#1BORAL Building something great Boral Investor Day 8th June 2023#2Disclaimer Forward looking statements - This presentation contains certain forward-looking statements, including with respect to the financial condition, results of operations and businesses of Boral Limited ("BLD") and certain plans and objectives of the management of BLD. Forward-looking statements can generally be identified by the use of words including but not limited to 'project', 'foresee', 'plan', 'guidance', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' or similar expressions. All such forward-looking statements involve known and unknown risks, significant uncertainties, assumptions, contingencies and other factors, many of which are outside the control of BLD, which may cause the actual results or performance of BLD to be materially different from any future results or performance expressed or implied by such forward-looking statements. Expectations, objectives and assumptions in our climate change and sustainability related statements are also forward-looking statements. Such forward-looking statements apply only as of the date of this presentation. • • • • • Factors that could cause actual results or performance to differ materially include without limitation the following: risks and uncertainties associated with the Australian and global economic environment and capital market conditions, cyclical nature of various industries, the level of activity in Australian construction, manufacturing, mining, agricultural and automotive industries, commodity price fluctuations, fluctuation in foreign currency exchange and interest rates, competition, BLD's relationships with, and the financial condition of, its suppliers and customers, legislative changes, regulatory changes or other changes in the laws which affect BLD's business, including environmental and taxation laws, and operational risks. The foregoing list of important factors and risks is not exhaustive. To the fullest extent permitted by law, no representation or warranty (express or implied) is given or made by any person (including BLD) in relation to the accuracy or completeness of all or any part of this presentation, or any constituent or associated presentation, information or material (collectively, the Information) or the accuracy or completeness or likelihood of achievement or reasonableness of any forward looking statements or the assumptions on which any forward looking statements are based. BLD does not accept responsibility or liability arising in any way for errors in, omissions from, or information contained in this presentation. The Information may include information derived from public or third-party sources that has not been independently verified. BLD disclaims any obligation or undertaking to release any updates or revisions to the Information to reflect any new information or change in expectations or assumptions, except as required by applicable law. Investment decisions - Nothing contained in the Information constitutes investment, legal, tax or other advice. The Information does not take into account the investment objectives, financial situation or particular needs of any investor, potential investor or any other person. You should take independent professional advice before making any investment decision. Results information - This presentation contains summary information that should be read in conjunction with BLD's Half-Year Financial Report for the six months ended 31 December 2022. All amounts are in Australian dollars unless otherwise stated. A number of figures in the tables and charts in the presentation pages have been rounded to one decimal place. Percentages (%) have been calculated on actual whole figures. BORAL Building something great 2#3Agenda 1 Our Business Vik Bansal 2 PEMAF & Outlook Vik Bansal/Belinda Shaw 3 Cement Overview Rajeev Ramankutty 4 Quarries Overview Lloyd Wallace 5 Closing & Questions Vik Bansal#4Our Business - scale, scope, footprint Australia's largest integrated construction materials company with over 75 years of legacy A rich legacy founded in 1946 ~360 operating sites Largest integrated network provides competitive advantage ■ >7,500 employees and contractors² Strategy focused on strengthening and growing the core ~14,000 customers Diverse revenue base across regions, products & customer segments Assets base skewed to scarce upstream assets including over ~3,800 hectares of property combined with extensive customer proximity footprint to serve ~10,000 suppliers >300 communities involved >40 ~4,000 million tonnes moved per year WA NT QLD 1 1 59 15 19 1 1 69 69 Operating sites¹ 215 Concrete and Placing Quarries 11 5 1 SA 44 