Investor Presentaiton

DELIVERING ON OUR JV STRATEGY USG BORAL INNOVATION INSPIRED BY YOU." Leveraging USG Boral's partnership to deliver revenue and earnings growth, including >US$50m of synergies in <4 years Successful adoption of SheetrockⓇ leading to maintain / grow strong positions with price premium ✓ Expanded product portfolio delivering enhanced revenue and earnings ✓ Leveraging leading manufacturing platform to meet growing demand ✓ Driving innovation in building products and systems and accelerated adoption of plasterboard in partitions and walls ✓ Delivering customer excellence and leading solutions REVENUE AND EARNINGS GROWTH EBIT A$m Pre-JV1 CAGR³ p.a. 29% 102 83 141 179 USG Boral² 217 USG BORAL INNOVATION INSPIRED BY YOU." Underlying revenue A$m CAGR³ p.a. 11% 1,397 1,478 1,268 1,091 735 815 Impacted by $8m in one-off costs FY14 FY15 FY16 FY17 1H FY17 1H FY18 117 113 ROFE4 (for Boral) % 11.6 10.7 11.1 9.4 7.4 6.1 FY13 FY14 FY15 FY16 FY17 1H 1H FY14 FY15 FY16 FY17 1H FY17 1H FY18 FY17 FY18 Delivering above Boral's cost of capital since FY17 1. Boral Gypsum EBIT excluding significant items 2. USG Boral underlying EBIT excluding significant items 3. Compound annual growth rate from FY14 to FY17 4. Based on Boral Gypsum / USG Boral divisional moving annual total EBIT (excluding significant items) on divisional funds employed (segment assets less segment liabilities) at period end 64 63

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