Police say the 48-year-old man and others entered the water at Lake Conjola about 7.30 last night to help the three boys.
Surf Life Saving Australia: Beach safety tips
The man managed to rescue one son before he disappeared and the other two youngsters were also returned safely to shore.
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Board riders retrieved the man's body .. but he couldn't be revived.
He's believed to be from Newtown in Sydney and was holidaying with his family.
Earlier in the afternoon a woman had to be revived after getting caught in a rip while swimming with her 12-year-old at North Broulee near Batemans Bay.