Asphalt kilometres of road paving per year 11 9 3 NSW/ACT 6 Cement 1 91 20 12 YAP -3,500 13 heavy road vehicles 4 5 Recycling VIC 36 14 9 1 6 TAS 6 5 BORAL 1. Operating sites include transport, fly ash, and research and development sites as at 31 December 2022 Full-time equivalent from continuing operations 2. Building something great +#5Our Business - integrated network Valuable upstream and downstream operations with market leadership positions ~50% of Upstream volumes supplied to downstream operations >90% of Downstream businesses source their raw material inputs internally Vertical integration delivers: Secure source of key materials O Margin retention О Improved capital efficiency Vertical integration customer benefits include: Options for packaged solution Single supplier interface across multiple products Broader range of technical solutions Upstream Downstream Cement Manufacture and import clinker, grind clinker into cement, and supply supplementary cementitious materials including fly ash and slag. Quarries Supply about 30 million tonnes of materials annually to our Concrete and Asphalt operations and customers. Bitumen JV supplies about 40% of Asphalt's bitumen needs. Recycling Process more than 2.2 million tonnes of construction and demolition waste for reuse. Concrete We supply 6-7 million m³ of concrete annually, including advanced and lower carbon solutions. Concrete Placing We supply concrete placing services in NSW and SEQ BORAL Asphalt Produce and supply more than 2 million tonnes of asphalt annually, in addition to spray seal and other technical materials. Customers BORAL Building something great 5#6Our Business - industry value drivers Focus on strengthening these key value drivers will provide the platform for earnings and business growth Integrated network Upstream assets Downstream assets • Degree of vertical integration between upstream and downstream assets within a region . Securing positions to leverage strategic moat • Quality and period of life in upstream infrastructure assets • Scarcity of assets and high barriers to entry . Downstream asset footprint in close proximity to customers Customer Service • Complexity of variable offer to meet customer needs - People, processes, speed and systems Customer satisfaction a key value driver for customer stickiness Operational capability • • • Products recipe that focus on unique customer solutions Asset Management and Asset Optimisation Scale to standardise processes and systems to create competitive advantage Project management capability to effectively and efficiently deliver projects • Mobile asset management and optimisation . Logistics management capability that drives and optimises fleet utilisation and efficiency Embedded systems and processes that ensure compliance and leverage technology Logistics capability . ESG credentials • Safety, Leadership and culture is underpinned by an engaged and performance-based workforce Must have a decarbonisation pathway that minimises environmental impacts Participate in construction circular economy through Low Carbon and recycling Larger potential Lower potential Boral Opportunity BORAL Building something great CO#7Our Business - leadership in place A diverse executive team with good mix of experience and backgrounds EGM North Concrete & Quarries Paul Noakes* EGM NSW/ACT Concrete & Quarries Lloyd Wallace EGM South Concrete & Quarries Matt McKenzie *Paul Noakes will join on 21st August CEO & Managing Director Vik Bansal EGM Cement & Lime Rajeev Ramankutty EGM Asphalt Tim Richards EGM Commercial Ashleigh O'Brien Chief Financial Officer Belinda Shaw EGM Enterprise Services & Standardisation Mark Crawford EGM People & Culture Sam Toppenberg General Counsel & CoSec (Acting) Peter Lim** ** Jean Paul Wallace will join on 1st August Value Creators Value Adders Value Enablers Executive Committee "resume" Average 16 years of senior executive experience leading teams >80% of executives with global business experience Average 17 years of experience in heavy industrial businesses Average 18 years of experience operating in vertically integrated businesses BORAL Building something great 7#8PEMAF Pillars How we think about 'PEMAF' is the way we run our business every day.... .....Our Boral Way. People • • • • • Our Purpose and Values Workforce health, safety & wellbeing Leadership, engagement & development of people Operating model Organisational health & Culture Environment • Our business • decarbonisation focus Environmental stewardship Circular economy participation BORAL • Energy efficiency Markets Customer solutions • Our customer Go-to-market strategy LO-15 900 LO-15 • relationships • Customer service • Call-to-cash