BORAL LIMITED (3 November LTIP) TSR Calculation and Ranking Report 03 Nov 2008 To 26 Sep 2014

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1 The TSR Ranking for the 3 November LTIP as at 26 September 2014 is as follows. We also set out changes that have occurred within the peer group between 3 November 2008 and 26 September 2014 inclusive. A. TSR Ranking TSR Ranking ASX Code Company Name TSR% Rank Percentile SYD SYDNEY AIRPORT JHX JAMES HARDIE INDUSTRIES PLC ANZ AUSTRALIA AND NEW ZEALAND BANKING GROUP AMC AMCOR CBA COMMONWEALTH BANK OF AUSTRALIA CTX CALTEX AUSTRALIA CWN CROWN TTS TATTS GROUP WBC WESTPAC BANKING CORPORATION TLS TELSTRA CORPORATION NAB NATIONAL AUSTRALIA BANK FOX TWENTY-FIRST CENTURY FOX, INC WES WESFARMERS IAG INSURANCE AUSTRALIA GROUP SUN SUNCORP GROUP RIV RIVERSDALE MINING LLC LEND LEASE GROUP TEL TELECOM CORPORATION OF NEW ZEALAND CSL CSL MQG MACQUARIE GROUP TCL TRANSURBAN GROUP OSH OIL SEARCH LGL LIHIR GOLD WOW WOOLWORTHS BEN BENDIGO AND ADELAIDE BANK SHL SONIC HEALTHCARE ASX ASX DJS DAVID JONES Page 1 of 12

2 TSR Ranking ASX Code Company Name TSR% Rank Percentile AOE ARROW ENERGY CPU COMPUTERSHARE BXB BRAMBLES FGL FOSTER'S GROUP CMJ CONSOLIDATED MEDIA HOLDINGS CQR CHARTER HALL RETAIL REIT CCL COCA-COLA AMATIL COH COCHLEAR ORI ORICA PPT PERPETUAL AGK AGL ENERGY TAH TABCORP HOLDINGS BOQ BANK OF QUEENSLAND CFX CFS RETAIL PROPERTY TRUST GROUP AXA AXA ASIA PACIFIC HOLDINGS LNN LION NATHAN BHP BHP BILLITON QGC QUEENSLAND GAS COMPANY HVN HARVEY NORMAN HOLDINGS CPA COMMONWEALTH PROPERTY OFFICE FUND DXS DEXUS PROPERTY GROUP SGP STOCKLAND ORG ORIGIN ENERGY AMP AMP PRY PRIMARY HEALTH CARE MTS METCASH TOL TOLL HOLDINGS WDC WESTFIELD GROUP BLD BORAL STO SANTOS WPL WOODSIDE PETROLEUM MGR MIRVAC GROUP Page 2 of 12

3 TSR Ranking ASX Code Company Name TSR% Rank Percentile IOF INVESTA OFFICE FUND CSR CSR ALL ARISTOCRAT LEISURE MIG MACQUARIE INFRASTRUCTURE GROUP GPT GPT GROUP MCG MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP RIO RIO TINTO DOW DOWNER EDI FMG FORTESCUE METALS GROUP LTD SGB ST GEORGE BANK WOR WORLEYPARSONS CEU CONNECTEAST GROUP LEI LEIGHTON HOLDINGS UGL UGL IPL INCITEC PIVOT AIO ASCIANO GMG GOODMAN GROUP GFF GOODMAN FIELDER QBE QBE INSURANCE GROUP AWC ALUMINA CQO CHARTER HALL OFFICE REIT MGX MOUNT GIBSON IRON IIF ING INDUSTRIAL FUND FXJ FAIRFAX MEDIA NCM NEWCREST MINING SGM SIMS METAL MANAGEMENT SWM SEVEN WEST MEDIA QAN QANTAS AIRWAYS TSE TRANSFIELD SERVICES OZL OZ MINERALS NUF NUFARM VPG VALAD PROPERTY GROUP Page 3 of 12

4 TSR Ranking ASX Code Company Name TSR% Rank Percentile ARI ARRIUM BSL BLUESCOPE STEEL BBI BABCOCK & BROWN INFRASTRUCTURE GROUP PDN PALADIN ENERGY BBG BILLABONG INTERNATIONAL BLY BOART LONGYEAR ELD ELDERS Page 4 of 12

