BRAMBLES LIMITED — Investor Presentation 2019

Aug 20, 2019

Brambles Limited ABN 22 000 129 868 Level 10 Angel Place 123 Pitt Street Sydney NSW 2000 Australia GPO Box 4173 Sydney NSW 2001 Tel +61 2 9256 5222 Fax +61 2 9256 5299 www.brambles.com

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21 August 2019

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

Via electronic lodgement

Dear Sir / Madam

COPIES OF SLIDES FOR INVESTOR PRESENTATION AND WEBCAST

At 10.30am AEST today, Graham Chipchase, Chief Executive Officer and Nessa O’Sullivan, Chief Financial Officer, will host an investor briefing on Brambles’ results for the full-year ended 30 June 2019. The briefing will take place at the Assembly Room, Mezzanine Level, Angel Place, 123 Pitt Street, Sydney and will also be webcast.

Attached are the slides which will be presented at the briefing.

The slides and webcast will be available on the Brambles’ website at brambles.com.

Yours faithfully

Brambles Limited

Robert Gerrard

Group Company Secretary

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Full-year 2019 results presentation 21 August 2019

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1
Results highlights
Graham Chipchase, CEO
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2

FY19 result Key messages

• Sales revenue growth of 7%[1] reflecting favourable price realisation and strong volume growth despite slower organic growth, particularly in Europe

• • Underlying Profit up 2%[1] as strong revenue growth offset: - Group-wide input-cost inflationary pressures; and - Continued challenges in CHEP Americas related to changing customer/retailer behaviour, US network capacity constraints, the stringer-to-block pallets transition in Canada and higher cost-to-serve in Latin America

• • US accelerated automation, lumber procurement, productivity and pricing initiatives on track to deliver progressive margin benefits through to the end of FY22

• • Free Cash Flow after dividends was US$(89.6) million largely due to: - Investment of US$73 million in the US automation and lumber procurement initiatives, funded by FY18 asset actions; and

• • Impact of only 11 months of IFCO cash flows

• • ROCI of 19.5% remains strong and above the cost of capital • Final dividend of A14.5₵, franked at 30%. Pro-rata cash return of A29₵[2] • IFCO sale completed and capital management initiatives underway 12 At constant currency. Capital return component of the pro-rata cash return is subject to shareholder approval at 2019 AGM.

• 1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 3

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IFCO sale complete
Use of proceeds
US$2.4 billion net proceeds [1]
~US$1.65 billion ~US$0.3 billion ~US$0.4 billion
On-market share buy back Capital return and special Debt reduction
dividend
• Commenced in June 2019 • Capital return of 12 AU cents per • Net debt to EBITDA is 0.08 times [2]
• 6 million shares purchased to share, subject to shareholder •
• date at a cost of AU$77mCompletion expected in FY21 [2] • approval 2019 AGMSpecial dividend of 17 AU cents • Brambles targets net debt to EBITDA of <1.75 times
per share Policy to be aligned with new
accounting standard AASB 16
1 2 After taxes, transaction costs, and balance sheet items, and customary closing adjustments.As at 30 June 2019.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 4
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Dividend policy and capital structure

Move to payout ratio based dividend policy

• Following the sale of IFCO, Brambles’ Board reviewed its current progressive dividend policy

• • Starting with FY20 interim dividend, Brambles will move to a payout ratio based dividend policy in order to:

• Align shareholder payments with movements in earnings;

• • Support future growth opportunities; and

• Maintain a strong balance sheet and investment-grade credit profile

• Targeted payout ratio of 45-60% of Underlying Profit after finance costs and tax

• • Dividend per share to be declared in US cents and converted and paid in Australian cents

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• Dividend Reinvestment Plan has been suspended, given the ongoing share buy-back
programme
Brambles continues to maintain a strong balance sheet and
target an investment-grade credit profile
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 5
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Operating landscape and FY20 outlook

Operating landscape

• Large addressable opportunities in both developed and emerging markets

• Competition in key markets remains strong but rational

• Slowdown in major economies, particularly in Europe including Brexit impact

• Trade wars may lead to a broader global slowdown

• Ongoing global input-cost inflationary pressures, although the rate of transport and lumber inflation is moderating

• Retail landscape continues to evolve with the ongoing growth of e-commerce, omni-channel and increased automation in the supply chain

FY20 financial outlook

• Sales revenue growth[1] to be at the lower end of mid-single digit growth objective taking into account the ongoing slowdown in global economies and the automotive industry; and

• • Underlying Profit growth[1] , including the impact of AASB 16[2] , to be in line with, or slightly above, sales revenue growth

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1 2 At constant currency.New Lease accounting standard, effective for Brambles 1 July 2019.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 6
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2
Financial
overview
Nessa O’Sullivan, CFO
7
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2019 financial statements Accounting standard changes & treatment of IFCO

• AASB 15: Revenue from contracts with customers

• Effective 1 July 2018, issue fees are recognised over the estimated cycle time between the asset being issued and returned to Brambles

• • Income statement and balance sheet for both FY18 and FY19 have been prepared in accordance with AASB 15 - No impact on cash flow

• AASB 9: Financial instruments

• Effective 1 July 2018, the impact on Brambles is largely around the approach to measure expected losses on trade and other receivables

• • Balance sheet has been prepared in accordance with AASB 9, including the restatement of prior-year comparatives. No impact on cash flow

• Treatment of IFCO

• IFCO has been classified as discontinued operations in FY19

• • Prior year comparatives in the income statement have been restated for the IFCO sale - Prior year comparatives in the balance sheet have not been restated for the IFCO sale in accordance with the accounting standards
• • IFCO cash flows are included in the Group FY19 cash flow statement up to the date of divestment, prior year Group cash flow remains unchanged

