors or periodic contract loss
Disciplined allocation of growth capital to developing
markets
Incremental returns from new products and sectors
FY14 FY15 FY16 FY17 1H18
109
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Operational and organisational efficiencies Focus areas in Australia

Network and overheads	Input costs
Network efficiencies Rationalise Australian sites while ensuring scale capacity is maintained Implement global best practice automation in cornerstone plants over next four years Overhead reductions 6% reduction in Australian salaried workforce completed in CY17 Assess ongoing reductions Synergies Integration benefits of Containers Increase scale efficiencies as new product/segment growth occurs through existing infrastructure	Labour Below benchmark increases for past 4 years, forward forecasts similar Mitigation achieved through increasing productivity whilst improving safety Transport Average increase below 3% for past 3 years Mitigation achieved through business model and contract terms Timber Below industry average increases over past 3 years, forward projections remain low Mitigation achieved through material optimisation and reclaim programs
110

==> picture [482 x 27] intentionally omitted <==

Operational and organisational efficiencies Optimising asset efficiency

==> picture [5 x 9] intentionally omitted <==

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 9] intentionally omitted <==

In the APAC business model, the Field Stock Ratio (FSR) is the key asset efficiency metric

• FSR : number of assets on hire/total asset pool Developed markets: Improved planning and optimisation has lifted FSR and returns

Developing markets: FSR remains high, trend reflects balancing capital and service requirements as market moves away from prior levels of “static” hire

==> picture [195 x 139] intentionally omitted <==

----- Start of picture text -----

FSR comparison to historical average
FY13-16 vs FY17-1H18
ANZ Asia
FY13-16 average FY17-1H18 average
----- End of picture text -----

Note: FSR relates to core pallet products only. Chart not to scale, for indicative purposes only. 111

==> picture [482 x 28] intentionally omitted <==

People

==> picture [435 x 188] intentionally omitted <==

----- Start of picture text -----

Safety Engagement Talent External awards
Significant and sustained Significant and sustained Active program of moving Korn Ferry Outstanding
improvements in employee improvements in employee people across the region and the Employers Award
safety. Well above the average engagement. Top quartile world to the benefit of The Australian Business Award
for safety metrics vs. relevant employer across the region employees, company and (ABA) for Human Resources
industry peers customers The Australian HR Award for
Substantial investment in value Best Reward and Recognition
selling skills for customer facing Program
employees across the region
Targeting new hires from
increasingly important sectors
(retail, 3PL, data analytics)
Depth of CHEP and industry
experience across senior
management teams
112
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Summary

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 8] intentionally omitted <==

==> picture [5 x 9] intentionally omitted <==

==> picture [5 x 9] intentionally omitted <==

A diverse business covering developed and developing markets across the Brambles portfolio of products and services

Australia:

==> picture [5 x 7] intentionally omitted <==

Established and resilient business with consistent low to mid single digit revenue growth, leveraged to the bottom line

==> picture [5 x 8] intentionally omitted <==

Dynamic and evolving customer supply chains provide opportunities for incremental growth at appropriate margins

China:

==> picture [5 x 8] intentionally omitted <==

Current investment is appropriate for the maturity of the market

==> picture [5 x 7] intentionally omitted <==

CHEP is servicing modern supply chain participants, and promoting the foundations of more efficient supply chains, through a range of physical, economic and regulatory initiatives

CHEP Asia-Pacific remains well-positioned to deliver strong returns with ongoing disciplined capital investment and cash management

113

==> picture [482 x 28] intentionally omitted <==

2018 Investor Day

14 March 2018

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

IFCO
Wolfgang Orgeldinger
Group President, RPCs
115
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

World-leading provider of RPC solutions Unmatched network and capabilities

==> picture [439 x 181] intentionally omitted <==

----- Start of picture text -----

 Serving 330+ retailers
and 13,500+ producers
 35+ countries
 75+ service centres
 1.5 billion trips per annum
 280 million+ RPCs
 1,200 employees
IFCO service centres Countries of operations Supporting export business only
116
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Largest suite of products
Trusted by the world’s largest retailers and producers
Europe
North
Asia
America
Products
South America
117
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Key customer trends Challenging retail environment

