Limited

ABN 13 008 421 761 Level 39, AMP Centre 26 June 2009 50 Bridge Street, GPO Box 910, Sydney NSW 2001 Telephone (02) 9220 6300 Facsimile (02) 9233 6605

www.boral.com.au

The Manager, Listings Australian Securities Exchange Company Announcements Office Level 4 Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

We attach copies of presentations relating to Construction Materials (16 pages), Clay & Concrete (12 pages) and Timber (15 pages) Divisions, Construction Related Businesses (12 pages) and the Southern Employment Lands at the Greystanes Estate (7 pages) being made to analysts in Sydney today.

There are 2 slides to a page in each of the presentations.

Yours faithfully

Margaret Taylor Company Secretary

Boral Australian Construction Materials

John Douglas Sydney Site Tour 26 June 2009

Boral’s ACM division is an integrated supplier of construction materials and related services

External Revenues FY2008 AustralianAustralian ConstructionConstruction MaterialsMaterials QuarriesQuarries TransportTransport ConcreteConcrete

External Revenue ~$1,100m

External Asphalt Revenue ~$400m Asphalt Cement Cement External Revenue External Revenue ~$50m ~$650m BitumenBitumen QEUQEU LandfillLandfill EBIT ~$50m DevelopmentDevelopment

Sydney Site Tour 26 June 2009 2

1 Boral has strong positions across in quarries, concrete and asphalt

Quarries: ~ 100 quarries & 4 mobile crushing plants Concrete: ~240 plants including 29 mobile plants Asphalt: ~50 plants including 5 mobile plants Extensive transport fleet

Sydney Site Tour 26 June 2009 3

We are organised regionally, with an overlay structure driving common systems and processes

QLD/NTQLD/NT NSW/ACTNSW/ACT VIC/TASVIC/TAS SASA WAWA MurrayMurray ReadRead TonyTony CharnockCharnock JohnJohn MalempreMalempre MichaelMichael NegriNegri RogerRoger JohnstonJohnston

MetroMetro QuarriesQuarries SEQSEQ QuarriesQuarries MetroMetro QuarriesQuarries QuarriesQuarries CountryCountry Country Country SASA QuarriesQuarries WAWA QuarriesQuarries Greg Price Country Country QuarriesQuarries Greg Price QuarriesQuarries QuarriesQuarries TASTAS QuarriesQuarries

Metro Concrete SEQSEQ ConcreteConcrete MetroMetro ConcreteConcrete Metro Concrete Ctry Concrete ConcreteConcrete CountryCountry CountryCountry Ctry Concrete Concrete Concrete SASA ConcreteConcrete WAWA ConcreteConcrete ShaneShane GrahamGraham Concrete Concrete TASTAS ConcreteConcrete Q Crete Concrite Q Crete Concrite AlsafeAlsafe

Transport Transport SEQSEQ TransportTransport NSWNSW TransportTransport VICVIC TransportTransport SASA TransportTransport WAWA TransportTransport AndrewAndrew RosengrenRosengren

QLDQLD AsphaltAsphalt AsphaltAsphalt NSWNSW AsphaltAsphalt VICVIC AsphaltAsphalt SASA AsphaltAsphalt WAWA AsphaltAsphalt AllensAllens AsphaltAsphalt DougDoug TuckerTucker

Sydney Site Tour 26 June 2009 4

2 Quarry End Use (QEU) is supported by an advisory committee with strategic, commercial and property expertise

AndrewAndrew JohnJohn DouglasDouglas TimTim GoddardGoddard WarburtonWarburton BarryBarry NeilNeil

PaulPaul DaltonDalton

SouthernSouthern EmploymentEmployment PropertyProperty PlanningPlanning && Boral Waste LandsLands (SEL)(SEL) Boral Waste DevelopmentDevelopment DevelopmentDevelopment SolutionsSolutions RemediationRemediation WorksWorks

Sydney Site Tour 26 June 2009 5

Commercial and engineering activity drove market growth but is now vulnerable

Australian Construction Work Done ($06/07 million)

140,000

120,000 Other Engineering 100,000 Construction

80,000 RHS&B

60,000 Commercial & Government

40,000 Alterations & Additions

20,000 New Residential 0 FY87 FY88 FY89 FY90 FY91 FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08

Source: ABS 8755.0 Construction Work Done, May 2009; RHS&B=Roads, Highways, Subdivisions & Bridges

Sydney Site Tour 26 June 2009 6

3 After 7 years of strong growth, the Australian concrete market has started to decline

Concrete Market Growth Concrete Market Growth CAGR FY01 to FY08 FYTD Apr-08 to FYTD Apr-09

6.4% AUS -8.0%

10.3% QLD/NT -10.1%

1.8% NSW/ACT -7.8%

6.2% VIC/TAS -9.3%

7.5% SA 0.5%

10.1% WA -2.2%

Source: ABS, May 2009

Sydney Site Tour 26 June 2009 7

BIS is forecasting road construction to remain strong

Road Construction Activity by Type Road Construction Value of Work Done ($06/07 billion)

Forecast Other

Subdivisions

Local Roads

Private Toll Roads

Highways & Arterials FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

Source: BIS Shrapnel Road Construction Australia. Feb 09

Sydney Site Tour 26 June 2009 8

4 Commercial property trusts, QEU’s traditional customer base, are suffering

A-REIT Index July 00 – May 09

3,000

2,500

2,000

1,500

1,000

500 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Nov-00 Mar-01 Nov-01 Mar-02 Nov-02 Mar-03 Nov-03 Mar-04 Nov-04 Mar-05 Nov-05 Mar-06 Nov-06 Mar-07 Nov-07 Mar-08 Nov-08 Mar-09

Source: Real Estate Investment Trust

Sydney Site Tour 26 June 2009 9

The Government stimulus package is supporting spend in institutions and road works

Concrete Asphalt Quarries Schools Program   Hospitals  Public Housing   Defence Housing   Roads    First Home Owners Boost  

