<SEC-DOCUMENT>0001140361-25-022757.txt : 20250617
<SEC-HEADER>0001140361-25-022757.hdr.sgml : 20250617
<ACCEPTANCE-DATETIME>20250617083521
ACCESSION NUMBER:		0001140361-25-022757
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250617
DATE AS OF CHANGE:		20250617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			James Hardie Industries plc
		CENTRAL INDEX KEY:			0001159152
		STANDARD INDUSTRIAL CLASSIFICATION:	CONCRETE PRODUCTS, EXCEPT BLOCK & BRICK [3272]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286977
		FILM NUMBER:		251051937

	BUSINESS ADDRESS:	
		STREET 1:		2ND FLOOR EUROPA HOUSE
		STREET 2:		HARCOURT CENTRE HARCOURT STREET
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2
		BUSINESS PHONE:		353 1 4116924

	MAIL ADDRESS:	
		STREET 1:		2ND FLOOR EUROPA HOUSE
		STREET 2:		HARCOURT CENTRE HARCOURT STREET
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAMES HARDIE INDUSTRIES SE
		DATE OF NAME CHANGE:	20100219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAMES HARDIE INDUSTRIES N.V.
		DATE OF NAME CHANGE:	20090508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARDIE JAMES INDUSTRIES NV
		DATE OF NAME CHANGE:	20010914
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>ef20050715_424b3.htm
<DESCRIPTION>424B3
<TEXT>
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      <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 424(b)(3)</div>
      <div style="text-align: right; font-weight: bold;">Registration No. 333-286977</div>
      <div>&#160;</div>
      <div>This Prospectus Supplement No. 1, dated June 17, 2025 (this &#8220;Supplement&#8221;), updates and supplements the proxy statement/prospectus dated May 29, 2025 (the &#8220;Proxy Statement/Prospectus&#8221;) filed by James Hardie Industries plc with the Securities and
        Exchange Commission (the &#8220;SEC&#8221;) on May 29, 2025 (Registration No. 333-286977).</div>
      <div>&#160;</div>
      <div>The purpose of this Supplement is to update and supplement the information in the Proxy Statement/Prospectus with the information contained in the Current Report on Form 8-K filed by The AZEK Company Inc. with the SEC on June 17, 2025 (the
        &#8220;Current Report&#8221;). The Current Report is attached to and forms part of this Supplement.</div>
      <div>&#160;</div>
      <div>This Supplement should be read in conjunction with the Proxy Statement/Prospectus.</div>
      <div>&#160;
        <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div> <br>
      </div>
      <div>This Supplement is not complete without, and may not be delivered or utilized except in connection with, the Proxy Statement/Prospectus, including any supplements and amendments thereto.</div>
      <div>&#160;<br>
      </div>
      <div style="font-weight: bold;">You should read carefully and in their entirety this Supplement and the Proxy Statement/Prospectus and all accompanying annexes and exhibits. You should review and consider carefully the matters discussed under the
        heading &#8220;Risk Factors&#8221; beginning on page 25 of the Proxy Statement/Prospectus.</div>
      <div>&#160;
        <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities to be issued in connection with the merger (as defined in the Proxy Statement/Prospectus)
        or determined if the Proxy Statement/Prospectus or this Supplement is accurate or complete. Any representation to the contrary is a criminal offense.</div>
      <div>&#160;</div>
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          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
          <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
          </div>
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            <div>&#160;</div>
          </div>
          <div style="text-align: center; margin-right: 162pt; margin-left: 162pt; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 8-K</div>
          <div style="text-align: center; margin-right: 162pt; margin-left: 162pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
          </div>
          <div>
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          <div>
            <div>&#160;</div>
          </div>
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">CURRENT REPORT</div>
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
          <div style="text-align: center; color: #000000; font-weight: bold;">Date of Report (Date of earliest event reported):&#160; June 17, 2025</div>
          <div>
            <div>
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          </div>
          <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;"><font style="font-size: 24pt;">THE AZEK COMPANY INC.</font><br>
          </div>
          <div style="text-align: center; color: #000000;">(Exact name of registrant as specified in its charter)</div>
          <div>
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                <td style="width: 33%; vertical-align: bottom; font-weight: bold; text-align: center;">Delaware<br>
                </td>
                <td style="width: 34%; vertical-align: bottom;">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">001-39322<br>
                  </div>
                </td>
                <td style="width: 33%; vertical-align: bottom;">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">90-1017663<br>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 33%; vertical-align: bottom;">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(State or other jurisdiction of&#160; incorporation)</div>
                </td>