Consolidation and margin pressure in the retail industry

Hard discounters taking share from traditional retailers Continuation of omni channel penetration Vertical integration of fresh produce procurement Increasing automation of warehouses Retailers looking for ways to differentiate their merchandising Greater focus on quality and the shelf life of fresh produce

==> picture [15 x 7] intentionally omitted <==

----- Start of picture text -----

118
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

IFCO’s value proposition How we bring value to our customers

• Retailers Growers

• Supply chain cost reduction  Track record of rapid, customer-centric  Packaging standardisation expansion  Less product damage  Unique supply-chain view used to anticipate  Effective merchandising trends and solve problems  Better temperature management  Industry, grower and retail expertise;  Lower mechanical damage and longer shelf life unmatched customer support  Support of domestic, out-of-region and  Best product/service portfolio Southern Hemisphere sourcing

• Lower energy, waste and natural  Market leadership in countries of operation resource consumption  Capable of large-scale capital investment on

• Lower pollution industry critical issues

• 119

==> picture [482 x 28] intentionally omitted <==

Tangible cost and sustainability benefits Significant benefits relative to one-way packaging

==> picture [434 x 184] intentionally omitted <==

----- Start of picture text -----

Total packaging cost savings Significantly reduced
of up to 23 [1] -27% [2] environmental footprint
70%
Total Handling, transport, damage Compared to cardboard boxes:
packaging 30%
costs 
Platform Up to 60% less CO2
Cost  64% less energy
savings 51%
10% 5% 25%  80% less water
Producers Transport Warehouse Point of sale  86% less solid waste
Reduced product damage primarily from DC to store
Better handling efficiency at grower, DC, point of sale  93% fewer cases damaged
Better truck cubing from DC to store
1 IFCO study with Fraunhofer Institute. Source: IFCO - LCA updated 2017 Franklin Associates, A Division of Eastern Research
2 IFCO study with California Polytechnic State University. Group (ERG) and LCA updated 2018 on behalf of Stiftung Initiative Mehrweg (SIM).
120
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Strong revenue growth
Driven by expansion with new and existing customers
Sales revenue growth – constant currency Regional contributions to sales revenue
Asia, 3%
17% [1] South America,
5%
13% 12%
9% 9%
North
America,
21%
FY14 FY15 FY16 FY17 1H18 Europe,
71%
Volume growth Price growth
1 Acquisitions contributed 5.0 percentage points to FY16 growth.
121
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Significant growth potential Large addressable opportunities in all markets

==> picture [112 x 9] intentionally omitted <==

----- Start of picture text -----

Market share – fresh produce
----- End of picture text -----

‘White space’ opportunity:

• Ongoing conversion of commodities at existing retailers

==> picture [450 x 156] intentionally omitted <==

----- Start of picture text -----

Total Ongoing conversion of commodities at existing retailers
packaging 4.8b 1.9b 249m 809m
units  Winning and expanding with new retail customers
41% 40%  Take over proprietary RPC pools and integrate into
broader regional pool
84% 83%
18% 16% Additional opportunities:
4%
RPC trips 19%  Enter into new produce categories and non-cyclical new
40% verticals e.g. meat, bread and deli
22% 4% 9%
12% 8%
Europe North America South America Asia
IFCO Competitor Proprietary Unserved
122
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Revenue growth expectations Expansion with new and existing customers key driver of growth

IFCO: components of revenue growth

5-year Medium-term Key drivers average expectations  Volume growth supported by significant addressable opportunities in all Volume 12% 6-8% markets Pricing 0% 1-2%  Pricing reflects strategic initiatives in North America and general cover of inflation in other regions Total 12% 7-10% 123

==> picture [482 x 28] intentionally omitted <==

==> picture [294 x 31] intentionally omitted <==

----- Start of picture text -----

Profitability Development
Portfolio of businesses at various stages of maturity
----- End of picture text -----