cycle • Brand Equity Assets • Fixed assets lifecycle Asset utilisation & OEE Optimisation of mobile fleet & HME assets Leveraging our 'prized' assets Integrated Network Sustainability Report 2022 BORAL Reshaping our future ANAL PORT 2011 • • . Financials (outcomes) Volume, Price, Cost and Cash Margin Expansion with Earnings improvement at all levels Disciplined Capital allocation Higher Return on Capital BORAL Building something great 8#9People Our people are core to our business success Safety Beral Cement Man Mine Site Relentless focus on safety with increased employee engagement and strong leadership Enhancing and standardizing our tools to manage and lead safety Our zero harm journey continues, FY23 YTD TRIFR so far improved by 35% Operating Model Organisation Culture Efficient operating model providing clarity on how we cost effectively organize ourselves Embedding the new operating model to leverage scale, increase agility and efficiency New flatter organisation structure implemented, driving alignment and accountability Teams understand their roles and 'value' - Clear lanes of accountability ☐ ☐ Improving underlying culture as we implement new operational and strategic focus Building a sense of connection with Boral with refreshed purpose, values and focus Continuing to work on the 'tangible' artefacts to underpin a renewed and contemporary organisation culture Progress 0% 100% BORAL Building something great#10Environment Our business is mindful of our environmental impact, our communities and customer needs Decarbonisation Remaining focused on decarbonization initiatives Significant audit of program and target underway Berrima alternative fuel program underway, chlorine bypass investment complete early FY24 Working with stakeholders on Safe Guard Mechanism, CBAM and recarbonation Sustainability & Environment Continue improving water efficiency in operations with recycled and consumption baselines Mitigate adverse biodiversity impacts focused on flora and fauna, and minimising dust Build genuine and positive long-term relationships in the communities we operate Reviewing all environmental commitments and targets, to be confirmed August 2023 Circular Economy Responding to customers' increasing demand for recycled and lower/zero carbon products Focus to grow recycling business across the country to complement virgin quarry material Developing innovative, sustainable products (& services) to provide customer solutions CBAM - Cross Border Adjustment Mechanism Progress 0% 100% BORAL Building something great 10#11Environment Our cement manufacturing emissions account for roughly 80% of our Scope 1 and 2 emissions, with almost half of these emissions being hard to abate process emissions Total CO2 emissions by key drivers (kt) Process emissions Electricity Thermal fuels Diesel New calcination Scope 1/2 18% 26% 13% 43% Diesel Clinker/Cement + Bitumen purchases Misc. 59% Scope 3 14% 1,763 26% 2,321 Total CO2 emissions by business (kt) Cement manufacturing Conc, Qua, Asp & Recycling I NSW Cement & Lime 20% 78% Misc. Conc, Qua, Asp Other Other & Recycling Cement. Sunstate Cement Vic Cement. 21% 5% 21% 14% 19% 21% Thermal Elect. fuels Diesel New calcination Clinker/Cement + Bitumen purchases Mis. Conc, Qua, Asp Other Sunstate Vic Misc. & Recycling Cement Cement. Cement. NSW Cement. & Lime All Scopes 9% 12% 14% 19% 34% 13% 4,084 12% 20% 8% 11% 13% 34% Source: Boral Internal estimates 2019 CO2 emissions BORAL Building something great 11#12Environment We have made good progress in reducing our cementitious intensity through our lower carbon concrete program Decarbonisation levers (kt) Other (efficiency) Renewable electricity Cement intensity reduction (process emissions) Embodied carbon reduction Lower carbon concrete range (for 20 MPa concrete in Sydney region) Compared to IS Council reference case ENVISIA 43% Envirocrete Plus 39% Portland cement Key initiatives " replacement ≥ 50% ≥ 45% Envirocrete 40% 38% ≥ 40% Good progress on overall on key initiatives. Renewable energy solar PPA agreement in place but delivery delayed until late FY25 Cement intensity reduction has progressed in all regions with strong customer engagement and supply models improving (e.g. slag and fly ash) Alternative fuels upgrade investment well progressed, delays in regulatory approval process and third party project delivery is impacting overall delivery timelines. Alternative fuels (thermal fuels) Total required decrease in Scope 1 & 2 emissions to meet 18% reduction target 0 50 100 150 200 250 300 Source: Boral Internal estimates 2019 CO2 emissions I I Current Focus CO2 CaCO3 Limestone Heat (-950 °C) CaO (key cement component) Future Focus CO2 BORAL