• 1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 8

FY19 result

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Summary
US$m FY19 Change vs. FY18 • Sales growth +7% , exceeding objective of
Actual Constant mid-single digit revenue growth
Continuing operations FX FX • Underlying Profit +2% sales contribution to
Sales Revenue 4,595.3 3% 7% profit and productivity gains partly offset by
Underlying Profit 803.7 (3)% 2% cost inflation and other cost challenges in CHEP Americas
Significant Items (62.8) • Significant Items include US$945.7m post-tax
Operating Profit 740.9 (5)% - gain on sale of IFCO in discontinued
operations & US$62.8m pre-tax expense in
Net finance expenses (88.5) 14% 10% continuing operations – details on slide 23
Tax expense (198.3) (63)% (68)% • Net finance expense reduced largely due to
Profit after tax - Continuing 454.1 (18)% (13)% FY18 refinancing and lower debt balances.
Profit from discontinued ops [1] 1,013.6 • Tax expense increase reflects the cycling of
the prior year one-off US tax benefit (US$65m)
Profit after tax 1,467.7 112% 120% and introduction of US BEAT [2] tax in FY19
Effective tax rate - Underlying (%) 29.0% 1.6pts 1.1pts • Underlying effective tax rate increased to
29% following the introduction of US BEAT
Statutory EPS 92.1 112% 119% tax in FY19
Underlying EPS 31.9 (3)% 2%
12 Discontinued operations includes IFCO post-tax gain on divestment of US$945.7 million and IFCO profit after tax. US Base Erosion and Anti-Abuse Tax, applicable to Brambles’ US operations from 1 July 2018.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 9
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FY19 sales growth Strong volume growth & improved price realisation across the Group

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Growth across all segments Volume momentum despite increased pricing
FY19 Sales revenue growth (US$m) Price/mix & volume contribution to growth
+7%
16
142 185 +5% Improved price realisation to
3% offset inflation & higher cost-
to-serve
152 1%
Decline in like-for-like growth
4,780 2% 1% reflects economic slowdown, particularly in Europe
4,595
Strong net new business
4,470 wins, particularly in Europe
2% 3% pallets & Europe automotive which contributed 1pt to
Group sales growth
FY18 FY19
Net New Business Wins Like-for-like growth Price/Mix
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 10
FY18 FX FY19
FY19
CHEP Americas CHEP EMEA CHEP Asia-Pacific (constant FX)
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Group profit analysis (US$m)

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Sales contribution partly offset by inflation and other cost pressures
Transport inflation in all
Increase in line with pool markets, increased relocations
growth to support strong due to US service center
volume growth across the capacity constraints, changes
Group and investment in in retailer & customer behavior
supply-chain programmes
Volume growth & higher unit
(34) pallet costs (US$18m) and Investment to support growth and
increased charges in Latin improved commercial & asset
(44) America & IMETA regions management outcomes and cycling
177 (44) prior year operating loss of HFG JV up to April 2018 exit [3]
(31) (8)
Additional pallet repair & handling costs,
largely in CHEP Americas including US 38
plant inefficiencies, increased US pallet
826 quality investment, higher damage rate in Canada, as well as some incremental 842 804
wage & lumber inflation [2] in all markets
FY18 Volume, Depreciation Net transport Net plant IPEP Other FY19 FX FY19
Underlying price, costs costs Underlying Underlying
Profit mix 1 Profit Profit
(constant FX)
12 3 Sales growth net of volume-related costs (excluding depreciation and IPEP)Lumber inflation impact largely reflected in capital expenditure From an EPS perspective, benefit of lower losses in ULP offset by lower interest income following repayment of HFG shareholder loan
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 11
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Market cost inflation

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Inflationary cost pressures persist
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Input-cost Cost recovery FY20
inflation trends mechanisms [1] expectations
FY18
Inflationary pressures and Transport (opex)
pricing actions weighted to 2H18 • Inflation to continue in all markets
• Transport & lumber: Inflation in all with the rate of inflation
markets, rate of inflation accelerated moderating in line with industry
trends
• FY18 net inflation impact on ULP US$(19)m 70% 75% 75% Lumber (capex & opex)
• FY18 lumber impact on capex: US$(21)m 50% • Moderate US inflation expected to return following deflation in the FY19
FY19 1H18 2H18 1H19 2H19 • Europe inflation to continue, albeit at a lower rate
Full-year impact of cost inflation
Other (opex)
• with higher recovery of costs through Transport: of inflation moderating in 2H19 Inflation in all markets, rate price Europe price indexation in revenue •• Covers labour, lumber & fuel inflation 100% contract coverage, reset annually •• Increasing wage inflation given unskilled labour shortage in most marketsIncreasing property inflation
• Lumber: deflation in the US, on 1 July reflecting higher demand for
moderating inflation in Europe. USA surcharges netted against industrial warehouse space in most
• FY19 net inflation impact on ULP costs regions
US$(10)m • Covers transport & lumber inflation
• FY19 lumber impact on capex: US$(8)m
1 Cost inflation recovery through indexation and surcharges in US & European pallet businesses
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 12
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CHEP Americas