5 C. Changes over the period 1. Events affecting companies in the peer group The events detailed below occurred for the following Peer Group companies during the performance period. Changes - Peer Group Events ASX Code Company Name Reason Inactive Date ABS ABC LEARNING CENTRES VOLUNTARY ADMINISTRATORS APPOINTED - *REMOVED* AMC AMCOR AMCOR DEMERGER SCHEME OF ARRANGEMENT AXA AXA ASIA PACIFIC HOLDINGS SCHEME OF ARRANGEMENT WITH AMP 09/03/2011 BBI LNN LION NATHAN TAKEOVER BY KIRIN HOLDINGS COMPANY MCG BABCOCK & BROWN INFRASTRUCTURE GROUP FOX TWENTY-FIRST CENTURY FOX, INC. DE-MERGED TO TWENTY-FIRST CENTURY FOX, INC. AND NEW NEWSCORP INC IIF ING INDUSTRIAL FUND ACQUISITION BY GOODMAN INDUSTRIAL FUNDS MANAGEMENT MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP BBI SCHEME OF ARRANGEMENT 23/11/2009 BNB BABCOCK & BROWN APPOINTMENT OF VOLUNTARY ADMINISTRATORS - *REMOVED* TAKEN OVER BY CANADA PENSION PLAN INVESTMENT BOARD 25/08/ /12/2013 AOE ARROW ENERGY ACQUISITION BY CS CSG (AUSTRALIA) PTY LTD 30/07/2010 BXB BRAMBLES BRAMBLES DEMERGER SCHEME OF ARRANGEMENT 12/01/ /12/2013 CEU CONNECTEAST GROUP ACQUISITION BY HORIZON ROADS PTY 06/10/2011 CMJ CONSOLIDATED MEDIA HOLDINGS ACQUISITION BY NEWS CORPORATION 02/11/2012 CPA COMMONWEALTH PROPERTY OFFICE FUND COMPULSORY ACQUISITION BY DEXUS OFFICE TRUST AUSTRALIA CQO CHARTER HALL OFFICE REIT ACQUISITION BY RECO AMBROSIA PTE LTD AND THE PUBLIC SECTOR PENSION INVESTMENT BOARD OF CANADA 11/03/ /04/2012 DJS DAVID JONES ACQUISTION BY VELA INVESTMENTS PTY LTD 21/07/2014 FGL FOSTER'S GROUP FGL DEMERGER SCHEME OF ARRANGEMENT 10/05/ /06/ /03/2011 LGL LIHIR GOLD ACQUISITION BY NEWCREST MINING 31/08/ /10/ /07/2009 MIG MACQUARIE INFRASTRUCTURE GROUP MIG DEMERGER SCHEME OF ARRANGEMENT 25/01/2010 ORI ORICA ORICA DEMERGER SCHEME OF ARRANGEMENT 12/07/2010 Page 5 of 12

6 Changes - Peer Group Events ASX Code Company Name Reason Inactive Date QGC QUEENSLAND GAS COMPANY COMPULSORY ACQUISITION BY BG INTERNATIONAL (AUS) INVESTMENTS PTY RIV RIVERSDALE MINING COMPULSORY ACQUISITION BY RIO TINTO JERSEY HOLDINGS 2010 SGB ST GEORGE BANK SCHEME OF ARRANGEMENT WITH WESTPAC BANKING CORPORATION TAH TABCORP HOLDINGS TAH DEMERGER SCHEME OF ARRANGEMENT 06/06/2011 TEL TELECOM CORPORATION OF NEW ZEALAND TEL DEMERGER SCHEME OF ARRANGEMENT 21/11/2011 VPG VALAD PROPERTY GROUP SCHEME OF ARRANGEMENT WITH BLACKSTONE REAL ESTATE ADVISORS L.P. WDC WESTFIELD GROUP RESTRUCTURE BETWEEN WESTFIELD GROUP (WDC) AND WESTFIELD RETAIL TRUST (WRT) 03/04/ /07/ /04/ /08/ /06/2014 WOW WOOLWORTHS WOW DEMERGER SCHEME OF ARRANGEMENT 26/11/ Companies changing name Changes - NAME ASX Code Company Name New Company Name FCL FUTURIS CORPORATION ELD ELDERS MAP MAP GROUP SYD SYDNEY AIRPORT MCW MACQUARIE COUNTRYWIDE TRUST CQR CHARTER HALL RETAIL REIT MOF MACQUARIE OFFICE TRUST CQO CHARTER HALL OFFICE REIT NWS NEWS CORPORATION FOX TWENTY-FIRST CENTURY FOX, INC. OST ONESTEEL ARI ARRIUM WAN WEST AUSTRALIAN NEWSPAPERS HOLDINGS SWM 3. Adjustment factors used during this measurement period SEVEN WEST MEDIA We used adjusted data from IRESS which incorporated the following adjustments. AGK AGL ENERGY 22/08/ :5 REN (PAITREO) AGK AGL ENERGY 28/05/ :6 REN (PAITREO) AIO ASCIANO 30/11/ :3 CONSOLIDATION AIO ASCIANO 05/11/ DE-STAPLING OF ASCIANO GROUP Page 6 of 12