Building something great 12#13Markets Our customer interactions and our commercial acumen critical to our success Customer Experience Realigning and standardizing customer service and allocations teams closest to customers and back within regions Understanding and measuring customer service levels, prioritising improvements Working on Call to Cash process improving every "customer contact" point Commercial Rigour Building focus and rigour around pricing and volume as foundations to margin expansion Establishing clear, regional 'go-to-market' segmentation Sales effectiveness matched with performance expectations Standarise and simplify pricing, nimbleness to market segmentation changes Brand Equity RAL Reinvest in our brand, revert to the yellow and green logo and encourage pride The Boral brand is well recognised to leverage the value of our brand asset Developing brand equity by driving understanding, awareness, association, loyalty using digital platforms more effectively Progress 0% 100% BORAL Building something great 13#14Assets Our customer interactions and our commercial approach critical to our success Integrated Model Fixed Assets Continuing to build our integrated networks that give us market leadership positions Optimising and leveraging our degree of vertical integration and asset footprint advantages for optimal value creation Work on 'Life of Quarries', 'Decarbonisation of Cement', 'Dynamism of Concrete and Asphalt' locations Improve fixed asset performance with site-based focus on key metrics - Asset Care and Optimisation Implement efficient and appropriate standardised tools and process Build capabilities to manage optimal asset performance (clear KPIs, accountability) Mobile Assets TR15 Focus on performance and getting back to basics to improve utilisation and efficiency - Mobile Asset Care and Optimisation Leverage technology for transparency and efficiency improvement across supply chain network Deploy Auto Allocations to lower costs & improve customer service Progress 0% 100% BORAL Building something great 14#15Financials We are focused improving our cash and commodity management with renewed focus Cash ■ Heavy focus on all elements of cash conversion cycle All elements under focus - DPO, DSO and DOH ■ Tighter capital spend with tighter capital allocation ■ Cash related metrics e.g. disputes part of sales teams Incentive program for FY24 ☐ Significant work on outstanding customer disputes and debtors aging continuing in June for year end Progress 0% 100% Commodity & FX management ■ Management's strategy focuses on reducing usages of fossil fuels and substituting alternative fuels to minimise reliance on coal and gas. Our hedging strategy involves decoupling commodity and currency exposures and strategically eliminating the price risk volatility in our P&L. Commodity Hedging Strategy Coal Clinker Diesel Electricity Natural Gas Reduce usage through the increase in alternative fuel usage Eliminating currency risk by locking in AUD/USD hedges Renewing current purchasing contracts and diversifying the supplier mix Ensuring USD import price risk is hedged in AUD Seeking opportunities to mitigate commodity price risk through hedging the curve in backwardation Fixed price Power Purchase Agreement "PPA" expected to start April 2025 which is estimated to provide ~17% of electricity requirement. Actively hedging electricity contracts, specifically targeting winter quarters where price volatility is expected Become a gas market participant(Self contracting Unit). Alleviate price risk volatility by hedging derivatives in the STTM market and/or locking the purchase price via purchasing with gas producers. FY24 hedge level Currency risk 1HFY24 100% hedged Currency risk 1HFY24 100% hedged Commodity -50% for FY24 hedged Currency risk 1HFY24 100% hedged 33% of the Electricity for FY24 hedged via baseload contracts 17% of the Natural Gas for FY24 hedged 15#16Financials We are improving on all key financial metrics of volumes, price and costs Volumes Volumes trend for year to date up on FY22 ☐ Rate of external volume growth slowing in Q4FY23 against previous three quarters ☐ ☐ Price ☐ Cost May run rate slower after shorter April month compared to Q3FY23 nationally on back of residential sector. Recycling, Quarries and Asphalt holding up well on back of projects Price traction nationally across all product lines and regions against previous year ■ In some regions, price escalation converting to price realization ☐ Price realization improving on back of tapering of fixed price contracts ☐ ■ Significant work on customer service to underpin price traction in future Operating model in place and related cost work in full