Boral Strategic Update and Developments

BORAL Current project: Donnybrook, Vic Vacant, surplus land to residential development being undertaken by Mirvac projected to deliver $300m+ of earnings to Boral to 2037 Boral owned 278 ha DONNYBROOK Y72 irvac • • Donnybrook site acquired >15 years ago as a hard rock quarry, subsequent inclusion in Melbourne's urban growth boundary precluded future quarrying 2013: initial Boral and Mirvac agreement involved sale of 127 ha of land to Mirvac and development by Mirvac of a further 60 ha retained by Boral May 2018: new agreements executed with Mirvac Olivine project: 465 ha in total, with Boral retaining 338 ha of land, supporting >4,000 dwellings when fully developed, incl. ~3,000 on Boral's land Earnings contribution . . $9 million received in FY2018 Approximately $9-$14m pa EBITDA expected through to FY2021, and then again between FY2025 and FY2027 HAYESHILL BLVD owned 127 ha • Further significant earnings expected from FY2027-FY2037 powermock Potential Boral earnings now projected >$300m over 20 years from FY2018, with ~$75m expected prior to FY2027 as outlined above Potential project: Scoresby, Vic Brick operations to mixed use ⚫ Boral's share of east coast brick JV divested to CSR in November 2016 with Scoresby land retained by Boral; CSR continues to lease part of site • Rehabilitation of former clay pit and rezoning underway • 87 ha proposed residential infill land and 84 ha parklands, subject to rezoning including removal of existing Victorian State Government parks acquisition overlay . In process of appointing a developer for Scoresby Scoresby could deliver overall earnings similar to Donnybrook, when rezoned Adding to the $134m of proceeds already received through the divestment of the Brick operations to CSR in November 2016 The video highlights the scale and development opportunity of the Scoresby site, subject to rezoning; and is accessible at www.boral.com 43 BORAL 44

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