Sydney Site Tour 26 June 2009 10

5 1H09 EBITDA was down largely impacted by lower QEU earnings and weaker concrete markets

Concrete Quarries Asphalt QEU

EBITDA

Price

Volume

. Favourable . Favourable . High levels of . Weaker pricing +8% pricing +3% infrastructure property market activity in SEQ and SA . High 1H08 from . Weaker volumes . Weaker concrete in most regions aggregate sale of part of volumes Southern Employment Lands

Sydney Site Tour 26 June 2009 11

ACM workplace injury statistics are at historic lows

LTIFR1,2 - FY01 to FY09 YTD % Hours lost2 - FY01 to FY09 YTD

14 0.30

12 0.25 10 0.20 8 0.15 6 0.10 4 0.05 2

0 0.00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 YTD FY09 YTD YTD FY09 YTD 1. Lost Time Injury Frequency Rate per 1 million hours worked 2. FY09 YTD is for the period ending May 2009

Sydney Site Tour 26 June 2009 12

6 ACM NSW/ACT includes quarry, recycling, concrete, asphalt and transport businesses

Regional GM NSW/ACT Tony Charnock

NSW/ACTNSW/ACT MetroMetro MetroMetro NSWNSW /ACT/ACT CountryCountry NSW/ACTNSW/ACT QuarriesQuarries && ConcriteConcrite ConcreteConcrete TransportTransport ConcreteConcrete && AsphaltAsphalt RecyclingRecycling QuarriesQuarries

Quarries & Recycling: 23 quarries, 3 recycling Concrete: 103 plants Asphalt: 12 plants and 5 spray depots Extensive transport fleet

Sydney Site Tour 26 June 2009 13

NSW/ACT generates ~30% of ACM’s revenue in line with its share of Australian concrete volumes

ACM External Revenue by Region Australian Concrete Volume by Region Based on FY08, % Total FY08 = 26.6m m3

VIC & VIC & TAS TAS QLD & NT SA SA QLD & NT WA WA

NSW & ACT NSW & ACT

Source: ABS Concrete Monitor

Sydney Site Tour 26 June 2009 14

7 Declining dwelling activity has caused NSW concrete volumes to decrease for the past five years

Sydney Pre-mix Concrete Volumes NSW Country Pre-mix Concrete Volumes By sector, m3 By sector, m3

Engineering

Commercial & Government

Alterations & Additions

Other Dwelling Houses FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09F FY09F

Source: BIS Shrapnel Concrete Report, Dec 2008

Sydney Site Tour 26 June 2009 15

We have had a strong cost focus in NSW/ACT

. Operational improvement initiatives . Labour cost reduction including SG&A and labour hire . Strong focus on improving logistics, particularly service, payload and percentage loaded kilometres . Concrete mix design improvement using Six Sigma to reduce variability . Asphalt mix design improvement lifting percentage Recycled Asphalt Product (RAP) in mixes . Improved quarry yields and productivity . Increased marketing and lead generation . Structural initiatives . Portfolio rationalisation - exit small non-core operations . Organisational restructure of NSW Country . Boral Transport NSW depot rationalisation . Network optimisation . operating reduced shifts in quarries . mothballing low volume concrete plants

Sydney Site Tour 26 June 2009 16

8 Dwelling starts in NSW remain low, but leading finance approvals are improving

NSW Finance Approvals and Dwelling Starts Quarterly trend date, number

Finance Approvals Dwelling Starts 70,000 14,000

60,000 12,000

50,000 10,000

40,000 8,000

30,000 6,000

20,000 Qtrly Finance Approvals (LHS) 4,000 Qtrly Dwelling Starts (RHS) 10,000 2,000

0 0 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08

Source: ABS 8750.0, 5609.0

Sydney Site Tour 26 June 2009 17

We are investing in our key strategic positions in NSW/ACT

. Artarmon Concrete Plant Rebuild . Key plant for northern Sydney CBDs: North Sydney and Chatswood . Supports Brookvale and Thornleigh as a northern cluster . Ideally positioned for future Barangaroo development . DA approved, rebuild will be completed in FY10 . Increased capacity and storage, improved truck access

. Marulan Quarry . Future Sydney quarry after Penrith Lakes Development Corporation (PLDC) is exhausted (~ FY13-14) . 105m tonnes of proven reserves . Consent for 3.5m tpa production . Rail link to our existing Sydney terminals in St Peters and Enfield . Capital and operational opportunities with adjacent Blue Circle limestone quarry and cement plant

Sydney Site Tour 26 June 2009 18

9 We are rebuilding our Artarmon concrete plant in FY10 to service northern Sydney

Thornleigh Brookvale

Artarmon

Sydney Site Tour 26 June 2009 19

Our Marulan deposit and rail terminals give us a strong position in Sydney quarries post PLDC

Operating and new quarry options in the Operating rail terminals in Sydney Metro Sydney Region Seaham Talbragar

Newcastle Emu Plains PLDC

Peats Ridge Enfield (0.8Mt) St Peters Emu Plains – Widemere PLDC (1.3Mt) Sydney CBD Maldon 110kms (BCSC)

Wollongong Penrose (sand) Dunmore (2.25Mt) Dunmore Sand & Soil Penrose Wollongong Marulan South (3.5Mt consent) Dunmore BCSC (limestone) 170kms Dunmore Sand & Soil Marulan South BCSC Canberra

Operating quarry Operating terminal Major road New quarry option Other Major rail PLDC=Penrith Lakes Development Corporation

Sydney Site Tour 26 June 2009 20

10 Boral has a network of 12 asphalt plants and 5 spray depots in NSW supported by strong quarry positions

Population 2016

32,000 to 361,000 16,000 to 32,000 . Extensive fixed plant network is 4,000 to 16,000 able to service ongoing 0 to 4,000 maintenance work as well as road construction projects

. Dedicated high capacity mobile plants are also used to supply high volume major road projects

Quarry Asphalt Boral Hanson/PRS Cemex Works Other

Sydney Site Tour 26 June 2009 21

Our technical capability enables us to develop solutions to meet customer requirements

