Boral Limited Level 3, 40 Mount Street North Sydney NSW 2060 PO Box 1228 North Sydney NSW 2059 T: +61 (02) 9220 6300 F: +61 (02) 9233 6605 15 September 2017 www..com

The Manager, Listings Australian Securities Exchange ASX Market Announcements Exchange Centre 20 Bridge Street Sydney NSW 2000

Dear Sir

2017 Boral Review

We attach the Company's 2017 Boral Review, incorporating Boral’s 2017 Sustainability Report.

We are separately forwarding to you the 2017 Annual Report.

These documents are being sent to shareholders, other than those who have chosen to receive no reports, in accordance with choices made by them. Shareholders who have not made a choice will receive the Boral Review.

The Boral Review and the Annual Report, together with the Notice of Meeting for the Company's 2017 Annual General Meeting, will also be posted on Boral's website www.boral.com.

Yours faithfully

Dominic Millgate Company Secretary

Boral Limited ABN 13 008 421 761

BORAL REVIEW INCORPORATING BORAL’S 2017 SUSTAINABILITY REPORT 2017

An annual publication for Boral’s shareholders, employees and other stakeholders

Transforming for performance excellence and sustainable growth Responding to a changing world – our risks and responses

Delivering value creation and long- term sustainability

BUILDING A TRANSFORMATIVE CULTURE To grow, innovate and be responsive Contents 01 YEAR AT A GLANCE 02 RESULTS AT A GLANCE 04 OVERVIEW FROM THE CHAIRMAN 06 MESSAGE FROM THE CEO 08 OUR PURPOSE 10 BORAL 14 USG BORAL 18 BORAL NORTH AMERICA 24 SUMMARY OF OUR RISKS AND RESPONSES 26 MANAGING SUSTAINABILITY 30 OUR PEOPLE 32 HEAL TH, SAFETY & ENVIRONMENTAL MANAGEMENT 34 HEAL TH & SAFETY 38 ENVIRONMENT AL COMPLIANCE & PERFORMANCE 40 ENERGY & EMISSIONS 41 COMMUNITY IMPACTS 42 MANAGING CLIMATE-RELATED IMPACTS 44 V ALUE CHAIN & PRODUCT INNOVATION

Boral Limited’s statutory results are reported under International Financial Reporting Standards (IFRS). Earnings before significant items is a non-IFRS measure reported to provide a greater understanding of the underlying business performance of the Group. Significant items are detailed in note 2.6 of the financial statements and relate to amounts of income and expense that are associated with significant business restructuring, business disposals, impairment or individual transactions. The Boral Review has not been subject to review or audit; however, it contains disclosures which are extracted or derived from the financial statements for the year ended 30 June 2017. All dollar amounts referred to are in Australian dollars unless otherwise specified.

Boral® is a registered trademark of Boral Limited or one of its subsidiaries. © 2017 Boral Ltd. All rights reserved. © 2017 USG Boral. All rights reserved.

Pictured: Boral’s new fixed concrete plant at Granville, NSW BORAL LIMITED Front cover image: Matthew Meneses, Research Technician from Boral’s Discovery ABN 13 008 421 761 Center in San Antonio, Texas, USA – part of the Boral Innovation Factory BUILDING A TRANSFORMATIVE CULTURE Our purpose is to Boral is an international building and materials group with three strong divisions: the high-performing, well-positioned materials Build something great business of Boral Australia; the fast-growing USG Boral1 interior linings across our international business in , Australia and the Middle East; and Boral North America, geographies with high- a scaled and growing building products and fly ash business. quality, innovative, FY2017 marked the fifth year of a transformational journey for Boral, which culminated in the US$2.6 billion acquisition of Headwaters sustainable building Incorporated in the USA. products and In FY2017, Boral delivered underlying profit after tax2 of $343 million, a construction materials. signifi