7 AIO ASCIANO 16/06/ :1 NON REN AMC AMCOR 17/12/ DEMERGER BY WAY OF DIST OF 1 ORA FOR EVERY 1 AMC AMC AMCOR 19/08/ :9 NON REN AOE ARROW ENERGY 19/07/ IN SPECIE DISTRIBUTION OF 1 DART ENERGY LTD (DTE) FOR EVERY 2 AOE ARI ARRIUM 17/09/ :1 REN 48C PAITREO ARI ARRIUM 17/04/ :5 NON REN ASX ASX 13/06/ :19 REN (PAITREO) AWC ALUMINA 01/05/ :10 NON REN BBG BILLABONG INTERNATIONAL 25/02/ :8 REN (PAITREO) ADJUSTED TO 1:4.5 ON NEW ADDED ENTITLED SHARES BBG BILLABONG INTERNATIONAL 22/06/ :7 NON REN BBG BILLABONG INTERNATIONAL 19/05/ :11 NON REN BBI BABCOCK & BROWN INFRASTRUCTURE GROUP 09/11/ $0.04 CAPITAL RETURN (STANDARD CAPITAL RETURN CALC NOT ABLE TO BE APPLIED) BBI BABCOCK & BROWN INFRASTRUCTURE GROUP 23/11/ RECAPITALISATION BBI BABCOCK & BROWN INFRASTRUCTURE GROUP 12/10/ IN SPECIE DISTRIBUTION OF NON- VOTING SHARES IN PRIME AET&D HLDGS NO 1 PTY LTD BEN BENDIGO AND ADELAIDE BANK 11/08/ :12 NON REN BLD BORAL 07/07/ :5 REN BLY BOART LONGYEAR 12/05/ :10 CONSOLIDATION BLY BOART LONGYEAR 18/08/ :1 NON REN BOQ BANK OF QUEENSLAND 15/04/ :26 REN (AREO) BOQ BANK OF QUEENSLAND 27/03/ :37 NON REN BOQ BANK OF QUEENSLAND 20/08/ :9 NON REN BSL BLUESCOPE STEEL 06/12/ :6 CONSOLIDATION BSL BLUESCOPE STEEL 23/11/ :5 REN (PAITREO) BSL BLUESCOPE STEEL 06/05/ :1 NON REN Page 7 of 12

8 BXB BRAMBLES 09/12/ DEMERGER BY IN-SPECIE DISTRBTN OF 1 REC FOR EVERY 5 BXB BXB BRAMBLES 06/06/ :20 REN PAITREO CCL COCA-COLA AMATIL 22/08/ SPECIAL CCL COCA-COLA AMATIL 21/02/ SPECIAL CEU CONNECTEAST GROUP 26/08/ :2 REN (RAPID) CEU CONNECTEAST GROUP 25/11/ :8 NON REN CFX CFS RETAIL PROPERTY TRUST GROUP 11/03/ STAPLE OF CFX INTO CFS RTAIL PROPTY TRUST & DESTAPLE OF CFS RTAIL PROPTY TRUST2 CFX CFS RETAIL PROPERTY TRUST GROUP 29/05/ STAPLING OF RETAIL TRUST 2 AND CFS RETAIL PROPERTY TRUST CPA COMMONWEALTH PROPERTY OFFICE FUND 12/11/ :15 NON REN CQO CHARTER HALL OFFICE REIT 23/02/ SPECIAL CQO CHARTER HALL OFFICE REIT 31/08/ :10 CONSOLIDATION CQO CHARTER HALL OFFICE REIT 12/12/ :1 NON REN CQR CHARTER HALL RETAIL REIT 31/08/ :5 CONSOLIDATION CSR CSR 17/02/ :3 CONSOLIDATION CSR CSR 09/02/ CAPITAL CSR CSR 11/01/ SPECIAL CSR CSR 27/10/ :40 REN (SAREO) CSR CSR 18/11/ :4 NON REN DOW DOWNER EDI 02/03/ :4 REN (AREO) DXS DEXUS PROPERTY GROUP 22/04/ :7 NON REN ELD ELDERS 16/09/ :5 NON REN ELD ELDERS 18/12/ :1 CONSOLIDATION OF CAPITAL FCL FUTURIS CORPORATION 16/09/ :5 NON REN FCL FUTURIS CORPORATION 18/12/ :1 CONSOLIDATION OF CAPITAL FGL FOSTER'S GROUP 09/05/ IN SPECIE DISTRIBUTION OF 1 TREASURY WINE ESTATES (TWE) SHARE FOR EVERY 3 FGL Page 8 of 12