==> picture [434 x 181] intentionally omitted <==

----- Start of picture text -----

15% Underlying Profit and margins 200  Europe
12.1%
12.0% 12.2% 11.0% 11.8%  Continued growth as retailers increase RPC usage
10% 100  Continued focus on cost reduction and maintaining asset efficiency
 North America
5% 0  Strong focus on price for value created
FY14 FY15 FY16 FY17 1H18  Initiatives in place to reduce costs and improve asset efficiency
Return on Capital Invested  Rest of world
6.4% 6.7% 6.4% 7.4% 7.8%  RPC adoption driving growth in emerging markets
 Geographic expansion through organic growth and acquisitions
 Disciplined cost management
FY14 FY15 FY16 FY17 1H18
1 Impact on 1H18 ROCI, at actual FX rates. ROCI includes a ~6pp [1] adverse impact of Goodwill
124
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Operating efficiencies
Ongoing focus on improving operational efficiency
 Network optimisation to save wash and transportation costs
Optimisation  Process optimisation and best practice sharing
 RPC flow optimisation project in North America
 Continuing automation of wash processes in countries with high labour costs (all regions)
Automation  Key automation initiatives include: automatic crate counting system, de-palletisers, erectors,
infeed, closer, sorter, stacker, spin dryer, palletiser
 Strategy to outsource wash operations in all regions where beneficial
Outsourcing  Significant outsourcing potential in North America
Platform  Implementation of RPCs with higher transportation efficiency and lower breakage rates (Europe
efficiency and North America)
125
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

==> picture [338 x 31] intentionally omitted <==

----- Start of picture text -----

Input cost inflation
Transport and wash cost improvement over the past 3 years
----- End of picture text -----

==> picture [435 x 178] intentionally omitted <==

----- Start of picture text -----

Trip wash and transport costs Wash cost reductions reflect:
(YoY % change)
2%  Volume-related efficiencies and cost reductions
1% 0%  Wash network optimisation
 Long-term supplier contracts with fixed rates
Transport cost reductions reflect:
-2%  Country mix
-3% -3%  Share of local vs. export business

-4% Efficiency and procurement initiatives to lower transport
miles and rates
-6%
FY15 FY16 FY17 1H18
Operational and overhead cost savings largely
Washing cost per trip Transport cost per trip compensate for the increase in logistic reimbursement
126
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Asset efficiency
Key to improving cash flow and profitability
IFCO turn rates Key drivers of asset efficiency
 Seasonal vs. year-round business
 Domestic vs. cross boarder business
 Number of RPC pools and crate sizes/variants
 Cycle/dwell times
FY14 FY15 FY16 FY17 1H18  Asset efficiency is reflected in the pricing
Initiatives to improve asset efficiency
 Streamlining of pool variants
 Tighter asset control
 Implementation of counter seasonal applications and entry into new verticals
 Disciplined capital allocation and tightly managed capex spending
127
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

IFCO Europe
Market characteristics
Produce  Diversified growing regions
sourcing  Low impact of concentrated crop issues
 Fragmented retail market
Retailer  Retailers have exclusive relationships with poolers
Dynamics  IFCO reimburse retailers for logistics services and shares volume-related
efficiencies of scale
 Small/mid-size growers, modest collective organisation
Producer  Growers tend to use retailer’s preferred packaging type
dynamics  Retailers choose which pooler growers use
Pricing  Standard price list for all growers
structure
RPCs widely accepted as preferred platform for transporting fresh produce
128
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

IFCO Europe
Developed market with strong growth potential
Market share – fresh produce
Total Strategy to strengthen network advantage
packaging units 3.4b 1.4b  Ongoing commodity conversions away from cardboard
 Entry into new verticals e.g. meat, fish, eggs
42% 38%
 New retailer wins from pooling competitors, cardboard
and take over of proprietary pools
13%
20% 16%  Extend RPC pooling into Eastern Europe and Turkey
RPC trips 20%
33%
18%
Northern, Central & Eastern Southern Europe
Europe
IFCO Competitor Proprietary Unserved
129
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

IFCO North America
Market characteristics
Produce  Concentrated growing regions
sourcing  High potential impact from crop failures
Retailer  High share of national retailers
dynamics  Retailers do not work exclusively with one pooler
 Large growers with significant negotiating power
Producer  Growers may push back on retailers’ preferred packaging
dynamics  Growers have choice which pooler to use
Pricing  Standard base price list
structure  Grower specific pricing based on cost to serve and volumes
Increasing acceptance of RPCs as the preferred platform for transporting fresh produce
130
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

==> picture [268 x 32] intentionally omitted <==

----- Start of picture text -----

North America
Market remains significantly under-penetrated
----- End of picture text -----