Sydney Site Tour 26 June 2009 22

11 We have secured a number of significant major projects in NSW/ACT

. Cadia Gold Mine, concrete . F3 upgrade, concrete and asphalt . Hume Highway upgrade projects, cement and transport . Port Botany expansion, concrete and quarry . Top Ryde shopping centre, concrete and recycling . Pacific Highway upgrade - Karuah to Bulladelah, quarry . Charlestown Square shopping centre, Newcastle, concrete . Darling Walk office building, Darling Harbour, concrete . Northern Distributor and Oak Flats Bypass, Wollongong, concrete and asphalt . Ballina Bypass, quarry and asphalt . Bligh St development, Concrite concrete

Sydney Site Tour 26 June 2009 23

Concrete supply into the Cadia gold mine in NSW requires dedicated plant and specialised trucks

. Supplying 105,000 m3 of concrete

. Mostly shotcrete to line tunnel walls . 22 km of tunnels need concrete for strength and stability . Specialised low slung agitators designed by Boral for safe operation underground . Winner of Newcrest Mine MD safety award

Sydney Site Tour 26 June 2009 24

12 Boral is supplying concrete and asphalt for the expansion of the F3

. Widening the F3 at Cowan, NSW

. Boral supplying concrete (23,000 m3) and asphalt

. Dedicated wet-mix batch plant on very small footprint site of 80m x 20m

Sydney Site Tour 26 June 2009 25

Blue Circle is supplying cement and flyash to three Hume Highway upgrade projects, delivered by ACM transport

To Berrima To Mt Piper . Three simultaneous and adjacent major

Abigroup – Coolac supply contracts for cement and flyash; Bypass 193,000 tonnes in total

Leightons - Northern . More than 6,600 loads Hume Alliance . Average lead distance of 360 km

Abigroup - Southern . Total distance travelled: 4.8 million km Hume Alliance . Around the world 120 times

. To the moon and back 6 times . February 2008 to July 2009

Sydney Site Tour 26 June 2009 26

13 Sydney Site Visit Overview

Port Botany Southern Employment Lands (SEL)

Sydney Site Tour 26 June 2009 27

Northern Employment Lands Nelsons Ridge (residential)

Southern Employment Lands

Eastern Western precinct precinct

Detention Basins

Boral Recycling (Widemere)

Sydney Site Tour 26 June 2009 28

14 Port Botany Expansion Project

The Port Botany Expansion project is spending $900m to create 5 new container ship berths

1.6km sea wall

5 new container ship berths

Sydney Site Tour 26 June 2009 30

15 A 1.6km sea wall is being constructed from 194 precast concrete wall units weighing 600t each

Precast vertical section under Precast wall unit schematic construction

Sydney Site Tour 26 June 2009 31

Concrete supply will run over two years from February 2009 to February 2011

. Onsite batching plant constructed to meet requirements

. Boral to supply 97,000m3 concrete . 140,000t aggregates . 35,000t cement . 15,000t fly ash

. 100 year design life

. Stringent chloride penetration criteria

Boral onsite concrete batching plant

Sydney Site Tour 26 June 2009 32

16 Boral Clay & Concrete Products

Nick Clark Sydney Site Tour 26 June 2009

C&C accounts for ~40% of Boral’s external revenues from Australian building products 1H2009 vs 1H2008 External Revenues Construction Materials, Building Products, Australia Australia USA Asia A$m 700

600 Clay & Concrete Products (C&C) A$275m 500 1H2009 400 1H2008 300 149 200 66 60

100

0 QEU Asia* Bricks Flyash Timber Asphalt Roofing Masonry Quarries Clay tiles Clay Windows Concrete Transport Cement** US Bricks US Construction Plasterboard Concrete tiles* Concrete * Includes revenues from MonierLifetile and Asian Plasterboard joint ventures which are equity accounted ** Cement division includes BCSC (external revenues), concrete placement & scaffolding

Sydney Site Tour 26 June 2009 2

1 C&C’s operating structure consists of four business units

Clay and Concrete Products

Bricks Roofing Masonry

Bricks and Roofing East Masonry East

Bricks East Roofing East Masonry East (NSW, Vic, QLD) (NSW, Vic, QLD) (NSW, Vic, QLD)

C&C Central

Roofing SA Masonry SA

Bricks West Midland Brick Masonry WA (WA)

Sydney Site Tour 26 June 2009 3

The majority of C&C’s revenues are from the residential market. NSW currently contributes ~20% of revenues

C&C External Revenues Based on 1H09 By End Market Exposure By State

Other NSW & ACT Non-Residential 4% ~20% 14%

A&A 19%

Other Dwellings Detached Dwellings 6% Other States 57% ~80%

Sydney Site Tour 26 June 2009 4

2 The number of detached dwelling commencements declined in most states in FY09, with NSW at particularly low levels of activity

Detached dwelling starts (’000)

40

35 Vic 30

25 Qld 20

15 WA NSW 10 SA 5

0 FY89 FY90 FY91 FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09f

Source: ABS 8750.0 Dwelling Unit Commencements; BIS Shrapnel

Sydney Site Tour 26 June 2009 5

Australian affordability is improving (mortgage repayments down from 31% to 18% of household income), driven by falling interest rates

Repayment of mortgage as percentage of household income (March 2009)

40% Mortgage stress ƒ Interest rates are at 35% very low levels

30% Affordable1 ƒ House prices have 25% come off their peak; currently being 20% (20%) supported by first home 15% Sydney (19%) buyer demand Australia (18%) 10% Melbourne (18%) Perth (18%) ƒ Rental vacancy rates 5% still at historical lows 0% ƒ Strong housing finance data highlights appetite Dec-89 Dec-90 Dec-91 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 for future demand

Source: HIA data to Mar-09 Qtr 1. The HIA defines “affordable” as not more than 30% of household income to fund a mortgage.

