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BORAL® Anticipated synergies exceed US$50m per annum within 3 years of completing technology roll-out USG Expect substantial synergies from: Roll-out of USG's technologies: lower manufacturing & freight costs enhanced revenues through price premium Adjacent product sales through Boral market channels ceiling products, metal products, cement and fibre board, joint compounds Synergies: • " Adjacent product synergies to commence immediately Other synergies to ramp up following 2 year phased technology roll-out and as market penetration increases Upfront operational expenditure will exceed synergies in first two years Based on extensive due diligence undertaken, including product testing Targeted synergy breakdown Adjacent products through Boral channels Revenue growth Thailand Manufacturing, freight & other cost savings Synergies geographic allocation Other Australia Implementation of technology expected to be self-funded Korea China ◉ Targeted roll-out of technologies across all gypsum manufacturing lines ■ Phased over approximately 2 years 21 BORAL® USG ◉ Approximately US$50m of capital expenditure expected to implement technology upgrades Includes equipment modification, staff training, secondment of USG technology team ■ and other upgrades Expected to be funded through JV cash flows USG Ceilings Cellings TROCK SHEETRO 22 22

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