swing. Discretionary costs tightly managed Lot more work to do especially in freight and cartage costs, mobile and fixed assets care, fixed assets optimization (OEE improvement across all assets) Work on unprofitable downstream assets continues Outlook statement We have seen price traction across all regions and all product lines. Our EBIT run rate in 2HFY23 is ahead of 1HFY23 and is expected to remain so for the full year. Progress 0% 100% A BORAL Building something great 16#17Agenda 1 Our Business Vik Bansal 2 PEMAF & Outlook Vik Bansal/Belinda Shaw 3 Cement Overview Rajeev Ramankutty 4 Quarries Overview Lloyd Wallace 5 Closing & Questions Vik Bansal#18Cement - positions relative to Australian portfolio Our fixed plant positions has direct supply to over 70% of the Australian cement market ☐ ■ Boral cement assets are east coast focused where ~71% of cement is supplied Berrima and Maldon rail linked for low cost operations and delivery NSW rail network allows economic interstate supply Road and rail is used to optimise the supply chain of our integrated business ☐ New capacity at Geelong expands our existing network options and growth potential Cement industry map Australian market ~10mt1 Port Hedland WA (9%) Munster BGC 1.Australian cement market and the % against each state refers to proportion of total FY23 Australian cement volume Source Macro monitor Construction Materials Forecast, March 2023 Boral Darwin CA ABL/ICL Other NT (1%) Townsville North Qld (8%) Kiln Mill Gladstone Terminal Wagners SEQ (12%) Bulwer Island Sunstate (50% JV Boral and ABL) SA (9%) NSW & ACT (30%) Newcastle Angaston Kooragang Berrima Glebe Island Maldon Port Kembla Birkenhead VIC (29%) Denotes Boral influence through its fixed cement position Melbourne (50% JV CA and ICL) Geelong Railton TAS (2%) BORAL Building something great 18#19Products Assets Cement - portfolio Portfolio of well located and integrated Infrastructure type Assets critical to serve the market ப ☐ ☐ Berrima NSW Clinker & cement Clinker (1.5mt) -fully utilised kiln 2 mills (1.6mt)1 Rail link to CBD SL & HE cement Grey & O/W Clinker Fly ash via Fly Ash Australia JV Capacity = = annual tonnes ப ☐ Maldon NSW Marulan NSW Specialty cements 2 mills (900kt)1 Limestone & Lime >80 years limestone " Berrima clinker reserves " " Packaging plant 3.3mt of limestone " Rail link to Berrima quarried in FY18 " Lime kiln (130kt) " Rail link to Berrima Cement: SL & GP Slag Specialty & blends Bagged products ☐ Limestone ☐ Lime Manufactured sand L ☐ ☐ Geelong Vic Taronga QLD BORAL Sunstate JV Qld Cement & slag 2 mills (750kt)¹ Imported Clinker transported inland Grey cement: GP, HE Blends at Somerton terminal Fly ash 300kt capacity ☐ Power station located ☐ with longevity Broad distribution network QLD and northern NSW Concrete grade fly ash Multiple cements ☐ 3 mills (1.5mt)1 " 50:50 JV with ABL ☐ Import clinker " Portside facility ☐ ■ Dry mix capability Grey cement: GP, HE & SL Slag, fly ash, O/W Blends & Bagged ☐ BORAL Building something great 19#20Cement - competitive cost Berrima is a well performing operation supporting a long life 1st quartile 2nd quartile 3rd quartile 4th quartile FY 2018 Mortar 28 day 2019 2020 2021 strength 2022 2023 2018 2019 2020 2021 2022 2023 2018 2019 Alternative 2020 fuel % 2021 2022 2023 Berrima is a long term, cost competitive asset which compares well to global benchmark performance but opportunity exists to make it better We have a broad range of initiatives to continue to optimise our business and improve our carbon emissions Predictive maintenance program driving improved OEE Alternative fuel targets sourcing multiple fuel types enabled by the chlorine bypass investment Kiln operating at lower power consumption, ongoing work to improve sourcing and optimise usage with new technology (quality) Kiln OEE (utilisation & availability) Power consumption 。 Integrated supply chain through rail network With our ongoing work on reducing the carbon emissions the introduction of the Safeguard Mechanism (and CBAM) will create advantage Productivity (manpower) Benchmarking source: European Cement Industry OEE = overall equipment effectiveness FY = financial year, 2023 is YTD Berrima cement operations 'global benchmarking' 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 BORAL Building something great 20 20#21Cement - carbon Our focus on reducing carbon emissions to remain domestically and globally competitive Berrima Safe Guard Mechanism response CO2e tonnes per tonne of clinker Safeguard Mechanism (SGM) SGM commenced in 2016, legislated framework that limits the emissions of ~215 large industrial facilities (>100ktpa CO2e), covers -28% of national emissions New legislation