Investor Presentaiton

Overview of the transaction BORAL® USG 50:50 US$1.6bn¹ plasterboard and ceilings joint venture, USG Boral Building Products, will encompass the following assets: Boral's Gypsum operations in Asia and Australia, including its holdings in, or portions of, Gypsum Resources Australia (GRA) and Rondo joint ventures with CSR USG's wholly owned operations in Asia, New Zealand, and its holdings in, or portions of, current joint ventures in the Middle East², Oman and China Exclusive rights to use USG's intellectual property including its world-leading plasterboard, joint compound and ceilings technologies To achieve 50% ownership interest, USG will make a US$500m upfront cash payment to Boral - Boral will also have the potential to receive earn out payments of up to US$75m, based on three- and five-year earnings targets 1. US$1.6bn asset valuation subject to finalisation of fair valuation, completion adjustments and final foreign exchange rates at the date of completion 2. Middle East joint venture refers to assets held in Saudi Arabia 5 BORAL® Creating a leading building products partnership in Asia, Australasia and the Middle East The joint venture will be the market leader in its Territory¹ in sales, scale, distribution, coverage (product and geography) and technology ■ USG is a world leader in building products technologies with strategic assets in the Middle East, New Zealand and Asia USG BORAL has a leading plasterboard manufacturing and distribution footprint in Asia and Australia Combined business delivers: ◉ ◉ #1 or #2 position in most markets served Sustainable long-term competitive advantage through game-changing technologies Substantial synergies, expected from Roll-out of USG technology across Boral's Gypsum operations Leveraging Boral's distribution network to offer USG's adjacent products ☐ Capability to pursue and self-fund new opportunities ◉ Over 150 years of combined industry leadership and experience 1. Includes Asia, Australasia and the Middle East 6

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