Boral Strategic Update and Developments

Boral Australia is a great business performing well We are focused on continuing to improve our business . Strong, above cost of capital returns . Secure long term reserves and leading Reported EBITDA ($m) BORAL 1. 634 468 448 474 535 523 551 271 FY12 FY13 FY14 FY15 FY16 FY17 FY18 1HFY19 . . integrated networks in key geographies Leveraging growth in Australia's infrastructure markets Recent capital investments further strengthens positions for the future Investments in excellence programs and capability supporting margin growth (%) • Strong customer base across diverse segments • Engaged and motivated people with deep sector expertise Reported returns 17.6% 16.7% ROFE1 15.9% 15.0% 17.5% 15.9% 12.6% 12.0% 12.0% 14.6% 14.8% 13.7% 13.5% ROS1 11.0% 9.0% 7.7% FY12 FY13 FY14 FY15 FY16 FY17 FY18 1HFY19 ROFE is EBIT before significant items on divisional funds employed; ROS is EBITDA on sales. Data includes Construction Materials and Building Products combined, which were reported separately between FY2012-16. BORAL 7 How is Boral Australia tracking in 2H FY2019? • EXTERNAL DRIVERS Shifting segment focus from residential to infrastructure: slowdown impacting in SEQ; NSW residential softening; Vic infrastructure strengthening; WA & SA slow Infrastructure projects delayed in 1H now largely on track, some other delays experienced (Vic, WA, Qld) Overall, concrete volumes continue to be softer relative to prior year No unusually adverse weather impacts experienced so far in 2H 2H FY2019 PRIORITIES Organisational Effectiveness (OE) review to lower overheads and rightsizing to align resources & demand OE delivering modest savings in 4QFY19 via ~150 fewer positions by 30 June 2019, and -$20 million benefit in FY2020 Plus ongoing rightsizing of operations, with particular focus on WA and SEQ in FY2019 Reducing costs through Operational Excellence programs including Supply Chain Optimisation Organisational restructure providing development opportunities and refocusing priorities 2H broadly in range of our expectations including property on track to deliver around $30 million in FY2019, as guided; as always we need a strong June to finish the year 8

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