Cost challenges, including inflation, partially offset by higher price

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FY19 Change vs. FY18 FY19 performance reflects:
• Strong sales revenue growth of 7% reflects price and
Actual Constant volume growth across the region:
(US$m) FX FX - US price growth +3% (effective pricing [1] +4%);
US 1,651.1 5% 5% - US volume growth +2%; and
- Pricing growth and volume expansion in Canada and
Canada 265.0 1% 5% Latin America pallets businesses
• Margin decline reflects input-cost inflation, cost pressures
Latin America 312.8 6% 17% in US Pallets, higher costs in Canada due to stringer-to-
block transition and increased costs in Latin America –
Pallets 2,228.9 5% 7% refer to slide 14 and 15 for more details
• ROCI decline reflects lower earnings and higher
Containers 58.9 10% 10% investment to support volume growth & supply chain
initiatives in the region
Sales revenue 2,287.8 5% 7% FY20 considerations:
Underlying Profit 298.4 (11)% (9)% • ~1 point improvement in US Pallet margins in line with
commitment to progressively deliver margin
improvement by FY22
Margin 13.0% (2.4)pp (2.2)pp •
Ongoing cost headwinds in Canada associated with
running two pallet pools and reflecting the inherently
ROCI 15.4% (2.2)pp (2.2)pp higher damage rate of block pallets
1 Including surcharges which are recognised as an offset to costs.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 13
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CHEP Americas

Underlying Profit decline driven by cost pressures across all businesses

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Transport inflation throughout the region,
additional relocations due to US network Contribution to CHEP Americas
capacity constraints, changes in retailer & customer behaviour, inefficiencies margin decline
associated with mixed stringer/block pool
in Canada
Investment in resources
to support growth, FY19 phasing Annual
network efficiencies and
(16) improved commercial & 1H19 2H19 FY19 USA: 2H19 performance
asset management driven by pricing performance,
(30) outcomes supply chain efficiencies and
88 Largely in (0.4)% cycling higher inflation from 2H18 as well as impacts of
(34) Latin America (1.1)% inefficiencies related to the implementation of accelerated
(1.7)% automation programme.
(18)
Additional pallet repair & handling costs, particularly in CHEP Americas including (19) (1.6)% Canada: to-block transition in Canada impacted by stringer-
335 US plant inefficiencies, US pallet quality transition in Canada (including higher damage rate on block pallet pool)investment and stringer-to-block 306 (0.9)% (1.3)% (including higher damage rate on block pallet pool). Latin America: costs to recognise a higher risk increased
of loss in the region and
investments in resources to
UnderlyingProfitFY18 Volume, price,mix Depreciation Net transportcosts Net plantcosts IPEP Other UnderlyingProfitFY19 (2.6)% (2.0)% (2.4)% improve commercial and asset management outcomes.
(constant FX)
USA Canada & Latin America
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 14
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Latin America

Increased pricing and improved asset efficiency delivered in FY19

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Context FY19 actions to improve outcomes Outcomes delivered
• History of long cycle times in  3-yr commercial & asset plan developed  Plan delivering improved
the region reflecting developing  New leadership team and enhanced asset outcomes
nature of market: management & commercial capability: - Enhanced asset controls and
- Geography/transport distances; - Asset control transformation including commercial, asset
-- Lower network density; andFewer controls over customer and retailer behaviour - improved use of analytics to support activityIncreased asset collections direct from stores and from higher risk channels - management & finance capabilityIncreased pricing well above
• Despite increasing network - Market mapping to identify new collection points and establish commercial relationships inflation to support cost recovery contributing ~8%
density, cycle times continued to increase:  asset accountability in supply chain Pricing to recover higher costs and improve - Latin America sales growthRecord level of asset
-- Increased costs recognised in FY18 Underlying Profit and Significant Items to account for higher cost-to-serve; andLeadership changes and detailed review in 1H19  Increased market collection activity delivered improved insights into collection risks: -- Active management to reduce flows into higher risk channelsUS$11m IPEP expense in Underlying Profit reflecting revised assessment of collection risk  - Progressive improvements collections in FY19 driven by new collection enginepooling capex to sales ratio demonstrating lower capital intensityMaterial improvement in
relating to FY19 flows planned over next three
- US$21m in Significant Item expense relating years
to historical flows
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 15
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US pallets revenue

Improved price realisation and solid volume growth

FY19 revenue growth components:

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US pallets revenue growth FY19 revenue growth components:
breakdown • Price/mix growth of 3%: effective price, which
+5% includes transport and lumber surcharges recognised as an offset to direct costs, increased
4% in FY19
+4% • Like-for-like volume growth of 1% was driven by
the grocery and beverage sectors despite a
moderation in growth in 2H19
1% 3%
• Net new business wins of 1%: largely driven by
new customer contracts won early in 2H19
+2% 1%
1% 1%
2%
1% 1%
FY17 FY18 FY19
Net new business wins Like-for-like volume Price/Mix
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 16
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US pallets margins
Initiatives on track to deliver 2-3pt margin improvement [1] by FY22
Phasing of margin
Pressures Mitigating actions improvement
Progress FY20 FY21 FY22
Supply chain • Annual transport and network
cost out optimisation exercise undertaken
Cost inflation during the Year
Pricing/ • Continue to renegotiate contract terms
surcharges and pricing to insulate against inflation
and capture higher cost-to-serve
Retailer driven • Effective price increase of 4% in FY19
cost increases Procurement • Implementation of lumber strategy is
initiatives on track to deliver cost benefits to
lumber repair & capex
Network capacity & supply chain efficiency Automationprogramme •• 20 sites automated to dateAutomated sites performing in line with
expectations
• On track to deliver program objectives
over FY20, FY21 & FY22
Margin improvement phasing: Annual increase of ~1pt [2] in FY20, FY21 & FY22
1 2 Improvement from FY19 level.Margin improvement from 1H18 levels, excluding the impact of AASB 15 and AASB 16 accounting changes.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 17
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US automation programme update
3-year automation plan remains on track
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Overview of project Progress to date
• ~US$160m capital investment • Plant automation project launched in 2H18
from FY19-FY21, ~5-year payback • Progress on track
• Capital investment to be fully funded by the • FY19 automation objectives met:
proceeds from the sale of CHEP Recycled and the HFG JV (US$252m) - 20 sites automated to date;
• 50+ plants to be automated - Automated sites delivering in line with investment case; and
• Automation penetration to reach 85% - 17 sites identified for automation in FY20
- Current US automation level ~50%
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 18
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CHEP EMEA