                <td style="width: 34%; vertical-align: bottom;">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Commission File Number)</div>
                </td>
                <td style="width: 33%; vertical-align: bottom;">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(IRS Employer&#160; Identification No.)</div>
                </td>
              </tr>

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          <div><br>
          </div>
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                <td style="width: 49%; vertical-align: bottom;">
                  <div style="text-align: center;"><font style="font-weight: bold;">1330 W Fulton Street, Suite 350</font></div>
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Chicago, Illinois</div>
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Address of principal executive offices)</div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                <td style="width: 49%; vertical-align: bottom;">
                  <div style="text-align: center; color: #000000; font-weight: bold;">60607<br>
                  </div>
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Zip Code)</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="text-align: center; color: #000000; font-weight: bold;">Registrant&#8217;s telephone number, including area code:&#160; (877) 275-2935</div>
          <div><br>
          </div>
          <div style="text-align: center; color: #000000; font-weight: bold;">Not Applicable</div>
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Former name or former address, if changed since last report.)</div>
          <div>
            <div>
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          </div>
          <div style="color: #000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
            following provisions:</div>
          <div>&#160;</div>
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                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9746;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
                </td>
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          <div>&#160;</div>
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                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
                </td>
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          <div>&#160;</div>
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                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
                </td>
              </tr>

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          <div>&#160;</div>
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                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
                </td>
              </tr>

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          <div>&#160;</div>
          <div style="text-align: center; color: #000000; font-weight: bold;">Securities registered pursuant to Section 12(b) of the Act:</div>
          <div>&#160;</div>
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                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Title of each class</div>
                </td>
                <td style="width: 1.49%; vertical-align: bottom;">&#160;</td>
                <td style="width: 14.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Trading</div>
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">symbol(s)</div>
                </td>
                <td style="width: 1.91%; vertical-align: bottom;">&#160;</td>
                <td style="width: 38.97%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Name of each exchange on which registered</div>
                </td>
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                  <div style="text-align: center; color: rgb(0, 0, 0);">Class A Common Stock, par value $0.001 per share<br>
                  </div>
                </td>
                <td style="width: 1.49%; vertical-align: middle;">&#160;</td>
                <td style="width: 14.75%; vertical-align: middle;">
                  <div style="text-align: center; color: rgb(0, 0, 0);">AZEK<br>
                  </div>
                </td>
                <td style="width: 1.91%; vertical-align: middle;">&#160;</td>
                <td style="width: 38.97%; vertical-align: middle;">
                  <div style="text-align: center; color: rgb(0, 0, 0);">New York Stock Exchange<br>
                  </div>
                </td>
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          <div>&#160;</div>
          <div style="color: #000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this
            chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</div>
          <div>&#160;</div>
          <div style="color: #000000;">Emerging growth company&#160; &#9744;</div>
          <div>&#160;</div>
          <div style="color: #000000;">If an emerging growth company, indicate by check mark if the registrant has elected not
              to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160; &#9744;</div>
          <div>
            <div><br>
            </div>
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                    <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 8.01.</td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="color: #000000; font-weight: bold;">Other Events.</div>
                    </td>
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            </div>
            <div style="text-indent: 24.5pt; color: #000000;"> <br>
            </div>