and rules commencing 1 July 2023 reduces emission requirements exposing Boral to potential penalties without investment With investment Boral can meet emission requirements. Carbon Border Adjustment Mechanism (CBAM) We believe CBAM is absolutely a must to make true inroads into sustainability in Australia and is a second key side of the same coin as Safeguard Mechanism. The Government recognises that Cement (with Steel) is a hard to abate and trade exposed sector and has committed to seriously consider a Carbon Border Adjustment Mechanism Recarbonation With increased awareness and the recognition of the benefits from recarbonation, our cement business should remain below longer term emission targets ■ Broader understanding and awareness of recarbonation remains a significant opportunity for Boral Source: 1. IPCC, 2021: Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change; 1 0.9 0.8 Safe Guard Mechanism emission requirements Berrima emissions 'do-nothing' 0.7 Gap if 'do-nothing' 0.6 Berrima emissions post investments 0.5 Potential Berrima emissions post investments & recarbonation recognition 0.4 0.3 FY24 FY25 FY26 FY27 FY28 FY29 Recarbonation Annual flux (Gt CO₂ yr¹¹) Annual global cement CO2 process emissions uptake via recarbonation 1920-20191 2 (a) 1.6 1.2 0.8 0.4 0 -0.4 -0.8 Process emission 95% CL Net flux 95% CI Uptake -1.2 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 BORAL Building something great 21 21#22Cement - carbon alternative fuels We have made good progress on our alternative fuels program, DA delays. FY18 FY20 0% 9% FY23 FY24 18% 30% Chlorine Bypass Project (2022-23) Solid Waste Derived Firing (SWDF) Project (2018) FY25 45% Environment We have made significant progress in reducing our cementitious intensity through our lower carbon concrete program but our alternate fuel and renewable electricity programs have been delayed Decarbonisation levers (kt) Key initiatives Other (efficiency) Renewable electricity Cement intensity reduction (process emissions) Alternative fuels (thermal fuels) Total required decrease in Scope 1 & 2 emissions to meet 18% reduction target 0 50 100 150 Source: Bottes 2019 CO2 emissions 300 ⚫ Good progress on overall on key initiatives Renewable energy solar PPA agreement in place but delivery delayed until late FY25 Cement intensity reduction has progressed in all regions with strong customer engagement and supply models improving (e.g. slag and fly ash) Alternative fuels upgrade investment well progressed, delays in regulatory approval process and third party project delivery is impacting overall delivery timelines Current Fosue FY26 60% DA increase SWDF (2023 -24) CO₂ Key initiatives Boral commenced our alternative fuels program in 2018 to enable 18% of SWDF as a fuel replacement We are currently investing in a chlorine bypass process upgrade to enable up to 60% of alternative fuels To expand our SWDF usage from 45% to 60% we require a DA The DA application submitted in November 2021 and is still pending and could push back our planned alternative fuel program Complete audit in progress BORAL Building something great 222 22#23Cement - Marulan position Our Marulan asset a unique asset with significant competitive advantage +100 year old mine at mid-life with limestone mining beginning in the 1860's Boral secured the unique asset as part of the Blue Circle Southern Cement acquisition in 1987 Total resource of 720mt, Boral has a ~30 year consent to 2051 Site produces three core products: i. Limestone for cement and steel production ii. Limestone fine aggregates as a sand replacement (manufactured sand) iii. Lime for quicklime and hydrated lime for road construction, water treatment and asphalt Product is despatched by road and rail Optimising the resource for broader construction materials supply presents growth potential for the business, lowering our integrated costs BORAL Building something great 23 23#24Cement - Maldon position The Maldon Bag cement facility provides packaged product solutions and manufacturing flexibility O Blue Circle General Purpose Cement 25kg stagefrust The Maldon operation commenced in 1940's The kiln was shutdown in 2013, sub-scale and higher cost, the facility now provides important manufacturing flexibility to our NSW position The proximity of the facility to Berrima and key markets adds network efficiency A 'blender' at the facility enables the manufacture of bespoke products A primary focus is the supply of speciality products including "Environment Cement" and tailor made cementitious materials for product manufacturers The facility product capabilities extend to dry mix, bulker bags and speciality sands The facility delivers our