9 FOX TWENTY-FIRST CENTURY FOX, INC. 18/06/ SEPARATION OF BUSINESSES BY WAY OF AN IN-SPECIE DISTRIBUTION OF 1 NNC FOR 4 NWS FXJ FAIRFAX MEDIA 27/02/ :5 NON REN GFF GOODMAN FIELDER 29/09/ :12 REN (PAITREO) GMG GOODMAN GROUP 13/08/ STAPLING OF GOODMAN LOGISTICS (HK) LTD AND GOODMAN GROUP GMG GOODMAN GROUP 03/04/ :5 CONSOLIDATION GMG GOODMAN GROUP 07/08/ :1 NON REN GPT GPT GROUP 11/05/ :5 CONSOLIDATION GPT GPT GROUP 05/08/ :1 IN-SPECIE DISTRIBUTION IN BGP HOLDINGS GPT GPT GROUP 08/05/ :1 NON REN IIF ING INDUSTRIAL FUND 28/10/ :1 IOF INVESTA OFFICE FUND 22/06/ SPECIAL IOF INVESTA OFFICE FUND 10/04/ :4 CONSOLIDATION IOF INVESTA OFFICE FUND 18/06/ :5 NON REN IOF INVESTA OFFICE FUND 05/12/ :2.9 NON REN IPL INCITEC PIVOT 13/11/ :13 NON REN JHX JAMES HARDIE INDUSTRIES PLC 09/06/ SPECIAL (USD$0.20) JHX JAMES HARDIE INDUSTRIES PLC 14/03/ SPECIAL (USD$0.28) JHX JAMES HARDIE INDUSTRIES PLC 21/06/ SPECIAL LEI LEIGHTON HOLDINGS 13/04/ :9 REN (AREO) LLC LEND LEASE GROUP 26/02/ :22 REN (SAREO) LLC LEND LEASE GROUP 12/11/ STAPLING OF LEND LEASE TRUST AND LEND LEASE CORPORATION LNN LION NATHAN 18/09/ SPECIAL MAP MAP GROUP 25/11/ STAPLING OF SYD AIRPORT TRUST1 TO SYD AIRPORT & DESTAPLING OF SYD AIRPORT TRUST2 MAP MAP GROUP 05/12/ DE-STAPLING OF MAP AIRPORT & CASH Page 9 of 12

10 MAP MAP GROUP 28/09/ SPECIAL MAP MAP GROUP 05/10/ :11 NON REN MCW MACQUARIE COUNTRYWIDE TRUST 31/08/ :5 CONSOLIDATION MGR MIRVAC GROUP 08/06/ :9 NON REN MGR MIRVAC GROUP 05/11/ :1 MGX MOUNT GIBSON IRON 04/12/ :5 REN MIG MACQUARIE INFRASTRUCTURE GROUP 22/01/ DEMERGER & 10C SPECIAL DIV MIG MACQUARIE INFRASTRUCTURE GROUP 20/06/ :5 CONSOLIDATION MIG MACQUARIE INFRASTRUCTURE GROUP 28/09/ :1 NON REN MOF MACQUARIE OFFICE TRUST 31/08/ :10 CONSOLIDATION MOF MACQUARIE OFFICE TRUST 12/12/ :1 NON REN MOF MACQUARIE OFFICE TRUST 23/02/ SPECIAL MQG MACQUARIE GROUP 13/12/ CAPITAL RETURN BY WAY OF DIST OF 1 SYD PER 1 MQG & :1 CONSOLIDATION NCM NEWCREST MINING 18/11/ SPECIAL NUF NUFARM 22/04/ :5 REN (AREO) ORG ORIGIN ENERGY 17/03/ :5 REN (PAITREO) ORG ORIGIN ENERGY 04/11/ SPECIAL ORI ORICA 11/07/ IN SPECIE DISTRIBUTION OF 1 DULUXGROUP (DLX) FOR EVERY 1 ORI OST ONESTEEL 17/04/ :5 NON REN OST ONESTEEL 17/09/ :1 REN 48C PAITREO OZL OZ MINERALS 27/05/ :10 CONSOLIDATION OZL OZ MINERALS 19/05/ RETURN OF RIO RIO TINTO 16/06/ :40 REN RIV RIVERSDALE MINING 18/07/ :8 NON REN SGB ST GEORGE BANK 17/11/ SPECIAL SGP STOCKLAND 14/05/ :5 NON REN STO SANTOS 12/05/ :5 NON REN Page 10 of 12