            <div style="text-indent: 24.5pt; color: #000000;">As previously reported, on March 23, 2025, The AZEK Company Inc., a Delaware corporation (the &#8220;Company&#8221; or &#8220;AZEK&#8221;), James
              Hardie Industries plc, an Irish public limited company (&#8220;James Hardie&#8221;), and Juno Merger Sub Inc., a Delaware corporation and an indirect wholly owned subsidiary of James Hardie (&#8220;Merger Sub&#8221;), entered into an Agreement and Plan of Merger, as
              amended from time to time, including on May 4, 2025 (the &#8220;Merger Agreement&#8221;), pursuant to which Merger Sub will merge with and into the Company (the &#8220;Merger&#8221;), with the Company surviving the Merger as an indirect wholly owned subsidiary of
              James Hardie.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt; color: #212529;">The Company has filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) a definitive proxy statement (the &#8220;definitive
              proxy statement&#8221;) for the solicitation of proxies in connection with the Company special meeting of stockholders, to be held on June 27, 2025, to vote upon, among other things, matters necessary to complete the Merger.</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="color: #212529; font-style: italic; font-weight: bold;">Litigation Related to the Merger</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt;"><font style="color: #212529;">As of the date hereof, the Company has received several demand
                letters from purported stockholders <font style="color: #212529;">of the Company </font>(the &#8220;Demand Letters&#8221;) and, to the Company&#8217;s knowledge, two complaints have been filed with respect
                to the Merger. The complaints are captioned:&#160; </font><font style="font-style: italic; color: #212529;">Ken Collins v. The AZEK Company Inc. et al.</font><font style="color: #212529;">, No. 653455/2025 (N.Y. Sup. Ct. filed June 9, 2025); and </font><font style="font-style: italic; color: #212529;">Eric Johnson v. The AZEK
                Company Inc. et al.</font><font style="color: #212529;">, No. 653502/2025 (N.Y. Sup. Ct. filed June 9, 2025)</font><font style="color: #000000;">&#160;</font><font style="color: #212529;">(collectively referred to as the &#8220;Stockholder Actions&#8221;).</font></div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt; color: #212529;">The Demand Letters and the Stockholder Actions allege that, among other things, the definitive proxy statement contains certain
              disclosure deficiencies and/or incomplete information regarding the Merger. Although the outcome of or estimate of the possible loss or range of loss from these matters cannot be predicted, the Company believes that the allegations contained
              in the Demand Letters and the Stockholder Actions are without merit.</div>
            <div>&#160;</div>
            <div style="text-indent: 24.5pt; color: #212529;">The Company believes that no supplemental disclosures are required under applicable laws; however, in order to avoid the risk
              of the Demand Letters and the Stockholder Actions delaying the Merger and to minimize the potential expense associated therewith, and without admitting any liability or wrongdoing, the Company is voluntarily making certain disclosures that
              supplement those contained in the definitive proxy statement. These disclosures, and disclosures on certain other matters, are provided below in this Current Report on Form 8-K. Nothing in this Current Report on Form 8-K shall be deemed an
              admission of the legal necessity or materiality under applicable laws of any of the disclosures set forth herein. To the contrary, the Company specifically denies all allegations in the Demand Letters and the Stockholder Actions, including
              that any additional disclosure was or is required.</div>
            <div>&#160;</div>
            <div style="text-indent: 24.5pt; color: #212529;">It is possible that additional, similar demand letters or complaints may be received or filed, or that the Stockholder Actions
              may be amended. The Company does not intend to announce the receipt or filing of each additional, similar demand letter or complaint, or of any amended complaint.</div>
            <div style="text-indent: 24.5pt; color: #212529;"> <br>
            </div>
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          </div>
          <div>
            <div style="text-align: center; color: rgb(33, 37, 41); font-weight: bold;">SUPPLEMENT TO THE DEFINITIVE PROXY STATEMENT</div>
          </div>
          <div>
            <div><br>
            </div>
            <div style="text-indent: 24.5pt;"><font style="color: #212529;">This supplement to the definitive proxy statement should be read
                in connection with the definitive proxy statement, which should be read in its entirety</font><font style="color: #000000;">, including all risk factors and cautionary notes contained therein</font><font style="color: #212529;">. All page references are to pages in the definitive proxy statement, and terms used below, unless otherwise defined, have the meanings set forth in the definitive
                proxy statement. </font><font style="color: #000000;">For clarity, new text within restated paragraphs and tables from the definitive proxy statement is bold and underlined, while deleted
                text is bold and stricken-through.</font></div>
            <div>&#160;</div>
          </div>