Strong financial result despite macro-economic headwinds

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FY19 Change vs. FY18 FY19 performance reflects: • Revenue +8% driven by strong volume growth and
Actual Constant improved price realisation across the region
(US$m) FX FX • Underlying Profit margins impacted by:
Europe 1,353.2 1% 5% - Higher transport costs due to third-party freight
inflation and Brexit-related inefficiencies;
IMETA [1] 205.7 2% 14% - Increased pallet repair and handling costs, partly offset
by efficiencies; and
Pallets 1,558.9 1% 7% - Higher IPEP charges reflecting higher unit pallet costs
and higher losses in the IMETA [1] region
RPCs + Containers 290.2 6% 13% • ROCI remains strong despite inflationary cost
pressures, Brexit-related inefficiencies and increased
Sales revenue 1,849.1 2% 8% investment to support volume growth & new market
development
Underlying Profit 441.8 (1)% 5% FY20 considerations:
Margin 23.9% (0.6)pp (0.7)pp • Sales growth impacted by slowdown in like-for-like
volumes in Europe as well as broader industry
ROCI 24.9% (1.5)pp (1.7)pp slowdown in the Automotive sector
• Impacts of Brexit uncertain
1India, Middle East, Turkey and Africa.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 19
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EMEA sales growth

Slowing economic conditions impacting organic sales growth

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CHEP EMEA revenue growth FY19 revenue growth components:
breakdown • Price/mix growth of 2% reflecting the inflationary cost
environment throughout the region
+8% +8% • Like-for-like volumes flat to FY18 with a slowdown in
1% Europe Pallets & Automotive like-for-like volumes in 2H19
2% • Net new business wins of 6%:
+6%
2% - Volume growth from new customers and lane expansion with
existing customers in European pallets +5% and IMETA 4%;
2% and
- Automotive accounted for 2pts of EMEA growth and 1pt of
Group sales growth, driven by large contract win in FY18
6% FY20 considerations:
5% • Like-for-like volume growth to continue to be impacted by
4% broader economic uncertainty – particularly in Europe
pallets and automotive businesses
• The rate of net new business growth expected to be lower,
particularly in the Automotive business
FY17 FY18 FY19 • Pricing growth to reflect inflationary cost environment
Net new business wins Like-for-like volume Price/Mix
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 20
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CHEP Asia-Pacific

Strong Underlying Profit and ROCI performance

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FY19 Change vs. FY18 FY19 performance reflects: • Sales revenue growth of 3% reflecting solid pricing
Actual Constant and volume growth in the Australian pallets
(US$m) FX FX business
• Underlying Profit leverage & margin expansion
Pallets 343.2 (3)% 4% driven by sales mix benefits, effective cost control
& fixed cost leverage as well as a number of one-
RPCs + Containers 115.2 (5)% 2% offs, including: - One-off government infrastructure grant in Asia;
- Favourable asset recovery outcomes;
Sales revenue 458.4 (4)% 3% • Strong ROCI outcomes driven by Underlying Profit
performance
Underlying Profit 118.3 6% 14% FY20 considerations:
• Revenue and profit progress despite headwinds
Margin 25.8% 2.3pp 2.4pp from large RPC contract loss in Australia
• Reduction in Margin & ROCI to reflect the cycling
ROCI 27.9% 2.4pp 2.8pp of the one-off government infrastructure grant and
increased investments to support new business
growth across the region
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 21
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Significant Items

IFCO-related items and asset provision in Latin America

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Post-
Pre-tax tax
charge charge
US$m FY19 Tax FY19 Comments
Discontinued Operations 959 (14) 946
IFCO gain on sale 959 (14) 946 • Proceeds received on 31 May 2019
Continuing Operations (63) 9 (54)
IFCO-related restructuring and other costs (30) 6 (24) • Organisational changes US$8m and asset write-offs US$22m relating to the IFCO sale
• IFCO sales proceeds allocated to early repayment of a
Early debt repayment US$500m
funded by IFCO sale (12) - (12) US 144A bond (coupon 5.35%).
proceeds • Related cash outflow and associated interest cost savings will
both be recognised in FY20
• Provision reflects updated assessment of asset recovery risk
relating to historic asset flows with FY19 related charges
Risk assessment of losses in Latin America (21) 3 (18) • reflected as an expense to underlying earnings.Details of the review undertaking in FY19 and actions being
implemented to mitigate these higher costs are outlined in
slide 15
Total Significant Items 896 (5) 892
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 22
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Cash flow