==> picture [440 x 177] intentionally omitted <==

----- Start of picture text -----

Market share – fresh produce Focus on:
Total
packaging units 181m 1.7b  Strengthening and growing the core fresh produce
business
 Continue category conversions with current retailers
 Win new retail customers with a focus on West Coast regional
87% 84% retailers
 Diversifying into less-cyclical categories e.g. meats
and deli
1% 4%
RPC trips 12% 12%
Canada USA
IFCO Competitor Proprietary Unserved
131
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

North America challenges
Strategy to improve profitability and asset efficiency Contribution to ROCI
improvement
over next 2 years
Transport  Move to dedicated fleets and fixed contracted lane rates ~30%
procurement  Reduce reliance on spot market transport
Key challenges  Implement new pricing strategy to better align with
 Price/cost-to-serve Pricing individual customers’ cost-to-serve ~30%
mismatch
 Scale-related  Reduce grower stock levels
Flow  Reduce retailer inventories
inefficiencies ~25%
optimisation  Improve recollection efficiency from DCs
 Streamline sortation network
Outsourcing  Continue outsourcing wash facilities ~15%
and automation  Align automation level with European wash facilities
132
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

South America
IFCO is the clear market leader
Market share – Modern retail fresh produce South America – market leader
 Implementation of new verticals (e.g. meat, bread, eggs)
packaging Total 249m 809m  New retail wins (primarily in Brazil and Colombia)
units  Organic growth linked to modernisation of retail
 Opportunity for further geographic expansion (Mexico, Peru)
40%
Japan – early stages of development
83%  Increasing consolidation of retail and grower industries support
16% RPC penetration
RPC trips 4%  Develop new applications
40% China – significant future potential
9%8%  Market in early stages of development
 Government and retailers seeking to improve supply chain
South America Asia efficiency, decrease food waste and the environmental impact
IFCO Competitor Proprietary Unserved  Growing consumer demand for higher produce quality
 2 retail partners with solid pipeline
133
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Innovate to create new value Product development

• Phase out old generation pools to provide more ergonomic products for customers, reduce complexity and gain efficiency for IFCO

• Limit the trend to retail-specific new pools for fresh produce by offering alternative customising solutions for standard IFCO RPCs

• Continue to develop alternative RPC designs for other applications

==> picture [61 x 34] intentionally omitted <==

==> picture [67 x 56] intentionally omitted <==

==> picture [72 x 40] intentionally omitted <==

==> picture [15 x 7] intentionally omitted <==

----- Start of picture text -----

134
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Innovate to create new value Technology and digital innovation Tracking flows and monitoring BXB Digital collaboration stock levels across the supply chain

• Supports all RPC-related transactions and customer information requests

• Pilot with leading IFCO retail customer to digitise the supply chain for fresh produce via smart assets and BXB technology

• New online ordering and management system

• Next enhancements planned:  Key objective is to improve the freshness and  MyIFCO mobile application quality of fresh produce and extend shelf life for consumers

• Seamless integration into customers’ ERP systems/applications

• Enhanced planning and collaboration tools

• 135

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Innovate to create new value
Proactively responding to e-commerce and omni channel trends
Developing solutions to extend the
Case study: Qool Collect
usage of RPCs towards end consumers
Offering consumers a shared collection point for
and to provide additional value added
orders from multiple online stores
services for retailers
IFCO’s role: provide RPC packaging, organise
transport and storage of online orders until they are
collected by the consumer
Collaborating with
new e-commerce players
136
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Qool Collect video
137
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Succession and talent management
Strengthen and develop new talent
Talent
Commercial development Leadership development
development
 Recruit new talent: leverage  Strengthen sales capabilities  Develop new talent: active
capabilities from the Brambles  Negotiation training participation in Brambles
Group and the market development programmes
 Solution sales skills training
 Emerging Leaders Programme
 Finance training for sales team
 Graduate Development Programme
 Senior Executive Development Programme
138
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Summary

• IFCO is the clear global market leader with significant growth potential in all markets

• Excellent growth rates and solid profit margins delivered in a very challenging and competitive environment

• Strong performance of Europe and South America with promising development in Asia

• Clear plan to improve performance in North America and outstanding growth opportunities in all markets

• IFCO is very well-positioned to deliver profitable growth in the future

139

==> picture [482 x 28] intentionally omitted <==

==> picture [451 x 221] intentionally omitted <==

----- Start of picture text -----

2018 Investor Day
14 March 2018
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

==> picture [68 x 68] intentionally omitted <==

Path to digital leadership

Prasad Srinivasamurthy President, BXB Digital

141

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

The pace of technology is increasing, and impacting
business exponentially
Everything that can remotely become digital is becoming or will be digital!