Sydney Site Tour 26 June 2009 6

3 C&C will benefit from a number of Government stimulus initiatives

Bricks Roofing Masonry Timing

First Home FY10-FY11 Owners Boost 9 9 9

Social and FY10-FY12 Defence Housing 9 9 9

Schools Program 9 9 FY10-FY11

Sydney Site Tour 26 June 2009 7

Boral holds the #2 market position nationally in Bricks

ƒ ~1,000 employees ƒ 16 kilns on 8 manufacturing sites

Darra

Kempsey

Midland Badgerys Ck Bringelly Thomastown Scoresby

Brick manufacturing site

Sydney Site Tour 26 June 2009 8

4 Boral holds the #3 position in Bricks in NSW

ƒ Australian brick market is ~1.6 billion SBEs p.a.1 ƒ NSW is the 2nd largest state market, accounting for ~25% of national volume ƒ 3 major brick manufacturers in NSW – Boral, Brickworks and CSR ƒ Boral’s NSW Brick operation has ~150 employees

ƒ Product distribution channels: ƒ Direct to trade customers ƒ Via distributors ƒ Major costs: Labour, raw materials and energy

ƒ Cost base: High fixed / Low variable

ƒ Product development: Nuvo Aspire (high end face brick) introduced late 2008

1. Source: ABS manufacturing production statistics; SBE=Standard Brick Equivalent

Sydney Site Tour 26 June 2009 9

Boral holds the #2 market position nationally in Roofing

ƒ ~250 employees (plus >600 contractors) ƒ 4 concrete plants ƒ 1 terracotta plant

Carole Park

Pooraka Wyee Emu Plains

Springvale

Concrete roof tile plant Terracotta roof tile plant Wyee Terracotta Plant

Sydney Site Tour 26 June 2009 10

5 Boral holds the #2 position in Roofing in NSW

ƒ Australian roof tile market is ~17 million m2 p.a.1; ~85% concrete tiles and ~15% terracotta tiles ƒ NSW is the 2nd largest state market, accounting for ~25% of national volume ƒ 2 major roof tile manufacturers in NSW – Boral, CSR ƒ Boral’s Roofing operation in NSW has ~120 employees ƒ Product distribution channels: ƒ Direct to large builders ƒ Via distributors ƒ Major costs: Labour, raw materials and product installation ƒ Cost base: ƒ Terracotta High fixed / Low variable ƒ Concrete Low fixed / High variable ƒ Product development: Contour (semi-flat tile) introduced in 2008

1. Source: ABS manufacturing production statistics

Sydney Site Tour 26 June 2009 11

Boral holds the #2 market position nationally in Masonry

ƒ ~400 employees ƒ 11 manufacturing sites Cairns

Mackay

Wacol Labrador Byron Bay

Cannington Jandakot Pooraka Somersby Prospect Deer Park

Masonry plant

Sydney Site Tour 26 June 2009 12

6 Boral holds the #2 position in Masonry in NSW

ƒ Australian masonry market is ~ 2.6 million tonnes p.a.1 ƒ NSW is the 2nd largest state market, accounting for ~20% of national volume ƒ Masonry manufacturers in NSW include Boral, Adbri Masonry, Brick & Block Company and Baines Masonry Blocks ƒ Boral Masonry NSW has ~100 employees ƒ Product distribution channels: ƒ Direct to trade customers ƒ Retailers ƒ Distributors ƒ Major costs: Raw materials and labour ƒ Cost base: Low fixed / High variable ƒ Product development: Light weight grey block

1. Source: ABS manufacturing production statistics

Sydney Site Tour 26 June 2009 13

NSW Masonry’s range spans four product groups, each with distinct key market segments

Commercial Products Landscape Products

Blocks Bricks Retaining Walls Pavers

ƒ Key segments: Commercial brick and block ƒ Key segments: Resellers (e.g. Amber, Flower layers and builders (mainly medium density Power) and landscape contractors. Keystone residential) Retaining Walls suitable for engineering ƒ Designer blocks: Available in a range of applications (e.g. Southern City Freight Line) colours and finishes (split, shot, honed, ƒ Pavers: Full range suitable for applications from polished) heavy commercial to domestic pools

Sydney Site Tour 26 June 2009 14

7 C&C is focused on addressing its current priorities

Current challenges Initiatives

ƒ Demonstrating price leadership ƒ Recovering input cost increases and ƒ Achieving sustainable prices protecting/enhancing margins ƒ Capacity management

ƒ Formal operational improvement programs ƒ Merger of management of east coast Bricks and ƒ Managing cost Roofing businesses ƒ Investment in new plants ƒ Reduced capital expenditure ƒ Cashflow generation ƒ Slowing major capital project ƒ Capacity management ƒ BGC’s entry into the WA clay brick ƒ Managing pricing outcomes market ƒ Growing export volumes ƒ Growing clay paver market ƒ Industry body initiatives ƒ Category marketing ƒ Combating substitute building products ƒ Technical research ƒ Apprentice training schemes

ƒ OH&S programs ƒ Operating in a sustainable manner ƒ Energy efficiency initiatives ƒ Environmental programs

Sydney Site Tour 26 June 2009 15

C&C has had a disciplined approach to pricing, despite a weaker residential market Price and Volume Movements FY2007 vs FY2008 vs 1H2009 vs FY2006 FY2007 1H2008 Volume Bricks Price EBITDA Volume Roofing Price EBITDA Volume Masonry Price EBITDA

Sydney Site Tour 26 June 2009 16

8 Capacity planning forms an integral part of achieving sustainable pricing outcomes

FY09 Australian East Coast Brick Kiln Shutdown/slowdown plan JULY 08 JUNE 09 Darra Kiln 1

Darra Kiln 3.1 and 3.2

Kempsey

Badgerys Creek

Bringelly

Thomastown

Albury

Scoresby

Full Operation Slow Down Kiln Shut*

Note: Push rates may alter from time to time * Denotes temporary closure of part of site

Sydney Site Tour 26 June 2009 17

C&C will continue to drive down costs using formal operational improvement programs