Free cash flow performance reflects US supply chain investments

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(US$m, actual FX) FY19 FY18 Change Performance reflects timing difference of
proceeds from FY18 asset actions & reinvestment
EBITDA 1,288.0 1,290.4 (2.4) in FY19:
• Cash flow from Operations decline of US$293
Capital expenditure (cash basis) [1] (989.4) (935.6) (53.8) million includes:
US supply chain investments [2] (73.0) (17.0) (56.0) - HFG JV loan repayment of US$150m in FY18;
Proceeds from joint venture loan - 150.0 (150.0) - US$56m of incremental investment in high returning US supply chain programmes [2] , funded from the exit
Proceeds from sale of PP&E 102.5 103.7 (1.2) - of underperforming assets;US$30m reversal of 2H18 working capital benefits
Working capital movement (13.2) 46.1 (59.3) advised to the market at the FY18 results; and
IPEP expense 127.1 101.9 25.2 - US$18m of Brexit-related capital expenditure
• Free Cash Flow after dividends includes the
Other (10.2) (14.7) 4.5 impact of IFCO cash contribution for 11 months,
Cash Flow from Operations 431.8 724.8 (293.0) partially offset by lower cash dividend payments
due to a weaker AUD
Significant Items and discontinued operations 124.6 141.8 (17.2) FY20 considerations:
Financing costs and tax (317.9) (312.2) (5.7) • FY19 final dividend payable in Oct 2019 remains flat at AU$14.5c despite no IFCO cash flow
Free Cash Flow 238.5 554.4 (315.9) contribution
Dividends paid (328.1) (352.0) 23.9 • AASB 16 to improve reported cash flow – refer to
slide 28 for details
Free Cash Flow after dividends (89.6) 202.4 (292.0)
1 Capital expenditure excluding US supply chain investments on US accelerated automation and lumber procurement.
2 US supply chain investments in US accelerated automation and lumber procurement pre-funded by FY18 asset actions.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 23
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Cash flow

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Normalised positive free cash flow in both FY18 and FY19
(US$m, actual FX) FY19 FY18
Free Cash Flow after dividends (reported) (90) 202
Adjustment Normalisation adjustments:
Proceeds from HFG joint venture loan - (150)
US supply chain efficiency investments 73 17
1
Timing difference between exit of low-returning businesses and re-investment 73 (133)
into high-returning US supply chain efficiency programs
2 Adjust for timing of working capital movements 30 (30)
Positive normalised Free Cash Flow after dividends in FY18 & FY19 13 39
Adjustment
details
Adjust for timing differences between the receipt of funds from the exit of low returning businesses
1 including US$150m HFG shareholder loan proceeds received in FY18 and the investment of those
proceeds in high-returning supply chain efficiency programs totalling US$73m in FY19.
2 Adjust for the US$30m working capital timing with benefits in FY18 that reversed in FY19 as highlighted to the market at the FY18 results.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 24
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Capital expenditure Investment to fund growth & supply chain programmes

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Change vs. FY18 FY19 Pooling Capex
(constant FX) • Additional capex to support higher Brexit-related
retailer stocking levels
Total PP&E Capex of US$1.1 billion +US$91m +9% • Lumber inflation impacts on unit pallet costs of
US$8 million largely reflect increases in 1H19
FY19 Pooling Capex 2H19 benefitted from declines in US lumber prices
Pooling capex/sales ration: 20.4% +US$54m • Asset efficiency improvements largely in the
down from 20.7% in FY18 US Pallets
Volume growth +US$33m FY19 Non-Pooling Capex
Automotive/new market development +US$30m • Includes US$73 million investment in US supply chain
programmes (including accelerated automation)
Lumber inflation +US$8m
FY20 considerations
Brexit +US$18m • Expected reduction in pooling capex/sales ratio with
(Efficiencies)/Other +US$(34)m improvements in asset efficiency, excluding any Brexit
related changes
FY19 Non-Pooling Capex +US$37m • Investments in US supply chain programmes
expected to remain at current levels & broadly in line
with the programme presented to the market in 2018
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 25
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IFCO sale

Proceeds from divestment and FY20 financial implications

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Proceeds Net debt Net interest
Proceeds received of U$2.4b FY20 net debt FY20 net interest expense
(after costs & net of cash) impacted by: impacted by:
• US$450m repayment of • Capital return US$0.3b in • Lower interest expense - early
revolving bank debt October 2019 (subject to repayment of US 144A bond
shareholder approval) • Interest income - funds on
• US$54m (A$77m) of share- deposit in Australia
buybacks completed as at • On-market share buyback of up
30 June 2019 to US$1.65b to be completed • Interest expense to
progressively throughout FY20 progressively increase in line
• US$1.9b placed on deposit and FY21 with increase in net debt as
including A$2.1b in Australia capital management actions
• Financial profile after capital reduce funds
• US$0.5b early repayment of management actions to
US 144A bond on 5 July 2019 maintain investment-grade • FY20 net interest expense
credit ratings: BBB+ and Baa1 ~US$90-$100m
26
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 26
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Balance sheet

IFCO sale provides added financial flexibility

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June 19 June 18 • FY19 net debt reduction reflects
Net debt US$98m US$2,308m application of IFCO sale proceeds
Note: cash deposits expected to
Average term of committed facilities 4.0 years 4.5 years progressively reduce to fund capital management over the next 14-18
Undrawn committed months
US$1.6b US$1.6b
facilities • Net debt/EBITDA well within financial
policy of <1.75x
FY19 FY18 [1] - Financial policy to be adjusted for AASB16 which
is expected to add US$740-$760 million of lease
EBITDA/net finance 14.6x 15.0x liabilities to the balance sheet in FY20
costs • Investment-grade credit ratings
maintained: Standard & Poor’s BBB+ and
Net debt/EBITDA 0.08x 1.46x
Moody’s Baa1
US$1.95 billion in capital management to be undertaken whilst maintaining a
conservative balance sheet and investment-grade credit ratings
1 As reported in the FY18 financial statements.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 27
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AASB 16: Leases

