Boral Strategic Update and Developments

BORAL Boral Australia's revenue exposure has shifted Increased exposure to RHSB & Engineering work over past five years Boral Australia external revenue by end-market 3% Other 8% 12% Alt's & additions 11% 10% Multi-residential 9% 15% Detached housing 17% 14% 19% Non-residential RHSB & Engineering +10% FY15 to 46% 36% FY19 FY15 1HFY19 -20-25% of Boral's Non- residential and RHSB & Engineering revenues are from major projects (or ~10-15% of Boral Australia's total revenues) Source: Based on 1HFY2019 and FY2015 split of Boral Australia external revenue Residential revenue exposure steady while exposure to RHSB & Engineering has grown Lower Non-residential as a proportion of revenue in FY2019 reflects higher level of health and retail non residential construction activity and Barangaroo in FY2015 Growth in RHSB & Engineering reflects investments in major road, rail, ports and energy projects Non major projects in RHSB & Engineering includes local and state government road maintenance work, plus construction of new roads, bridges and subdivisions, rail, ports, water and energy projects Boral generally defines 'major projects' as contributing >$15 million revenue to Boral 1. Other includes non construction activity revenues such as landfill royalties and materials supply to mining and agricultural sectors 23 BORAL A segment shift presents opportunities & challenges Matching capabilities and delivery as we transition from residential to infrastructure work Segment attributes Residential Location Metro Scale Variable and shorter Capacity Peak time Technical Moderate Supply Network Other Fixed plant distribution Multi-relationship Materials use¹ 2% to 5% of VWD Concrete focused Infrastructure (RHSB & Engineering) Metro & regional Large scale, multi-year 24/7 operations Specific client needs Integrated offering Fixed and mobile plants Project & Risk management 1% to 6% of VWD Strong infrastructure demand offers opportunity for large, integrated, profitable volumes However, large projects can have higher cost to serve due to locations and technical requirements Execution is important to maintain strong margins Volume delays outside of our control can occur -1H delays now largely on track but some new project delays experienced 1. Management estimates of construction materials industry share of value of work done (VWD); non-residential is 3% to 5% of VWD 24

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