ƒ Targeting 3-4% of compressible cost reduction in Performance Enhancement Programs (PEP) each year

ƒ Merger of management and administrative functions in the east coast Bricks and Roofing business in September 2008, will have annual savings of ~$4m from FY2010

ƒ Step change program commenced at Midland Brick with phased benefits of ~$10m-$15m from FY2010

ƒ Operational improvement programs / lean manufacturing

Sydney Site Tour 26 June 2009 18

9 C&C is working with industry bodies to promote product penetration and develop brick & block laying apprentices

Sydney Site Tour 26 June 2009 19

C&C continues to target improvements in safety and environmental performance

LTIFR1 - FY04 TO FY09 YTD Energy Efficiency Index2 -Clay

110% 6 100%

5 90%

4 80%

3 70%

2 60%

1 50%

0 40% FY04 FY05 FY06 FY07 FY08 FY05 FY06 FY07 FY08 YTD FY09 1. Lost Time Injury Frequency Rate per 1 million hours worked. FY09 YTD is for the period ending May 2009. 2. Index =100% in FY05. Calculation based on total energy usage for clay products divided by tonne of clay product produced

Sydney Site Tour 26 June 2009 20

10 Overview of Prospect Masonry site

ƒ The Prospect site comprises ƒ a large board Hess plant (Plant 2) ƒ three smaller board Besser machines (Plant 1)

ƒ manual wet cast plant PlantPlant 11 ƒ polishing and honing ƒ Site produces a full range of masonry products ƒ Blocks - grey and coloured ƒ Bricks ƒ Pavers PlantPlant 22 ƒ Retaining walls

Sydney Site Tour 26 June 2009 21

There are five main steps in the masonry production process

Masonry Production Process

Material Storage 4 1. Dispense / combine raw materials according to the product mix design 2. Add water and mix to required 1 3 Batching blend and consistency 3. Place concrete in to mould, ‘Block’ Curing vibrate, compact and eject on Machine 2 to steel boards Mixing 4. Allow ‘green’ product to cure in temperature and humidity 5a controlled environment VAP 5a. Where required apply ‘Value Added Processes’ (VAP) to split, hone, polish or shot blast 5b the product Palletising Yard 5b. Place product on pallets and return steel boards to machine

Sydney Site Tour 26 June 2009 22

11 Boral has a significant pipeline of new masonry products

Illustrations of new Masonry East products recently launched or under trial

Wetcast Stylestone Hydrapave (II) Precinct Lightweight Brick (NSW)

Manhattan (Vic) Arena Wall Heathstone Regal Hadrian Wall

Sydney Site Tour 26 June 2009 23

Prospect Masonry Outdoor Factory Outlet

ƒ Boral Masonry’s first “Outdoor Factory Outlet”

ƒ Strong consumer acceptance

ƒ Profitable clearance of seconds, obsolete and end of line production

Sydney Site Tour 26 June 2009 24

12 Boral Timber

Bryan Tisher Sydney Site Tour 26 June 2009

Boral Timber accounts for ~20% of Boral’s external revenues from Australian building products 1H2009 vs 1H2008 External Revenues Construction Materials, Building Products, Australia Australia USA Asia A$m 700

600 Boral Timber A$141m 500 1H2009 400 1H2008 300

200

100

0 QEU Asia* Bricks Flyash Timber Asphalt Roofing Masonry Quarries Clay tiles Clay Windows Concrete Transport Cement** US Bricks US Construction Plasterboard Concrete tiles* Concrete * Includes revenues from MonierLifetile and Asian Plasterboard joint ventures which are equity accounted ** Cement division includes BCSC (external revenues), concrete placement & scaffolding

Sydney Site Tour 26 June 2009 2 Boral Timber’s operating structure consists of five business units Boral Timber

Softwood Hardwood

Integrated Softwood Plywood Residues Davis & Herbert Hardwoods

Highland Pine North Coast Joint Venture* Green & Dry Mills

ƒ Employees ~1,000 ƒ Hardwood flooring mill 3 Engineered ƒ Softwood sawmill 1* ƒ Structural mill 1 Flooring ƒ Plywood mill 1 ƒ Pole plant 1 ƒ Residue export facility 1 ƒ Engineered flooring plant 1 ƒ Hardwood sawmills 6 ƒ Warehouses 5 Warehouses * Boral Timber 50%: Carter Holt Harvey 50%

Sydney Site Tour 26 June 2009 3

~50% of Boral Timber revenues are from the dwellings segment; Hardwood contributes ~60% of revenues

Boral Timber External Revenues Based on 1H09 By End Market Exposure By Product

Non-Residential Plywood Flooring 10% Detached Dwellings 16% 26% 46% Residues 11% Other 26% Other Hardwood A&A Softwood Other Dwellings 12% Structural 15% 26% 3% Hardwood 9%

Sydney Site Tour 26 June 2009 4 Boral Timber will benefit from a number of Government stimulus initiatives

Structural Hardwood Plywood Timing Softwood Flooring First Home FY10-FY11 Owners Boost 9

Social and FY10-FY12 Defence Housing 99

Schools Program 99FY10-FY11

Sydney Site Tour 26 June 2009 5

Australian Major Softwood Timber Growing Regions

Key to Region Numbering 1. 2. 3. Green Triangle 4. Lofty Block 5. Central 6. Murray Valley 7. Central Gippsland Boral Plywood 8. East Gippsland/Bombala 9. Southern Tablelands Boral Softwood SE 10. Central Tablelands 11. Northern Tablelands 12. North Coast 13 13. South East Qld 14a. North Qld 14b. North Qld Central Tablelands 15.

