Investor Presentaiton

Solid track record of earnings contribution Strong earnings with historical annual EBIT of circa $30m Property EBIT1, A$m BORAL 54 47 32 28 28 12 8 46 28 24 55 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 EBIT earnings secured through a combination of multi-year developments and smaller sales of surplus land Portfolio rationalisation, asset relocations and operational consolidations have released valuable land opportunities Sales values are optimised through a variety of value added options including the rezoning of land for residential or industrial purposes Earnings from property expected to continue to average -$10m to $20m p.a. over the near term 1. Excluding signficant items. FY2008 - FY2010 includes earnings from significant multi-year developments at Moorebank and Nelsons Ridge, and initial earnings from the Landfill business. FY18 figure is an estimate reflecting Boral expectations, in line with Boral's guidance in ASX announcement 24 April 2018 Land management and development cycle Boral Australia manages a large land bank (400+ properties) Key activities Securing site tenure and related government approvals Facilitating stakeholder engagement Managing leases and property administration Developing future end-use option Key challenges Securing government approvals for Locate New need site identified Development approval Capital approval Operational Life Develop or sell Land Disposal Land use approvals • greenfield, upgrades or rezoning Ongoing urban encroachment impacting existing locations Expanding development timeframes End Use AL $ Residential, Employment, Other 43 BORAL planning Operational End use strategy Rehabilitate site 44

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