Boral : Letters to Shareholders re Re-activation of DRP

13 February 2020

The Manager, Listings

Australian Securities Exchange

ASX Market Announcements

Exchange Centre

20 Bridge Street

Sydney NSW 2000

Dear Sir

Boral Limited

Level 18, 15 Blue Street

North Sydney NSW 2060

PO Box 1228

North Sydney NSW 2059

1. [phone]

1. [phone]

www.boral.com.au

Letters to Shareholders - Re-activation of Dividend Reinvestment Plan (DRP)

As announced on 10 February 2020, Boral's DRP will be reactivated with effect from the FY2020 interim dividend to be paid on 15 April 2020, and a 1.5% discount will apply to the DRP for the interim dividend.

We enclose copies of letters being sent to Australian and New Zealand resident shareholders this week regarding the reinstatement of Boral's Dividend Reinvestment Plan.

Yours faithfully

Dominic Millgate

Company Secretary

Boral Limited

ABN 13 008 421 761

Boral Limited

ABN 13 008 421 761

All Registry communications to: Link Market Services Limited Locked Bag A14 Sydney South NSW 1235 Australia

Telephone: [phone]

Facsimile: [phone] ASX Code: BLD

Email: [e-mail] Website: linkmarketservices.com.au

Dear Shareholder,

Re-activation of Dividend Reinvestment Plan (DRP)

As announced to the Australian Securities Exchange (ASX) on 10 February 2020, Boral Limited (BLD) has re-activated its Dividend Reinvestment Plan (DRP), that will be available to Australian and New Zealand resident shareholders with effect from the FY2020 interim dividend to be paid on 15 April 2020.

As previously announced, a 1.5% discount will apply to the DRP for the interim dividend.

The DRP allows eligible shareholders to reinvest either all or part of their dividend in additional fully paid ordinary shares in BLD, instead of receiving the dividend in cash. Participation in the DRP is voluntary.

If you wish to commence participation in BLD's DRP, please do so by using the enclosed DRP Election Form and Reply Paid Envelope which should be returned to Link Market Services.

Alternatively, you may log onto the Link Market Services website www.linkmarketservices.com.auand update your Payment election electronically.

DRP elections and variations must be made by no later than 5pm on Tuesday 17 March 2020 to be effective for the interim dividend.

To access the DRP Rules, please visit Boral Limited's website: https://www.boral.com/shareholder-information/dividend-information

If you have any questions in relation to the DRP, please contact Link Market Services on [phone].

Yours faithfully

Dominic Millgate

Company Secretary

Boral Limited	All Registry communications to:
ABN 13 008 421 761	Link Market Services Limited
Locked Bag A14
	Sydney South NSW 1235 Australia
	Telephone: [phone]
	Facsimile: [phone]
	ASX Code: BLD
	Email: [e-mail]
	Website: linkmarketservices.com.au

Dear Shareholder,

Re-activation of Dividend Reinvestment Plan (DRP)

As announced to the Australian Securities Exchange (ASX) on 10 February 2020, Boral Limited (BLD) has re-activated its Dividend Reinvestment Plan (DRP), that will be available to Australian and New Zealand resident shareholders with effect from the FY2020 interim dividend to be paid on 15 April 2020.

As previously announced, a 1.5% discount will apply to the DRP for the interim dividend.

The DRP allows eligible shareholders to reinvest either all or part of their dividend in additional fully paid ordinary shares in BLD, instead of receiving the dividend in cash. Participation in the DRP is voluntary.

As you have previously made an election to participate in BLD's DRP, your existing election will automatically continue unless we receive alternative instructions from you. The DRP was suspended in 2014.

If you wish to change your existing BLD DRP election, please do so by using the enclosed DRP Election Form and Reply Paid Envelope which should be returned to Link Market Services.

Alternatively, you may log onto the Link Market Services website www.linkmarketservices.com.auand update your Payment election electronically.

DRP elections and variations must be made by no later than 5pm on Tuesday 17 March 2020 to be effective for the interim dividend.

To access the DRP Rules, please visit Boral Limited's website: https://www.boral.com/shareholder-information/dividend-information

If you have any questions in relation to the DRP, please contact Link Market Services on [phone].

Yours faithfully

Dominic Millgate

Company Secretary

Boral Limited	All Registry communications to:
Link Market Services Limited
ABN 13 008 421 761	Locked Bag A14
	Sydney South NSW 1235 Australia
	Telephone (free call within Australia): [phone]
	Telephone: [phone]X
	Facsimile: [phone]
	ASX Code: BLD
	Email: [e-mail]
	Website: www.linkmarketservices.com.au

									*X99999999999*
	SAMPLE
									X99999999999
A	REINVESTMENT PLAN APPLICATION OR VARIATION
Please use a BLACK pen. Print CAPITAL	A	B	C		1	2	3	Where a choice is required,	X
letters inside the shaded areas.								mark the box with an 'X'

This form is to be completed where the securityholder wishes to have their payments reinvested under the rules of the Reinvestment Plan.

I/We being the above named holder of registered securities wish to participate in the Plan as indicated below.

I/We authorise the application of the payment to me/us with respect to the number of securities participating in the Plan at the price and subject to the rules of the Plan.

I/We hereby agree to be bound by the rules of the Plan in subscribing for additional securities.

I/We acknowledge that I/we may vary or cancel my/our participation in the lan, in accordance with the rules of the Plan. This will cancel any earlier Plan instructions and take priority over any direct credit instructions.

Degree of Participation (cross appropriate box):

FULL PARTICIPATION

- Including any further acquisitions.

or

Please specify the number of securities

P

RTI L P

RTICIP TION

-

to participate in the Plan

or

C

NCEL

RTICIP TION

- If you wish to cancel your Plan participation.

B

IGNATURE( ) OF SECURITYHOLDER(S) - THIS MUST BE COMPLETED

ecurityholder 1 (Individual)

Joint Securityholder 2 (Individual)

Joint Securityholder 3 (Individual)

Sole Director and Sole Company

Director/Company Secretary (delete one)

Date

/

/

Secretary/Director (delete one)

Signing Instructions: This form should be signed by the securityholder. If a joint holding, all securityholders should sign. If signed by the securityholder's attorney, the power of attorney must have been previously noted by the registry or a certified copy attached to this form. If executed by a company, the form must be executed in accordance with the company's constitution and the Corporations Act 2001 (Cth) (or for New Zealand companies, the Companies Act 1993).

Personal Information Collection Notification Statement: Link Group advises that personal information it holds about you (including your name, address, date of birth and details of the financial assets) is collected by Link Group organisations to administer your investment. Personal information is held on the public register in accordance with Chapter 2C of the Corporations Act 2001. Some or all of your personal information may be disclosed to contracted third parties, or related Link Group companies in Australia and overseas. Your information may also be disclosed to Australian government agencies, law enforcement agencies and regulators, or as required under other Australian law, contract, and court or tribunal order. For further details about our personal information handling practices, including how you may access and correct your personal information and raise privacy concerns, visit our website at www.linkmarketservices.com.au for a copy of the Link Group condensed privacy statement, or contact us by phone on [phone] (free call within Australia) 9am-5pm(Sydney time) Monday to Friday (excluding public holidays) to request a copy of our complete privacy policy.

BLD DRP005

DRP005* *BLD