Internet & Enterprise Industrial Disruptors Sensor and Specialised
Cloud Software & Technology leading with Connectivity Start-Ups
Providers Services Technology
Today
Artificial Intelligence
Advanced Robotics
Internet of things (IoT)
Smart mobility
Cloud computing
Computers… Internet…
1950 1960 1970 1980 1990 2000 2010 2020 2030
Source: The Technological Singularity: MIT Press.
142
Innovations
Exponential data
Anything to digital
New business models
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Our opportunity to innovate with BXB Digital
Our market leadership Advancements in technology
Large pools of physical assets Global scale of Edge devices with Big data cloud
with trusted brands operations embedded intelligence Computing capabilities
Relationships across the network operational dataSupply chain & connectivity for data transportTelecommunication AI & Deep learning capabilities
Digital supply chain combining existing and new data to help our business run more efficiently and help
customers understand their supply chain
143
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Questions only we can answer
Digital supply chain
Smart pool
Apps,
Supply chain visibility algorithms
sensors,
data
Goods movement Smart assets Brambles:
Where are my assets?
Where do they flow?
Pool Who is using it?
Apps, In what condition?
Algorithms Customers:
Sensors, Where are my goods?
Data In what condition?
Customers and Brambles:
What and where are the supply chain hotspots?
What are the patterns in my supply chain?
Few What can we predict?
How can we collaborate to achieve supply chain efficiencies?
144
Value
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Questions only we can answer

==> picture [434 x 186] intentionally omitted <==

----- Start of picture text -----

Physical Physical + Digital
Linear Exponential value potential
145
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Powering digital supply chains

==> picture [79 x 97] intentionally omitted <==

----- Start of picture text -----

Transform
Create new
markets
----- End of picture text -----

==> picture [434 x 154] intentionally omitted <==

----- Start of picture text -----

Re-imagine
Illuminate
Create new
markets
Remake existing
markets
Enhance asset efficiency
in our core business
146
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Desirability
Our approach Establishing the
need and value
Feasibility Viability
Ensuring it can Confirming the
be used and business
Current focus operationalised opportunity
Step 1: Build Step 2: Validate Step 3: Scale
Research and development Business units/customer validation New solutions
Team, opportunities, use cases Customer engagement and pilots Software applications
Edge devices Device operations Integrated physical and digital operations
Software engine Software applications Repeatable digital implementations
1-2 years 2-3 years 3-5 years
147
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Step 1: Build an A-team
Technology and domain experience in supply chain, data science,
IoT, CRM, aerospace, telecom, mobile and gaming industries
Recruited from Silicon Valley and other tech hot spots, solving problems
for some of the largest companies in the world, across multiple verticals
Business units and customers Operations for digital Enterprise systems Talent, Legal, Finance
Business units Supply chain IT Cross functions
Collaborating deeply with the executive leadership team
148
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Step 1: Build core technology
Brambles Intelligence Exchange (BRIX)
Intelligent edge Software engine Supply chain applications
in devices and algorithms
Asset tracking
Cellular Wi-Fi Bluetooth Geo
Goods visibility and quality
Gyro Temp Accel Magnet
Connectivity services Intelligent models and algorithms
IoT related embedded software Predictive and machine learning analytics Transport orchestration
Sensors and semiconductors Artificial intelligence and deep neural
Cutting edge sensor and network network algorithms
technologies Common structures and APIs for
extensibility
Storage and contextualisation
of sensor data
149
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Differentiate: Only Brambles can offer

==> picture [434 x 187] intentionally omitted <==

----- Start of picture text -----

Repeatable across our
Seamless physical and digital At scale
global network
1 Cutting edge IoT devices with multiple 1 Repeatable blueprint across our 1 Purpose built scalable and extensible
sensors designed to fit platforms and network software engine
and work within our platforms 2 Standardised solutions across 2 Enterprise scale business network
2 Optimised for performance and global locations with consistent powered by patented algorithms and
data capture including over the user experience – across supply chain advanced data science
air configurations participants 3 One engine powering multiple use
3 Operationally seamless for 3 Flexibility to customise based cases and applications
customers to receive and use on regional needs
150
----- End of picture text -----