FY20 impact of new accounting standard adoption

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• Applicable from 1 July 2019 it requires a lessee to recognise all qualifying leases on the balance sheet in the form of a lease
liability and right-of-use asset
• Straight-lined operating lease expense will be replaced by depreciation on right-of-use asset and interest on lease liability –
refer to note 1 of the financial statements for further details
• Modified retrospective approach to be adopted and comparative periods will not be restated
FY20 Indicative pre-tax impact of AASB 16 on the Income Statement, Balance Sheet, Cashflow and ROCI
Additional depreciation charge of US$115m
Replaces operating lease charge US$(140)m
Underlying Profit +US$25m
Income statement Segment ULP impact: Americas ~US$15m;
EMEA ~US$5m APAC ~US$5m;
Net interest expense US$(30)m Additional interest expense on lease liabilities
Cash flow from +US$140m Operating lease payments of ~US$140m are removed from
operations cash flow from operations
Cashflow statement Free cash flow +US$110m ~US$140m of lease payments removed from free cash flow and interest component of lease payments of US$30m included
Cash flow form US$(110)m Remaining ~US$110m of lease payments treated as repayment
financing activities of financing liability
Lease liability of US$740 – US$760 million (not included in
Balance sheet Net assets US$(100)m average capital invested)
Lease asset of US$640 – US$660 million (included in average
capital invested and impacts ROCI)
Return on
(1.5-2.0)pts Reduction due to capitalisation of leases
capital invested
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 28
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FY20 outlook

Including impact of AASB 16, Brambles expects:

• Sales revenue growth to be at the lower end of its mid-single digit growth objective, at constant FX, taking into account the ongoing slowdown in global economies and automotive industry;

• Underlying Profit growth in line with, or slightly above, sales revenue growth, at constant FX;

• Underlying Effective Tax Rate of approximately 30%; and

• Net interest expense of ~US$90-$100 million:

• Interest savings reflecting the benefit of early redemption of US 144A bond and lower net debt are offset by the impact of AASB 16 and other funding impacts

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1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 29
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3
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Strategy update

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Graham Chipchase, CEO
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30
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Our purpose

Brambles’ purpose is to connect people with life’s essentials every day

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Our assets form the invisible backbone of the
global supply chain
Through its share and reuse model, Brambles
moves more goods to more people than any
other organisation
The world’s biggest brands trust us with the
products that matter
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
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 31
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Consistent strategic priorities

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Grow and strengthen our Delivering, through the cycle:
network advantage • Sustainable growth at returns well
in excess of the cost of capital:
Deliver operational and - Mid-single digit revenue growth [1] ;
organisational efficiencies - Underlying Profit leverage [1] ; and
- Strong ROCI
Drive disciplined allocation and improved capital • Sufficient cash generation to fund
cash generation growth, innovation and
shareholder returns:
Innovate to create new - Dividends to be funded from
value
Free Cash Flow
Develop world-class talent
1 At constant currency.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 32
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Progress against strategic agenda
Significant progress made – now ready for the next phase of growth
Shaping our Future
Deliver
New opportunities as a
focused company to:
Invest for
excellence Operational and • Transform our value
commercial
proposition;
fundamentalsFixing the Re-investing •performancePricing and • Enhance customer
divestment proceeds
• Global best practices in procurement, automation, •• Plant automationGlobal • inflation recoveryIncreased • experience; andSimplify the way we
transport procurement network capacity run the company
• Business structure, • Lumber supply • Improved quality,
leadership talent reliability and
• Portfolio rationalisation customer
satisfaction
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 33
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External market dynamics

Changing environment creates challenges and opportunities

• Shifting landscape in core industries

• Ongoing evolution of retail: rise of e-commerce and omni-channel

• Major FMCG players facing growth of private label, small and local brands

• Automotive OEMs[1] restructuring and adapting portfolio to electric vehicles

• Macro-economic uncertainty

• Volatility in key input costs: lumber, labour, transport

• Trade uncertainty: US and China, Brexit

• Increasing importance of sustainability and social licence to operate

• Consumer pressure for sustainable products and supply chains

• Regulatory and investor requirements increasing transparency

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Our business is inherently sustainable, so we are well positioned to help our customers
1 Original equipment manufacturer.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 34
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Growth opportunities
Positioned for sustainable growth over short, medium and long term
3
2 Create future models
1
Extend the core
Enhance the core
• Organic growth + share gain • Expansion in developing markets – e.g. Latin America, • Reshaping the pooling model for the connected digital era
• in core developed marketsExpanding new lanes – e.g. • Middle East, China, IndiaNew products and platforms • Data and insight-based offerings for existing and
First/Last Mile Solutions, – e.g. plastic/hybrid pallets, new customers
• AutomotiveInnovation in technology, • new fractional platformsAdditional services – e.g. • Partnering with customers to design the future of
operations and customer service customer goods visibility, supply chain illumination supply chains
Underpinned by long-term growth drivers
• Consumption of consumer staples • Modernisation of supply chains
• Growth and urbanisation in developing markets • Rising importance of sustainability
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 35
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Creating new sources of value
Customer collaboration Innovation
Partnering with customers to tackle Developing a portfolio of innovative
shared supply chain challenges products and services
“Plant of the future” Scaling digital
Using advanced technology to drive Applying digital technology across
a step change in our operations Brambles to translate data into value
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 36
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Customer collaboration

