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Investor Presentaiton

Content BORAL® 1. Overview of the transaction / strategic rationale 2. USG's IP/Technology and adjacent products 3. JV's combined footprint and markets 4. Synergies 5. Key transaction terms 6. Company specific factors 7. Summary Appendix USG USG: A history of differentiating through innovation ☐ USG has led every major industry innovation¹ 9 BORAL® USG • ☐ US$170m invested in R&D since 2003 with 2,000+ patents received Dedicated research & development facility in Libertyville, Illinois, US Significant recognition received for innovations 2011 Global Gypsum Magazine's Product of the Year Award and The Home Depot's Product Innovation of the Year Award (SHEETROCK® Brand UltraLight Panels) 2013- Ranked a Top Innovator in the Industrial Materials Sector by the Patent Board Superior performing, lower weight products in plasterboard, cement board and joint compound UltraLight products command a price premium, can be produced at equivalent cost² and reduce freight Better score and snap, superior sag resistance, and lighter weight characteristics improve contractor and distributor productivities 2010: SHEETROCK® Brand UltraLight Panels up to 30% lighter 2012: SHEETROCK® Brand UltraLightWeight All Purpose Joint Compound up to 40% lighter 2009: DurockⓇ Cement Board Next-Gen up to 25% lighter 2011: SHEETROCK® Brand UltraLight Panels FIRECODE® 30 up to 30% lighter 1. See slide in appendix for an overview of USG's technology journey and leading innovations 2011: SHEETROCK® Brand UltraLight Panels FIRECODE® X up to 15% lighter 2. Equivalent cost compared to USG's previous generation technology plasterboard, but at a lower cost relative to industry standard / Boral Gypsum plasterboard 2013: SHEETROCK® Brand UltraLight Panels Mold Tough up to 20% lighter 10
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