10 ---- Region Boundary Major town / city * Port 6 Green Triangle 3 Significant plantation investment regions

Murray Valley

Sydney Site Tour 26 June 2009 6 Australian Hardwood Regional Forestry Agreements

Regions with completed Regional Forestry Agreements

Western Australia

West Victoria

North East Victoria

Central Highlands Victoria

Gippsland Victoria

East Gippsland Victoria

Tasmania

Southern Eastern NSW

Eden Eastern NSW Boral Hardwoods Engineered Flooring North East NSW Boral Residues

Sydney Site Tour 26 June 2009 7

Building a sustainable future

Boral Timber Products have full chain of custody certification aligned with the Australian Forestry Standard (AFS)

Chain of Custody certification (AS 4707 – 2006) confirms that Boral Timber products are sourced from certified and legal sources and the company can prove traceability of its wood materials from the forest through to the sale of its products to customers

Sydney Site Tour 26 June 2009 8 Hardwood is sourced from sustainably managed forests

Aerial Photo – Australian Group Selection (AGS) Regrowth of forest following AGS Harvesting

Harvested in 1999

Harvested in 2003

Harvested in 2008

Harvesting laws and guidelines prescribe three key silvicultural practices in NSW: ƒThinning - the removal of small trees to improve the health and growth of the remaining forest ƒSingle Tree Selection (STS) - involves the harvesting of individual or small clusters of trees ƒAustralian Group Selection (AGS) - harvesting a group of trees with an area of no greater than 0.25 ha leaving a gap in the canopy

Source : Forests NSW

Sydney Site Tour 26 June 2009 9

Boral Softwood products mainly supply frame and truss markets in Australia

Sydney Site Tour 26 June 2009 10 Highland Pine Products JV is part of the Oberon Timber Complex

Highland Pine Products Sites 1 & 2

CHH Structaflor Plant

CHH Mouldings Line

CHH MDF Plant

Woodchem Resins Plant

Jeldwen Doorskins Factory

Sydney Site Tour 26 June 2009 11

Highland Pine Products produces mainly structural softwood products

Resource SawmillOfftake Products Customers

Structural ƒ Frame & Truss 45% 50% Sawn Boral Merchants, Timber Treated Wholesalers 15% Volume Out ƒ Boral Forests Warehouses NSW Highland 50% Sawn Industrial ƒ Pallet & Timber 40% Pine Carter Holt Packaging Volume Out Products Harvey Manufacturers JV ƒ Export

Private Woodchips CHH MDF, Property Structaflor

Sydney Site Tour 26 June 2009 12 Highland Pine is a world scale modern sawmill with scanning and recovery optimisation technology

Softwood Sawmill Control Room Highland Pine Green Mill

Sydney Site Tour 26 June 2009 13

Highland Pine Products is automated to process 725,000m3 of sawlogs p.a.

Sydney Site Tour 26 June 2009 14 Boral Plywood produce a broad range of plywood products

Structural Cladding Premier wood

Flooring Formply Marine

Sydney Site Tour 26 June 2009 15

Hoop resource produces high face grade marine plywood

Red Dragon Marine

Sydney Site Tour 26 June 2009 16 Plywood’s New Modular BridgeWood System is a cost effective way to replace rural hardwood bridges

Removal of Kyogle Council’s old hardwood bridge at Iron Pot Creek

Replacement with Plywood’s new Modular Bridgewood Product

Sydney Site Tour 26 June 2009 17

Typical Hardwood Products

Green Decking Structural

Engineered Flooring Solid Flooring Decking

Sydney Site Tour 26 June 2009 18 Boral Hardwood has the largest range in Australian Hardwood Timber flooring

Sydney Blue Gum Messmate Spotted Gum

Blackbutt Australian Beech New England Oak

Sydney Site Tour 26 June 2009 19

Engineered Flooring adds value to the hardwood resource

Sydney Site Tour 26 June 2009 20 Engineered Flooring sells through a new range of channels

ƒ Harvey Norman ƒ Carpet Retail ƒ Timber Flooring Specialists

Sydney Site Tour 26 June 2009 21

Residues export facility at Newcastle

ƒ Softwood and Hardwood woodchip exports

ƒ Long term relationships with Japanese paper manufacturers

ƒ Opportunities for Bio-mass exports

Residue Export Facility at Kooragang Island, Newcastle

Sydney Site Tour 26 June 2009 22 Boral Timber Business Priorities

ƒ Safety performance

ƒ Capacity management and inventory

ƒ Cost reduction – process improvement

ƒ Cash management

ƒ Carbon Pollution Reduction Scheme (CPRS)

Sydney Site Tour 26 June 2009 23

Boral Timber’s safety performance compares well to the industry Timber Industry Safety Performance – LTIFR* Australian Hardwood Producers1 Australian Softwood Producers2 200 50

180 45

160 40

140 35

120 30

100 25 LTIFR

80 20

60 15

40 10

20 5 Boral Timber Boral Timber 0 0 2004 FY05 FY06 FY07 FY08 FY09 FY04 FY05 FY06 FY07 FY08 FY09 1. Major Hardwood Producers in NSW and Victoria 2. Major Softwood Producers on Australian East Coast * Lost Time Injury Frequency Rate per 1 million hours worked.

Sydney Site Tour 26 June 2009 24 Capacity planning forms an integral part of inventory management Boral Timber Mill Capacity Planning

1H08 2H08 1H09 2H09

JUL-07 JUN-09 Hardwood Green Mills Herons Creek Koolkhan Walcha Nowra Batemans Bay Narooma Hardwood Dry Mills Herons Creek Maxwells Creek Kyogle Grafton Parquetry Gloucester Murwillumbah Softwood Oberon HPP JV Ipswich Plywood

Full Operation Slow Down Mothballed

Sydney Site Tour 26 June 2009 25

Boral Timber will continue to drive down costs using formal operational improvement programs

ƒ Target 3-4% of compressible cost reduction in Performance Enhancement Programs (PEP) each year

ƒ Reduced labour costs

ƒ Step change program underway at Plywood

ƒ Operational Improvement Programs / lean manufacturing

Sydney Site Tour 26 June 2009 26 Boral Timber focused on cash management

ƒ Inventory reduction initiatives

ƒ Working Capital Management

ƒ Surplus Assets

ƒ Fast payback capital expenditure

Sydney Site Tour 26 June 2009 27

Timber products will benefit from CPRS if the carbon stored in wood products is counted