==> picture [482 x 27] intentionally omitted <==

Step 2: Validate Value through pilots

==> picture [434 x 207] intentionally omitted <==

----- Start of picture text -----

Value through pilots
Laura Nador
Illuminate asset efficiency and velocity
Re-imagine customer value
151
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Pilots – North America The challenge The approach The findings The opportunity Create visibility of Measure flows of Unanticipated flows Enhanced collection pallet flows within tagged pallets and behaviours and cost mitigating channels that are injected at targeted strategies, new Illuminate less efficient or nodes within the business models the network represent potential supply chain for growth Prove capability to Collaborate with BXB technical Commercialise provide customer FMCG customer, capabilities solutions that real-time visibility to injecting unit loads confirmed and enable customer Reimagine the condition and into the supply additional response to realcustomer movement of goods chain enhancements time, product value within their supply Further customer specific needs chain collaboration needed 152

==> picture [482 x 27] intentionally omitted <==

Strategic Benefits Greater asset efficiency, ease of doing business and customer value creation

==> picture [434 x 171] intentionally omitted <==

----- Start of picture text -----

Improve Simplify Business model Deliver more
asset efficiency the business transformation customer value
Track & trace Ease of doing Introduce Enhanced
business new services customer value
Expand track and trace trials Introduce smart devices into Monetise or stop Utilise digital capabilities to
across the network customer locations to enable uncompensated pallet use deliver enhanced value to
customer audit and customers and shareholders
Establish permanent visibility declaration elimination Introduce other
through BLE devices transformation opportunities
enabled by visibility and
Leverage this visibility for
capabilities
asset productivity gains
153
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Step 2: Validate Value through pilots

Mike Pooley

Illuminate asset efficiency and velocity Transform value to customers

==> picture [128 x 165] intentionally omitted <==

==> picture [15 x 7] intentionally omitted <==

----- Start of picture text -----

154
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Pilots - Europe
Spain Track and Trace Pilot
Downstream transfers to Non-Cooperating Distributers (NCD) in the Beverage
sector are a source of loss to CHEP in Spain
Illuminate Pilot injected pallets with tracking devices at NCDs via specific manufacturers
in the beverage sector
the network
Pilot confirmed some hypotheses and provided new information to illuminate
the channel behavior
Insights can ultimately help us work with customers to address root causes of
loss and better manage pricing
Transport Orchestration
CHEP Europe has created a solution and proven the benefits through
application with multiple customers. In order to scale the solution, a less
Transform manual approach was needed
customer Automated lane matching tool created to:
value Combine transportation lanes (full and half truck loads) of different shippers;
Long-term/strategic matching for transport capacity procurements; and
Including cost and empty miles optimisation
155
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Strategic benefits
Greater asset efficiency, ease of doing business and customer value creation
Improve Grow Innovate Deliver more
asset efficiency market share faster, bigger customer value
Visible supply Competitive Introduce Enhanced
chain network differentiation new services customer value
Expand track and trace pilots Differentiate our solution Extend transport collaboration Analyse customer pain points
across the European pallets offerings to grow in current and orchestration across and use digital capabilities to
and containers network for and new sectors Europe as an innovative deliver value-added services
loss reduction and asset service to retain and grow customers
Grow to become a strategic
productivity gains digital partner with our Introduce new transformative Partner to provide visibility
Provide a clear view of where customers offerings combining and gain efficiencies in the
inefficiencies occur enterprise, sensor and supply supply chain
chain network data
156
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Our journey so far
Step 1: Build Step 2: Validate Step 3: Scale
Research and development Business units/customer validation New solutions
1-2 years 2-3 years 3-5 years
Strong foundation of people and capabilities
Codify Brambles expertise in BRIX
Build new repeatable and scalable offerings
Pilot capabilities to validate value in North America and Europe
157
----- End of picture text -----

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Challenges and pitfalls
Digital is not just technology Successful adoption needs a new digital value lens across the organisation
Acknowledge unknowns Cutting edge technology is still maturing; not everything will work or succeed
Iterate and pivot Validate business value and adjust based on learnings
Longer-term horizon Focus on the strategic long-term value , not only the cost of the technology
Garbage in, garbage out Volume ≠ quality , even the greatest algorithms are only as good as the data
158
----- End of picture text -----

