Boral Strategic Update and Developments

2,000 Concrete demand in Australia Industry concrete demand forecast to peak in FY2019 but to stay at historically strong levels in FY2020 Macromonitor forecast¹ pre mix concrete demand across all Australian construction markets ('000) m³ 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Forecast volumes WA/NT VIC/TAS/SA NSW/ACT QLD • Concrete volumes expected to remain high but Macromonitor is forecasting concrete industry volumes to reduce by ~4% nationally and -7% in NSW in FY2020 as residential activity slows (Macromonitor is forecasting ~180k housing starts in FY2020) Concrete volume movements will depend on rate of new infrastructure projects coming through and shape of residential cycle FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 1. Source: Macromonitor, Construction Materials forecast, February 2019 estimates FY16 FY17 FY18f FY19f FY20f FY21f FY22f FY23f Asphalt demand in Australia Industry asphalt demand forecast to increase in FY2019 and remain at high levels Macromonitor forecast¹ asphalt demand across all Australian construction markets ('000) tonne³ 14,000 12,000 10,000 8,000 6,000 4,000 Forecast volumes WA/NT VIC/TAS/SA NSW/ACT Macromonitor is forecasting asphalt industry volumes to remain high in FY2020 with further growth in next 2-3 years, as ongoing government spending and infrastructure projects come through Forecast demand growth across most states, underpinned by major infrastructure activity 1. Source: Macromonitor, Construction Materials forecast, February 2019 estimates FY15 FY16 FY17 QLD 20 20 BORAL 19 BORAL

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