SGH LIMITED — Major Shareholding Notification 2021

May 9, 2021

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme		Boral Limited (Company)
ACN/ARSN	008 421 761
1. Details of substantial holder (1)
Name		Seven Group Holdings Limited (SGH), Network Investment Holdings Pty Limited (Network Investment) and SGH's othersubsidiaries as set out in the Annexure (SGH Group)
ACN/ARSN (if applicable)142 003 469
There was a change in the interests of the
substantial holder on		10/05/2021
The previous notice was given to the company on		09/04/2021
The previous notice was dated		09/04/2021

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

		Previous notice	Present notice
Class of securities (4)	Person's votesVoting power (5)		Person's votesVoting power (5)
Fully paid ordinary shares ("Shares")	Up to 281,704.050	Up to 22.984%	Up to 281,704.050	Up to 23.18%1

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevantinterest changed	Nature of change (6)	Considerationgiven inrelation tochange (7)	Class and number ofsecurities affected	Person's votes affected
N/A	N/A	N/A	N/A	N/A	N/A

1 This notice is required to be given under s.671B(1)(c) of the Corporations Act. Since the date of the previous notice, there has been no change in the relevant interests of SGH, Network Investments or the SGH Group. However, SGH notes that since the date of the previous notice the voting power of the entities has increased as a result of the on-market buy-back currently being undertaken by the Company.

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevantinterest	Registered holder ofsecurities	Person entitled to beregistered as holder(8)	Nature of relevant interest (6)	Class and number ofsecurities	Person'svotes
Network Investment	Network Investment	Network Investment	Relevant interest under s 608(1) of theCorporations Act 2001 (Cth)(Corporations Act) as the registeredholder and beneficial owner of the shares.	244,934,437ordinary shares	20.15%
SGH and each othermember of the SGHGroup (other thanNetwork Investment)	Network Investment	Network Investment	Each entity is an associate of and/orcontrols Network Investment andaccordingly has a relevant interest in thesame shares as Network Investmentunder ss 608(3)(a) or 608(3)(b) of theCorporations Act. As none of theseentities are entitled to be registered asholder of the shares, each entity's abilityto vote and dispose of these shares isqualified accordingly.	244,934,437ordinary shares	20.15%
WesTrac Holdings PtyLimited (WesTracHoldings)	Macquarie Bank Ltd orunknown registeredholders*	WesTrac Holdings	Relevant interest under s 608(8) of theCorporations Act pursuant to a physicallysettled equity swap transaction enteredinto with Macquarie Bank Ltd on 8 April2021 entitling WesTrac Holdings to betransferred up to 36,769,913 ordinaryshares, subject to the conditions and onthe terms, set out in the Equity SwapTransaction Confirmation dated 8 April2021.	Up to 36,769,613ordinary shares	Up to 3.03%
SGH and each memberof the SGH Group (otherthan WesTrac Holdings)	Macquarie Bank Ltd orunknown registeredholders*	WesTrac Holdings	Each entity is an associate of and/orcontrols WesTrac Holdings andaccordingly has a relevant interest in thesame shares as WesTrac Holdings underss 608(3)(a) or 608(3)(b) of theCorporations Act. As none of theseentities are entitled to be registered asholders of the shares, each entity's abilityto vote and dispose of these shares isqualified accordingly.	Up to 36,769,613ordinary shares	Up to 3.03%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
SGH and the SGH Group	SGH controls each member of the SGH Group and, as such, they are each associates of eachother. The members of SGH Group are set out in the Annexure, some entities of which may havebecome members, or ceased to be members, since the last notice was given to the Company.

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
SGH	Level 30, 175 Liverpool Street, Sydney, NSW, 2000
SGH Group	See Annexure

	Signature
			print name Warren Coatsworth		capacity	Company Secretary
		sign here			date	10 May 2021
				DIRECTIONS
(1)		is clearly set out in paragraph 6 of the form.				If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager andtrustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar,they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members
(2)			See the definition of "associate" in section 9 of the Corporations Act 2001.
(3)	See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(4)	The voting shares of a company constitute one class unless divided into separate classes.
(5)	The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
(6)		Include details of:
	(a)		scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and			any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copyof any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract,
	(b)		securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).			any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the
			See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(7)	Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may,become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of acontingency. Details must be included on any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if theyare not paid directly to the person from whom the relevant interest was acquired.
(8)			If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown'".
(9)			Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

ANNEXURE

This is an Annexure of 2 pages referred to in the Form 604, signed by me and dated 10 May 2021.