==> picture [482 x 271] intentionally omitted <==

==> picture [482 x 28] intentionally omitted <==

2018 Investor Day 14 March 2018

==> picture [483 x 272] intentionally omitted <==

----- Start of picture text -----

Appendix
----- End of picture text -----

==> picture [482 x 28] intentionally omitted <==

Appendix 1 Glossary of terms and measures

Except where noted, common terms and measures used in this document are based upon the following definitions: Actual currency/FX Results translated into US dollars at the applicable actual monthly exchange rates ruling in each period. Average Capital Invested (ACI) For a half year: Average Capital Invested (ACI) is a six-month average of capital invested. Full a full year: ACI is a 12-month average of capital invested. Capital invested is calculated as net assets before tax balances, cash and borrowings but after adjustment for actuarial gains and losses and net equity adjustments for equity-settled share-based payments. Brambles Injury Frequency Rate (BIFR) Safety performance indicator that measures the combined number of fatalities, lost time injuries, modified duties and medical treatments per million hours worked. Capital expenditure (capex) Unless otherwise stated, capital expenditure is presented on an accruals basis and excludes intangible assets, investments in associates and equity acquisitions. It is shown gross of any fixed asset disposals proceeds. Growth capex includes the impact of changes in cycle times as well as investments for availability of pooling equipment for existing and new product lines. – Replacement capex = DIN – Growth Capex is total pooling capex less DIN. Cash Flow from Operations Cash flow generated after net capital expenditure but excluding Significant Items that are outside the ordinary course of business. 162

==> picture [482 x 27] intentionally omitted <==

Appendix 1 Glossary of terms and measures (continued)

Except where noted, common terms and measures used in this document are based upon the following definitions: Constant currency/FX Current period results translated into US dollars at the actual monthly exchange rates applicable in the comparable period, so as to show relative performance between the two periods before the translation impact of currency fluctuations. DIN The sum in a period of: – Depreciation expense; – Irrecoverable Pooling Equipment Provision expense; and – Net book value of compensated assets and scraps (disposals). Used as a proxy for the cost of leakage and scraps in the income statement and estimating replacement capital expenditure. Earnings per share (EPS) Profit after finance costs, tax, minority interests and Significant Items, divided by weighted average number of shares on issue during the period. Earnings before interest, tax, Operating profit from continuing operations after adding back depreciation and amortisation and Significant Items outside the depreciation and amortisation ordinary course of business. (EBITDA) Free Cash Flow Cash flow generated after net capital expenditure, finance costs and tax, but excluding the net cost of acquisitions and proceeds from business disposals. Irrecoverable Pooling Equipment Provision held by Brambles to account for pooling equipment that cannot be economically recovered and for which there is no Provision (IPEP) reasonable expectation of receiving compensation. 163

==> picture [482 x 28] intentionally omitted <==

Appendix 1 Glossary of terms and measures (continued)

Except where noted, common terms and measures used in this document are based upon the following definitions: Net new business The sales revenue impact in the reporting period from business won or lost in that period and over the previous financial year, included across reporting periods for 12 months from the date of the win or loss, at constant currency. Operating profit Profit before finance costs and tax, as shown in the statutory financial statements, sometimes called EBIT (Earnings before interest and tax) Organic growth The change in sales revenue in the reporting period resulting from like–for-like sales of the same products with the same customers. Return on Capital Invested (ROCI) For a half year: Underlying Profit multiplied by two to calculate an annualised amount, divided by Average Capital Invested. For a full year: Underlying Profit divided by Average Capital Invested. RPC Reusable plastic/produce crates or containers, used to transport fresh produce; also the name of one of Brambles’ operating segments. Sales revenue Excludes revenues of associates and non-trading revenue. Significant Items Items of income or expense which are, either individually or in aggregate, material to Brambles or to the relevant business segment and: - Outside the ordinary course of business (e.g. gains or losses on the sale or termination of operations, the cost of significant reorganisations or restructuring); or - Part of the ordinary activities of the business but unusual due to their size and nature. Underlying Profit Profit from continuing operations before finance costs, tax and Significant Items. 164