Paper products after 20 years in landfill Wood products after 46 years in landfill

Minimal carbon loss after 20 years Carbon loss of 0% to 9% after 46 years

Sydney Site Tour 26 June 2009 28 Sydney Site Tour 26 June 2009 29 Boral Construction Related Businesses

Warren Davison Sydney Site Tour 26 June 2009

Boral’s CRB division consists of four businesses

Boral Precast Formwork & Scaffolding (BFS)

De Martin & Gasparini Dowell Windows (DMG; concrete placing)

Sydney Site Tour 26 June 2009 2

1 CRB is a diverse portfolio characterised by a large workforce with a substantial proportion of contractors

Precast BFS DMG Dowell CRB

Total 224 463 322 871 1,880 Workforce1

Key Site panel Scaffold Concreter, Transport, Contractor erection erection and steel fixers services and Activities dismantle form workers site glazing

1.As at March 2009, includes ~1,340 employees and ~540 contractors

Sydney Site Tour 26 June 2009 3

We continue to improve CRB’s contractor and employee safety performance

ƒ Strengthening the safety culture through leadership and targeted behavioural change programs ƒ Subcontractor safety management programs ƒ Consistent application of Boral process and procedures ƒ Strengthening audit processes

1 25 LTIFR - FY03 TO FY09 YTD

20 Contractors

15

Employees Overall CRB 10

5

0 FY03 FY04 FY05 FY06 FY07 FY08 Mar 09 YTD

1. Lost Time Injury Frequency Rate per 1 million hours worked.Excludes Precast business.

Sydney Site Tour 26 June 2009 4

2 CRB operates across all market segments with national coverage….

Key CRB Sites

Precast

Formwork & Scaffolding

Windows

Concrete placing

Sydney Site Tour 26 June 2009 5

… pulling through revenue for other Boral businesses

Market Segment

CRB Boral Product Business pull-through Housing Multi-residential Commercial Engineering

Precast 3 3 3 Concrete

Formwork & 3 3 3 3 Plywood and Timber Scaffolding DMG 3 3 Concrete

Dowell 3

Sydney Site Tour 26 June 2009 6

3 CRB businesses have strong market positions

Estimated Key Variable Costs Fixed CRB Business National Market Material Costs Position Inputs Materials Other Concrete Precast 1 Low High Medium Steel

Formwork & Ply and 3 Low Low Medium Scaffolding Timber

DMG1 1 Concrete High High Low

Aluminium Dowell Windows 1 High Medium Low Glass

1. Sydney market only

Sydney Site Tour 26 June 2009 7

CRB is focused on improving efficiency and matching resources to demand

CRB Employees1 FY07 TO FY09 YTD

~15%

FY07 FY08 YTD FY09

CRB has a range of cost reduction plans to further improve its position

1. Excludes contractors; FY09 YTD is for the period ending March 2009

Sydney Site Tour 26 June 2009 8

4 Boral Precast consists of the Girotto (East Coast) and Gocrete (WA) businesses

ƒ ~200 employees ƒ 5 manufacturing sites

Baseline Alexandria project

Gocrete Girotto Girotto Sydney Site

Sydney Site Tour 26 June 2009 9

Precast project evolution – Factory to Townhouse

Factory Unit Development Sydney

Magenta Shores Townhouse Development

Sydney Site Tour 26 June 2009 10

5 The Australian precast market has evolved from initial penetration in industrial buildings to more recent activity in single dwelling homes

Precast Market Evolution

Precast Mature Growth Activity Activity Activity Penetration continuing increasing increasing starting

Niche Single Industrial Multi-Units Multi-Units Single Dwelling Segment Tilt-up High rise Low rise Dwelling Project to Precast Homes

Sydney Site Tour 26 June 2009 11

Gocrete (WA) automated plant has been successfully commissioned

Gocrete Automated Plant - Steel and fitting placement

Gocrete Automated Plant – Concrete Gocrete Automated Plant - Finishing station

Sydney Site Tour 26 June 2009 12

6 Boral is the #3 player in Scaffolding nationally

ƒ Scaffolding is a hire business with on site labour, erecting and dismantling ƒ Formwork is a hire business with additional engineering design expertise required ƒ ~220 employees ƒ 18 branches: ƒ14 Scaffolding & 4 Formwork

Scaffolding branch Formwork branch

Sydney Site Tour 26 June 2009 13

Significant unit cost reductions associated with consolidation of operating sites, focusing on dedicated formwork & scaffolding locations

2007 – Over 35 branches 2009 – 18 branches

Scaffolding branch Formwork/Scaffolding branch Formwork branch

Sydney Site Tour 26 June 2009 14

7 De Martin & Gasparini (DMG) is the leader in concrete placement projects in the Sydney Metro area

ƒ Proven capability and track record on major projects ƒ In operation over 50 years ƒ Industry leading safety performance

Sydney International Airport Multi-level Carpark Multiplex Lumiere Apartments Sydney

Sydney Site Tour 26 June 2009 15

Bligh Street development is an example of DMG pulling through Boral products

Grocon is building Sydney’s first high rise 6 star Green Star building (2011) ƒ Double skin facade with integrated energy control ƒ Natural air and light through central atrium ƒ Green star concrete (40,000 m3) over 29 floor plates

ƒ DMG is concrete supply and place Bligh Street Site works contractor ƒ Concrete from Concrite ƒ Reduced cement using flyash and slag ƒTechnically challenging project ƒ Clayton Utz main tenant

Artists impressions

Sydney Site Tour 26 June 2009 16

8 DMG has a proven track record in complex construction projects in Sydney

ƒ Other key construction projects in Sydney from DMG include: ƒ Bennelong Apartments (1998) ƒ Sydney Olympic Stadium (1999) ƒ Warringah Mall (2000) ƒ (2004) ƒ Bankstown Square Shopping Centre (2005) ƒ Top Ryde Shopping Centre (2009) ƒ Bligh Street Office development (2009) ƒ Darling Walk (2009) ƒ DMG has a range of longstanding relationships with major Sydney constructors