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Through Zero Waste World, we are partnering with customers to meet
shared supply chain challenges
Eradicating empty
Eliminating waste Cutting out inefficiency
transport miles
Helping customers: Connecting our customers to: Working with customers to:
• Migrate to reusable packaging • Reduce empty miles • Address supply chain
solutions • Tackle transport price inflation bottlenecks
• Reduce food waste • Reduce environmental impact • Improve demand forecasting
• Create net positive supply chains • Improve the security of food
supply and data
FY19 savings from our pooling solutions [1] The estimated opportunity [2]
1.3m tonnes of 2.0m tonnes of 3.3 billion tonnes of CO2 US$270 billion
waste CO2 from waste and loss in savings
the food supply chain opportunity
See https://brambles.com/zero-waste-world/ for more information and some of our external partners
12 Brambles calculations assured by KPMG Source: Food and Agriculture Organization of the UN; BCG
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 37
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Innovative products and services

New products, platforms & services to meet customers’ evolving needs

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• Blue Click™ functionality
• 100% recyclable and certified carbon
Innovative New European neutral platform
products Quarter Pallet • Patented double stacking capability
• Digital-ready for proximity marketing
Lightweight and • Successful trials of plastic 48x40 pallets
Innovative durable materials with Costco in US
platforms • Plastic pallets • Large scale pilots planned in Costco’s
• Hybrid pallets well controlled supply chain
• Momentum building with large customers
Innovative Collaborative • 62.7m kilometres and 53,700 tonnes of
services Transport CO2 saved so far [1]
Solutions • Underpinned by BXB Digital technology
and lane matching algorithms
1 Brambles calculations assured by KPMG
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 38
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Scaling digital
Accelerating deployment of digital technology to create value for
Brambles and our customers
Progress in FY19
 Launched BRIX tracking and analytics platform for internal/external use
 Large-scale tracking of full-size pallets in US; asset efficiency pilots in
Europe; and customer pilots in ANZ
 Promotions tracking trials with Ferrero Canada
 Tracking of high value goods in the agricultural sector
Focus for FY20
• Evaluating options for larger-scale asset efficiency tracking
• Upgrading individual asset tracking on Kegstar kegs (in development)
• Exploring opportunities to apply AI/ML [1] – e.g. to simplify customer
declarations, sales and operations planning
1 Artificial intelligence and machine learning.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 39
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“Plant of the future” Using technology to increase operational efficiency

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Roll out underway:
Automated Automated and integrated pallet  Increased plant
sorting and element removal; throughput and
platform augmented reality for directed repairs improved pallet
conditioning In discovery phase: consistency
flow
Automated elemental reassembly
Roll out underway:
Planning, transportation and yard
Technology management solutions to increase  Part of our wider efforts
enabled plant efficiency to remove the admin
burden for customers
management Paperless plant inbound/outbound
process flow, with minimal manual
intervention
Enhanced In discovery phase:  Will enable us to
operations Applying AI/ML for enhanced demand forecasting, transport optimisation and anticipate customer demands and adapt in
planning identification of ISPM-15 compliant real time
pallets
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 40
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Summary

• Strong progress against core strategic agenda

• Well positioned for sustainable growth over short, medium and long term

• Setting ambitious direction to capitalise on the opportunities for Brambles as a focused global business

• Partnering with customers to remove waste and inefficiencies from global supply chains

• Further details to be shared at Investor Day in May 2020

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1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 41
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4
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appendix

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43
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Appendix 1

Appendix 1	Appendix 1
	Leader” Top 1% of companies analysed • Sustainalytics is the leading independent global provider of ESG and corporate governance research and ratings to investors • Data is used widely by many investors for risk management and comprehensive valuations Top 10% of companies analysed globally achieving the MAXIMUM AAA RATING • MSCI’s ESG Indexes provide investors with transparency into ESG and values alignment • MSCI’s data is used extensively for in-house valuations Brambles was one of 6 global leaders achieving Forest A list status in 2017 • CDP suite of ESG surveys (Climate Change, Forests & Supply Chain) are considered comprehensive on specific issues with high quality inputs Second position in industry category, placing us in the 95% percentile for 2018 • BXB first place in 2017, result improved again in 2018 • DJSI / RobeccoSam was rated as the highest quality ESG analysis by investors and public company’s Rated Brambles as the 2nd most sustainable international company, in 2019 • Barron’s is a highly regarded financial magazine covering US financial markets. Published by Dow Jones & Company and affiliated with the Wall Street Journal Brambles is a constituent of the FTSE4Good index 2014, 2015, 2016, 2017 and 2018 • The FTSE4Good Index is part of London Stock Exchange Group and aims to drive better standards in sustainable investment ESG Recognitions
1	2 Results Highlights Financial Overview 3 Strategy Update 4 Appendices 44

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Appendix 2
Brambles: Sales revenue by region and sector
FY19 sales revenue by region FY19 sales revenue by sector
India, Middle Eastern Asia
East, Turkey, Europe 1.2% Auto 3.9%
AmericaLatin Africa6.0% 3.2% Packaging2.6% 11.6%Other
6.8%
General
retail 2.3%
USA &
ANZ Canada Fast-
8.2% 43.0% Storage
& Dist. moving
2.4% consumer
Beverage goods
15.5% 52.2%
Western
Fresh
Europe
31.6% produce
9.5%
Developed markets Emerging markets “Consumer staples” sectors Industrial sectors
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 45
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Appendix 3

Detailed reconciliation of Underlying Profit to statutory earnings

Appendix 3 Detailed reconciliation of Underlying Profit to statutory earnings	Appendix 3 Detailed reconciliation of Underlying Profit to statutory earnings	Appendix 3 Detailed reconciliation of Underlying Profit to statutory earnings	Appendix 3 Detailed reconciliation of Underlying Profit to statutory earnings	Appendix 3 Detailed reconciliation of Underlying Profit to statutory earnings
	Continuing operations	Operating Profit	Tax	Profit after tax
1 R	2 esults Highlights Financial Overview 3 Strategy Update 4 Appendices 46