leading position in the NSW packaged cement market with supply extending into Victoria utilising established intermodal logistics under Blue Circle Brand. BORAL Building something great 24 24 Blue Circle#25Cement - Geelong position and project update - Our Geelong Cement Facility total project investment of $165m is delivering cost and customer benefits The Geelong Cement Facility was commissioned in H2 2022 at a total cost of $165m very close to on time The facility has capacity for 1.7m tonnes per annum of grey equivalent cement The portside facility allows for conveyor unloading from ship to clinker store to mill ◉ The facility will imports clinker and slag for milling The operation includes two ball mills and a slag dryer; raw material storage of multiple clinker sources; four finished product silos with two despatch lanes The new capacity and the addition of slag supply will support planned growth in volumes, future market growth and support the broader cement network with options to reach into SA and Tasmania BORAL Building something great 25#26Agenda 1 Our Business Vik Bansal 2 PEMAF & Outlook Vik Bansal/Belinda Shaw 3 Cement Overview Rajeev Ramankutty 4 Quarries Overview Lloyd Wallace 5 Closing & Questions Vik Bansal#27Quarries - positions relative to Australian portfolio We continue to invest to grow our national quarry network, which serves all major population centres and significant projects in key regional locations National operations ■ 69 quarry operations ■ 56 hard rock 13 sand sand & gravel 7 integrated recycling operations ~1,000 employees 1 15 5 ☐ ~350 off-road heavy mobile equipment units 9 20 Data as at 2022 5 14 000 Recent investments and developments Deer Park new plant -2mt capacity ■ Orange Grove new plant ~1.8mt capacity Ormeau new plant -2mt capacity ☐ Dunmore reserves +20mt ◉ Hillview sand Melbourne acquisition Linwood Adelaide reserves extension 109mt BORAL Building something great 27#28Products Assets QLD & NT Quarries - portfolio An extensive portfolio of highly-integrated assets in all States and Territories with long lives ahead of them Hard rock & sand 15 quarries 39 average reserve years per quarry 100% integrated Conc/Asp NSW & ACT Hardrock, limestone, sand 20 quarries 18 average reserve years per quarry 100% integrated Conc/Asp Hard rock & sand " 14 quarries 17 average reserve years per quarry 100% integrated Conc/Asp VIC TAS SA Hard rock & sand Hard rock & sand " 5 quarries 9 quarries 27 average reserve years per quarry 85% integrated Conc 46 average reserve years per quarry 100% integrated Conc/Asp Hard rock & sand 5 quarries 31 average reserve years per quarry 100% integrated Conc/Asp 74 114 114 114 % integrated represents sales within business Aggregates coarse = Aggregates >7mm Road Base Aggregates fine = Aggregates <5mm Aggregates - coarse | Aggregates - fine Road Base Aggregates - coarse Aggregates - fine Road Base WA BORAL Building something great 28#29Quarries - prized assets, key value drivers Building networks around prized quarry assets to leverage investments and build competitive advantage ☐ Quarries are scarce strategic assets which provides good strategic moat Long-term, high quality reserves to underpin investment returns Located in close proximity to market with downstream assets Cost competitiveness through operational and logistics efficiency and effectiveness Integration though 'connected assets' and a whole-of-life plan Some examples of prized Boral Quarries Network example Ormeau quarry vertical integration Banks Creek Jollys Lookout B Indooroopilly Lone Pine Koala Sanctuary O Newstead Brisbane 25 " Airport Bulwer Island MA Wynnum 。 Capalaba Concrete Wellington Cleveland Concrete Carindale 四 Mount Gravatt laba Ipswic Yamanto Chuwar Redbank Concrete & Asphalt а B Springfield Forest Lake Upper Mount Gravatt Sunnybank Browns Plains Concrete Thor Victoria Point Macleay Island Springwood Mount Cotton Redland Bay Slacks Creek 30 Parinikin Russell t Island Value drivers Rock life Proximity Oper cost Integration # Brassall Ormeau QLD >20 years Narangba QLD >20 years <10 km <10 km 7 9 AS Peppertree NSW >20 years Rail 26 Purga Dunmore NSW >20 years Rail 8 Lyons Peak Crossing Deer Park VIC >20 years <10 km 8 Lysterfield VIC >20 years <10 km 6 Limestone Ridges Dunnstown VIC >20 years <10 km 6 B Woolooman Anthony Undullah Linwood SA >20 years <10 km 3 Orange Grove WA >20 years <10 km 7 = Oper Cost Operational Cost relative to industry Integration = 'connected assets' being concrete and/or asphalt Lower cost Higher cost Springfie Central Greenbank ns Plains Crestmead Park Ridge Loganholme Beenleigh North MacLean Logan Village Yarrabiba Flagstone Jimboomba a Flinders Lakes Cedar