Warren Coatsworth Company Secretary

Entity	ACN
C7 Pty Limited	082 901 442
Direct Target Access Pty Limited	072 507 227
Industrial Investment HoldingsPty Limited	166 596 710
Kimlin Holdings Pty Limited	112 288 445
Manooka Holdings Pty Limited	092 680 245
Miltonstar Pty Limited	074 811 144
Network Investment Holdings Pty Limited	078 448 512
Point Pty Limited	009 643 501
Realtime Reporters Pty Limited	009 371 055
Seven (National) Pty Limited	153 299 159
Seven (WAN) Pty Limited	122 263 129
Seven Custodians Pty Limited	089 327 551
Seven Entertainment Pty Limited	085 598 429
Seven Media Group Pty Limited	116 850 607
Seven Network (United States)Inc	N/A
Seven Network International Limited	065 640 075
Seven Network Investments PtyLimited	078 267 759
Seven Network Limited	052 816 789
Seven Network Nominees PtyLimited	060 667 861
Seven Resources Pty Limited	093 422 032
SGH Communications Pty Limited	063 582 990
SGH Energy (No 1) Pty Limited	168 933 355
SGH Energy (No 2) Pty Limited	168 935 644
SGH Energy Aust. Pty Limited	090 835 608
SGH Energy NTP66 Pty Limited	123 243 470
SGH Energy Pty Limited	058 818 278
SGH Energy VICP54 Pty Limited	108 405 009
SGH Energy VICP56 Pty Limited	125 036 142
SGH Energy WA Pty Limited	113 911 274
SGH Energy WA377P Pty Limited	123 243 274
SGH Productions Pty Limited	091 398 471
SMG Executives Pty Limited	128 792 003
SMG FINCO Pty Limited	122 728 321
SNZ Pty Limited	124 503 028
Specialised Investments Pty Limited	163 941 884
Tallglen Pty Limited	058 439 786
WesTrac Holdings Pty Limited	009 336 109

All companies listed above have a registered office located at Level 30, 175 Liverpool Street, Sydney, NSW, 2000 except Seven Network (United States) Inc: 1013 Centre Road, City of Wilmington, Delaware, USA

Entity	ACN
Allight Holdings Pty Ltd	070926 555
AllightPrimax FZCO	N/a
AllightSykes Pty Ltd	053434 807
AllightSykes New Zealand Limited	N/a
Allight Sykes SA (Proprietary)Limited	N/a
F.G.W Pacific Pty Ltd	085531 353
Mining Equipment Spares Pty Ltd	133869 191
National Hire Facilitation Pty Limited	128890 442
National Hire Group Limited	076688 938
Primax USA Inc	N/a
Pump Rentals Pty Ltd	057090 561
Sitech Solutions Pty Limited	137343 090
Sitech (WA) Pty Limited	139286 454
Sykes Group Pty Limited	004093 752
Sykes Fleet Services Pty Limited	074656 027
WesTrac Pty Limited	009342 572
WesTrac Machinery Distribution Pty Limited	155 500 413

All companies listed above have a registered office located at 12 Hoskins Road, Landsdale, WA, 6065, except:

• AllightPrimax FZCO: Plot No. S50119, Jebel Ali Free Zone South, Dubai, UAE
• Allight Sykes SA (Proprietary) Limited: 2 Eglin Road, Sunning Hill, South Africa, 2157
• Mining Equipment Spares Pty Ltd: 327 Victoria Road, Malaga, WA, 6090
• PT Allightsykes: JI Proklamsi #38 RT 32, Balikpapan, Indonesia
• Primax USA Inc: 11000 S Commerce Blvd Charlotte NC 28273
• Sitech Solutions Pty Limited: 33 Allison Street, Bowen Hills, QLD, 4006
• Sitech (WA) Pty Ltd: 128 Great Eastern Highway, South Guildford, WA, 6055

Entity	ACN
All Hire Pty Limited	066054 500
Allplant Services Pty Limited	007691 910
Australian Highway Plant Services Pty Limited	060383 511
Coates Fleet Pty Limited	073603 559
Coates Group Pty Limited	126739 240
Coates Group Holdings Pty Limited	126069 341
Coates Hire Holdco SPV Pty Limited	607858 328
Coates Hire Access SPV Pty Limited	607868 333
Coates Hire Limited	073603 586
Coates Hire Operations Pty Limited	074126 971
Coates Hire Overseas Investments Pty Limited	086464 379
Coates Hire (NZ) Limited	N/a
Coates Hire Traffic Solutions Pty Limited	114055 640
DWB (NH) Pty Limited	003620 951
Nahi Pty Limited	077777 238
National Hire Equipment Pty Limited	080468 293
National Hire Finance Pty Limited	117581 530
National Hire Operations Pty Limited	080468 319
National Hire Properties Pty Limited	101354 107
National Hire Trading Pty Limited	080468 328
Ned Finco Pty Limited	128290 844
PT Coates Hire Indonesia	N/a
PT Coates Services Indonesia	N/a
True Blue Hire Australia Pty Limited	080468 266

All companies listed above have a registered office located at Level 6, 241 O'Riordan Street, Mascot NSW 2020 except:

• Coates Hire (NZ) Limited: Bell Gulley, Level 22, Vero Centre, 48 Shortland Street, Auckland, NZ
• PT Coates Hire Indonesia: Gedung World Trade Centre 5 Lt. 3A, JI.Jend. Surdiman Kav. 29-31, Karet, Setiabudi, Jakarta, 12920 Indonesia
• PT Coates Services Indonesia: WISMA GKBI Lt. 39 S3901 JI. Jend. Surdiman No. 28, Bendungan Hiliar, Tnar Abung, Jakarta Pusat, DKI Jakarta Raya, Indonesia