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Appendix 4
Major currency exchange rates [1]
USD exchange rate: USD EUR GBP AUD CAD ZAR MXN BRL PLN NZD
FY19 1.0000 1.1404 1.2943 0.7145 0.7555 0.0706 0.0517 0.2589 0.2660 0.6712
Average
FY18 1.0000 1.1950 1.3465 0.7726 0.7855 0.0779 0.0533 0.3002 0.2818 0.7111
30 Jun 19 1.0000 1.1372 1.2673 0.7005 0.7637 0.0706 0.0522 0.2618 0.2674 0.6702
As at
30 Jun 18 1.0000 1.1564 1.3076 0.7348 0.7545 0.0726 0.0507 0.2589 0.2651 0.6752
1 Includes all currencies that exceed 1% of FY19 Group sales revenue, at actual FX rates.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 47
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Appendix 5
FY19 currency mix
(US$m) Total USD EUR AUD GBP CAD MXN ZAR PLN BRL NZD Other [1]
Sales revenue 4,595 1,716 1,052 360 352 268 196 180 80 59 55 277
FY19 share 100% 37% 23% 8% 8% 6% 4% 4% 2% 1% 1% 6%
FY18 share 100% 36% 23% 8% 8% 6% 4% 4% 2% 1% 1% 7%
Net debt [2] 98 610 1,131 (1,909) 34 35 140 86 (16) (2) 12 (23)
12 No individual currency within ‘other’ exceeds 1% of FY19 Group sales revenue at actual FX rates. Net debt shown after adjustments for impact of financial derivatives. Net debt includes US$411 million of term deposits in AUD with a maturity greater
than 3 months.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 48
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Appendix 6
Credit facilities and debt profile
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Committed Uncommitted
Maturity Type facilities facilities Debt drawn Headroom
(US$b at 30 June 2019)
<12 months Bank/144A [1] 0.5 0.2 0.5 0.2
1 to 2 years Bank 0.6 - - 0.6
2 to 3 years Bank 0.5 - - 0.5
3 to 4 years Bank 0.2 - - 0.2
4 to 5 years Bank/EMTN [2] 0.9 - 0.6 0.3
>5 years 144A/EMTN [2] 1.1 - 1.1 -
Total 3.8 0.2 2.2 1.8
12 US$500m 144A bond repaid 5 July 2019. European Medium Term Notes.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 49
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Appendix 7 Net plant and transport costs/sales revenue

Appendix 7 Net plant and transport costs/sales revenue	Appendix 7 Net plant and transport costs/sales revenue
	Net plant cost/sales revenue Net transport cost/sales revenue FY19 FY18 FY19 FY18 CHEP Americas 38.9% 38.4% 24.0% 23.4% CHEP EMEA 23.5% 23.1% 20.9% 20.9% CHEP Asia-Pacific 34.7% 35.2% 12.7% 12.5% Group 32.3% 32.0% 21.6% 21.3%
1 R	2 esults Highlights Financial Overview 3 Strategy Update 4 Appendices 50

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Appendix 8a
CHEP EMEA: Underlying Profit analysis (US$m)
(18)
(12) (9)
(14)
73
(24)
466
446 442
FY18 Volume, price, Depreciation Net transport Net plant costs Other FY19 FX FY19
Underlying mix 1 costs Underlying Underlying
Profit Profit Profit
(constant FX)
1 Sales growth net of volume-related costs (excluding depreciation).
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 51
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Appendix 8b
CHEP Asia-Pacific: Underlying Profit analysis (US$m)
(2) (1) 4
15 (10)
128
112 118
FY18 Volume, 1 Net transport Net plant costs Other FY19 FX FY19
Underlying price, mix costs Underlying Underlying
Profit Profit Profit
(constant FX)
1 Sales growth net of volume-related costs (excluding depreciation).
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 52
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Appendix 9
Capital expenditure on Property, Plant and Equipment
(Accruals basis, US$m) [1]
749 849 823 1,013 1,060
294
317
320 231
202
643
606
505 489 538
42 40 54 90 124
FY15 FY16 FY17 FY18 FY19
Other PP&E Replacement (DIN)2 Growth3
12 FY15-FY18 capex number have been restated for the IFCO divestment.Replacement capex is the sum in a period of Depreciation expense, IPEP and the Net book value of compensated assets and scraps (disposals).
3 Growth capex includes investments for availability of pooling equipment for new and existing product lines, as well as the impact of changes in cycle times.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 53
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Appendix 10
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 Average Capital Invested (ACI) is a 12-month average of capital invested.
(ACI) Capital invested is calculated as net assets before tax balances, cash and borrowings, but after
adjustment for pension plan actuarial gains or losses and net equity adjustments for equity-settled
share-based payments.
Compound Annual Growth The annualised percentage at which a measure (e.g. sales revenue) would have grown over a period if it
Rate (CAGR) grew at a steady state.
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.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 54
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Appendix 10
Glossary of terms and measures
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 Statutory definition of profit before finance costs and tax; 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 Underlying Profit divided by Average Capital Invested.
(ROCI)
RPC Reusable plastic/produce crates or containers, used to transport fresh produce.
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.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 55
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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 publicly 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
forward-looking 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.
1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 56
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Investor Relations contacts

Sean O’Sullivan Vice President, Investor Relations & Corporate Affairs sean.osullivan@brambles.com +61 2 9256 5262 +61 412 139 711 Raluca Chiriacescu Director, Investor Relations raluca.chiriacescu@brambles.com +44 20 3880 9412 +44 7810 658044 1 Results Highlights 2 Financial Overview 3 Strategy Update 4 Appendices 57