Grove Kagaru Woodhill D Mundoolun Allenview Tamborine Beenleigh Concrete Steiglitz Eden Norwell Jacobs Well Ormeau Quarry Pimpama Dreamword Coomera Wongawalian Coomera Concrete BORAL Building something great 29 29#30Quarries - increasing scarcity and value Consents and approvals are getting harder to secure increasing barriers to entry ◉ ■ State government approvals are not keeping pace with the industry's reserve depletion, legislation hurdles are delaying consents The resources required to manage existing approvals, extend or modify or secure new approvals is significant The investment in the process and in many instances the related conditions (e.g. roads, environmental) continues to escalate The process duration adds risk to investment projects and will increasing put at risk customer supply SEQ Greenfield Quarry Case Study: Statutory Approval Process context 1980's 2014 1 Act 25 Acts Applicable Legislation plus Planning Scheme plus numerous policy & statutory instruments Resources to Prepare EIS / DA Costs to Obtain Approvals 1 Professional (in-house) <$10,000 25 Acts 2023 74 Professionals & Consultants >$6,000,000 + policies and statutory instruments. Increase focus on biodiversity offsets and Aboriginal heritage. +50 Professionals & Consultants >$6,000,000 plus biodiversity offsets and Aboriginal heritage mitigation (potentially >$20m) >10 years Time to Obtain Approvals 12 to 18 months >10 years BORAL Building something great 30#31Quarries - whole of life value Optimise the value of our quarries over their 'whole life' Case study: Salisbury Quarry, Adelaide Quarrying November 1900s Quarrying + Recycling 2022 Quarrying + Recycling + Remediation 2024+ Development 2030+ 1974 BORAL Building something great 31#32Quarries - vertical integration case study Our Sydney business is a uniquely integrated network, with three distinct sources of competitive advantage 1 Multiple high quality, long life resources Peppertree, Marulan, Dunmore quarry hard rock & sand Vulcan Jenolan A38 Penrith Blacktown M2 M4 Chatswood Parrama Clyde Cement Terminal Enfield Asphalt & Concrete Terminal Liverpool Sydney cot 3 Integrated, high capacity production facilities St Peters Concrete, Enfield Concrete & Asphalt 2 Multiple downstream rail terminals on freight routes St Peters, Clyde, Enfield, Maldon 8182 ercrombie River tional Park spie Taralga Burragorang Maldon Cement Nattai National Park Berrima Cement O Bowral Moss Vale A48 M31 Upper Nepean A48 888 Campbelltown 31 869 Wollongong Dapto ' Shellharbour Peppertree Quarry Marulan Bundanoon Dunmore Quarry & Sand 873 Kangaroo Valley Gerringong Goulburn M31 Berry Marulan Cement Bungonia Bomaderry Nowra St Peters Terminal South Pacific Ocean Upstream Terminals BORAL Boral Rail access Building something great 32 32#33Agenda 1 Our Business Vik Bansal 2 PEMAF & Outlook Vik Bansal/Belinda Shaw 3 Cement Overview Rajeev Ramankutty 4 Quarries Overview Lloyd Wallace 5 Closing & Questions Vik Bansal#34Overview of day & Safety Host Southern Highlands Cement Operations: Investor Visit - 8th June 2023 Safety Briefing BORAL Welcome to our sites - as a valued visitor, your safety means a lot to the staff and employees here. Please see below relevant information for your visit today. We will be happy at any time to answer your questions regarding safety on site. 1. 3 Points of Contact Stop Marulan Cement Rajeev Ramankutty & Team 2. Uneven surfaces 1 Stop Peppertree Quarry Lloyd Wallace & Team 4. Environmental 2 3. Traffic and vehicles 6. Drinking Water 7. In case of emergency 8. Medical/Physical condition Visit Specific Please maintain 3 points of contact when ascending or descending any stairs. You may encounter uneven ground during the site tour, please be mindful and watch your step. Please be aware of moving vehicles and traffic. Vehicle management is one of the principal hazards on our sites. You will be accompanied but please remain aware as we move about the sites. Please be aware of any potential Environmental hazards (eg. Wind, cold, etc) You are encouraged to use your phones only within safe areas such as offices/admin buildings etc. In the case of an emergency, advise the site member of staff with you and you may make use of your phone, but please do so in a safe area and remain stationary whilst doing so. Please be advised that the tap water may not be potable, you are encouraged to utilise the drinking water fountains/bottled water provided In the event of an emergency, please follow the lead of your site representative. Please advise us if you have any condition which you feel may hamper your ability to safely get around the site. 5. Use of Mobile Phones Stop Berrima Cement Rajeev Ramankutty & Team 3