11 SUN SUNCORP GROUP 19/08/ SPECIAL SUN SUNCORP GROUP 23/08/ SPECIAL SUN SUNCORP GROUP 24/08/ SPECIAL SUN SUNCORP GROUP 23/12/ RESTRUCTURE TO ESTABLISH A NON-HOLDING COMPANY, SUNCORP GROUP SUN SUNCORP GROUP 06/02/ :5 NON REN SWM SEVEN WEST MEDIA 18/07/ :2 REN (AREO) SWM SEVEN WEST MEDIA 22/02/ :7 NON REN ISSUED OF CONVERTIBLE UNSECURED LOAN SYD SYDNEY AIRPORT 25/11/ STAPLING OF SYD AIRPORT TRUST1 TO SYD AIRPORT & DESTAPLING OF SYD AIRPORT TRUST2 SYD SYDNEY AIRPORT 05/12/ DE-STAPLING OF MAP AIRPORT & CASH SYD SYDNEY AIRPORT 28/09/ SPECIAL SYD SYDNEY AIRPORT 05/10/ :11 NON REN TAH TABCORP HOLDINGS 03/06/ IN SPECIE DISTRIBUTION OF 1 EGP FOR EVERY 1 TAH (DEMERGER) TAH TABCORP HOLDINGS 20/10/ :9 REN (AREO) TCL TRANSURBAN GROUP 30/04/ :43 REN (AREO) TCL TRANSURBAN GROUP 12/05/ :11 REN (AREO) TEL TEL TTS TATTS GROUP 31/08/ SPECIAL VPG VALAD PROPERTY GROUP 02/11/ :20 CONSOLIDATION OF STAPLED SECURITIES VPG VALAD PROPERTY GROUP 24/09/ :4 NON REN WAN TELECOM CORPORATION OF NEW ZEALAND TELECOM CORPORATION OF NEW ZEALAND WEST AUSTRALIAN NEWSPAPERS HOLDINGS 18/11/ IN SPECIE DISTRIBUTION OF 1 CNU FOR EVERY 5 TEL 26/08/ C (NZ$ ) SPECIAL DIVIDEND TSE TRANSFIELD SERVICES 14/12/ :9 NON REN TSE TRANSFIELD SERVICES 28/11/ :1 NON REN 22/02/ :7 NON REN ISSUED OF CONVERTIBLE UNSECURED LOAN Page 11 of 12

12 WAN WEST AUSTRALIAN NEWSPAPERS HOLDINGS 18/07/ :2 REN (AREO) WBC WESTPAC BANKING CORPORATION 07/11/ SPECIAL WBC WESTPAC BANKING CORPORATION 10/05/ SPECIAL WDC WESTFIELD GROUP 10/12/ IN SPECIE (CAPITAL) DISTRIBUTION OF 1 WRT FOR EVERY 1 WDC WES WESFARMERS 28/08/ SPECIAL WES WESFARMERS 08/11/ CAPITAL & :1 CONSOLIDATION WES WESFARMERS 26/01/ :7 NON REN WOW WOOLWORTHS 23/11/ CAPITAL RETURN BY IN-SPECIE OF 1 SCP FOR EVERY 5 WOW WPL WOODSIDE PETROLEUM 29/04/ SPECIAL WPL WOODSIDE PETROLEUM 16/12/ :12 REN $42.10 (AREO) Page 12 of 12

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