Top Ryde Shopping Centre project for Bovis Lend Lease

Sydney Site Tour 26 June 2009 17

Dowell is the leading aluminium windows manufacturer and supplier to Australia’s new house market

ƒ ~700 employees ƒ 14 manufacturing sites

Windows manufacturing sites Aluminium Timber/Aluminium Windows assembly plant Plastics

Sydney Site Tour 26 June 2009 18

9 Dowell’s key focus is on the new dwellings segment with limited exposure to the alterations and additions market

ƒ Focused on achieving a low cost position supplying major builders ƒ A strong management team in place ƒ Market share has been increasing to a clear leadership position in the new dwelling market

New Dwellings Alterations & Additions 5% 20% 21% 45% 50% 59% Boral

Other Majors

Local Players Source: Management Assessment

Sydney Site Tour 26 June 2009 19

Government regulatory standards for House Energy Ratings (HERs) will drive the uptake of energy efficient windows in new dwellings

Announced Policy changes

ƒ Upgraded to 5 star* energy standard in 2006 Only 10% of houses in ƒ Minimum ACT, Victoria & Tasmania to be 6 Australia have energy star in 2009 efficient glass ƒ Victorian builders offering 7 star design compared to 90% of houses in USA ƒ Building codes will be updated to require 6 star housing in all states from May 20111

1. COAG National Strategy on Energy Efficiency – May 2009

Sydney Site Tour 26 June 2009 20

10 An examination of US experience provides good insights into likely product developments in Australia

The climate zones in Australia match the key areas in the US

Brisbane Tampa Los Angeles

Sydney

San Francisco Melbourne

Cooling climate

Mixed climate Heating climate

Illustrative only

Sydney Site Tour 26 June 2009 21

Windows product demand is now showing the influence of changing energy regulations especially double glazing

Proportion of double glazed windows installed in residential construction % ƒ Double glazing 25 requirements are Victoria 20 strongest in Victoria and Southern NSW as State 15 Governments in heating climates are most actively 10 lifting standards Australia ƒ Dowell with its leading 5 market position is well positioned to benefit 0 FY05 FY06 FY07 FY08

Source: Management Assessment of BIS Shrapnel Building Materials and Fitting Studies

Sydney Site Tour 26 June 2009 22

11 Dowell is the #3 window supplier to the new house market in NSW

ƒ 5 manufacturing sites in NSW ƒ Sydney, Newcastle, Nowra, Queanbeyan and Unanderra

ƒ ~ 120 employees in NSW

ƒ Boral manufactures a complete range of aluminium windows and doors, designed to service the new home market

ƒ Major competitors in NSW are: ƒ Stegbar ƒ Bradnams ƒ Trend Windows Windows finished product

Sydney Site Tour 26 June 2009 23

Going forward, precast products expected to grow with increasing penetration whilst other businesses to benefit from market recovery and cost down programs Major focus areas

ƒ Consolidate automation Precast ƒ Cost reduction

Formwork and ƒ Optimise price and utilisation across network Scaffolding ƒ Further improve network cost position

DMG ƒ Maintain market position in Sydney

Dowell ƒ Further improve cost position Windows ƒ Position product offering to evolving energy regulatory environment

Sydney Site Tour 26 June 2009 24

12 Boral Australian Construction Materials Greystanes Estate – Southern Employment Lands

Paul Dalton Sydney Site Tour 26 June 2009

Greystanes Estate - Southern Employment Lands

Sydney Site Tour 26 June 2009 2

1 Greystanes is located at both the geographic and population centre of Sydney

You are here!

Sydney Site Tour 26 June 2009 3

The Southern Employment Lands (SEL) is part of the 330Ha Greystanes Estate, which has been continuously developed since 2001

. Greystanes Estate is located adjacent to M4 freeway & Great Western Highway . SEL is the former Prospect quarry comprising 65Ha of redeveloped industrial and commercial land . Part 3A (NSW Government) approval granted in July 2007 allows 97,000m2 of business park . contracts signed December 2007 for $157.7m for 47Ha (Eastern precinct) . Earthworks commenced in earnest in January 2008 to rehabilitate the site

Sydney Site Tour 26 June 2009 4

2 Northern Employment Lands Nelsons Ridge (residential)

Southern Employment Lands

Eastern Western precinct precinct

Detention Basins

Boral Recycling (Widemere)

Sydney Site Tour 26 June 2009 5

Greystanes Estate will provide dwellings for 4,000 people, employment for more than 7,000 people with potential built form investment in excess of $1.5b

Sydney Site Tour 26 June 2009 6

3 Greystanes Estate continues to be transformed from an operating quarry to residential and employment lands 1997 2004 2009

Sydney Site Tour 26 June 2009 7

Greystanes Estate - 1982

Sydney Site Tour 26 June 2009 8

4 Greystanes Estate - 2009

Sydney Site Tour 26 June 2009 9

Southern Employment Lands - December 2007

Sydney Site Tour 26 June 2009 10

5 Southern Employment Lands - February 2009

Sydney Site Tour 26 June 2009 11

Boral has designed a Groundwater and Stormwater system to harvest 150 Megalitres of water each year for the Cumberland Golf Club

. The Cumberland Golf Club will pump all groundwater and as much storm water as it wishes via the pipeline approved by Holroyd City Council

. The water will be pumped 3km from Greystanes to Cumberland

. As a result Cumberland Golf Club has been removed from Sydney Waters list of top 100 consumers of potable water

. The club achieved the Highest Percentage Reduction for 2008 at Sydney Water's Every Drop Counts Water Efficiency Awards held at the Powerhouse Museum recently

Sydney Site Tour 26 June 2009 12

6 Southern Employment Lands – Concept Plan

Sydney Site Tour 26 June 2009 13

Artists impression of completed development

Sydney Site Tour 26 June 2009 14

7