          <div style="text-align: justify; color: #000000; font-weight: bold;">The second and third sentences in the first full paragraph on
              Page 51 under &#8220;<font style="font-style: italic;">The Merger&#8212;Opinion of AZEK&#8217;s Financial Advisor&#8212;Illustrative Discounted Cash Flow Analysis&#8212;AZEK Standalone</font>&#8221; are hereby amended and supplemented as follows:</div>
          <div>&#160;</div>
          <div style="text-indent: 27pt;">Goldman Sachs then subtracted from the range of illustrative enterprise values it derived for AZEK the amount of AZEK&#8217;s total debt and debt-like
            items <font style="font-weight: bold;"><u>of $534 million</u></font> and added the amount of AZEK&#8217;s cash and cash equivalents <font style="font-weight: bold;"><u>of $148 million</u></font>, in each case, <font style="font-weight: bold;"><u>as
                of December 31, 2024, and</u></font> as provided by and approved for Goldman Sachs&#8217; use by the management of AZEK, to derive a range of illustrative equity values for AZEK. Goldman Sachs then divided the range of illustrative equity values
            it derived by <font style="font-weight: bold;"><strike>the number of</strike>&#160;<u>a range of 146.9 million to 147.2 million</u></font> fully diluted outstanding shares of AZEK common stock <font style="font-weight: bold;"><u>as of March 19,
                2025</u></font>, as provided by and approved for Goldman Sachs&#8217; use by the management of AZEK, using the treasury stock method, to derive a range of illustrative present values per share of AZEK common stock ranging from $54 to $68, rounded
            to the nearest dollar.</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000; font-weight: bold;">The second and third sentences in the fourth full paragraph on
              Page 51 under &#8220;<font style="font-style: italic;">The Merger&#8212;Opinion of AZEK&#8217;s Financial Advisor&#8212;Illustrative Discounted Cash Flow Analysis&#8212;Combined Company</font>&#8221; are hereby amended and supplemented as follows:</div>
          <div>&#160;</div>
          <div style="text-indent: 27pt;">Goldman Sachs then subtracted from the range of illustrative enterprise values it derived for the combined company the amount of the combined
            company&#8217;s <font style="font-weight: bold;"><u>pro forma</u></font> total debt and debt-like items <font style="font-weight: bold;"><u>of $5,395 million</u></font> and added the amount of the combined company&#8217;s <font style="font-weight: bold;"><u>pro forma</u></font> cash and cash equivalents <font style="font-weight: bold;"><u>of $250 million</u></font>, in each case, <font style="font-weight: bold;"><u>as of September 30, 2025, the illustrative closing date of the
                Transaction, and</u></font> as provided by and approved for Goldman Sachs&#8217; use by the management of AZEK, to derive a range of illustrative equity values for the combined company. Goldman Sachs then divided the range of illustrative equity
            values it derived by <font style="font-weight: bold;"><strike>the number of</strike>&#160;<u>a range of 583.18 million to 583.24 million</u></font> fully diluted outstanding ordinary shares of the combined company <font style="font-weight: bold;"><u>as
                of March 19, 2025</u></font>, as provided by and approved for Goldman Sachs&#8217; use by the management of AZEK, using the treasury stock method.</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000; font-weight: bold;">The first and second sentences in the first full paragraph on
              Page 52 under &#8220;<font style="font-style: italic;">The Merger&#8212;Opinion of AZEK&#8217;s Financial Advisor&#8212;Illustrative Present Value of Future Share Price Analysis&#8212;AZEK Standalone</font>&#8221; are hereby amended and supplemented as follows:</div>
          <div>&#160;</div>
          <div style="text-indent: 27pt;">Goldman Sachs then subtracted the amount of AZEK&#8217;s total debt and debt-like items <font style="font-weight: bold;"><u>of $531 million, $527
                million, $522 million and $518 million</u></font> and added the amount of AZEK&#8217;s cash and cash equivalents <font style="font-weight: bold;"><u>of $213 million, $322 million, $488 million and $727 million</u></font> for <font style="font-weight: bold;"><strike>each of</strike></font> the fiscal years 2025<font style="font-weight: bold;"><u>, 2026, 2027 and</u>&#160;<strike>through</strike></font> 2028, <font style="font-weight: bold;"><u>respectively,</u></font> each
            as provided by and approved for Goldman Sachs&#8217; use by the management of AZEK, from the respective implied enterprise values in order to derive a range of illustrative equity values as of September 30 for AZEK for each of the fiscal years 2025
            through 2028. Goldman Sachs then divided these implied equity values by <font style="font-weight: bold;"><strike>the</strike>&#160;<u>146 million, 145 million, 144 million and 143 million</u></font> projected year-end number<font style="font-weight: bold;"><u>s</u></font> of fully diluted outstanding shares of AZEK common stock for <font style="font-weight: bold;"><strike>each of</strike></font> the fiscal years 2025<font style="font-weight: bold;"><u>, 2026, 2027
                and</u>&#160;<strike>through</strike></font> 2028, <font style="font-weight: bold;"><u>respectively,</u></font> calculated using information provided by and approved for Goldman Sachs&#8217; use by the management of AZEK, to derive a range of implied
            future values per share of AZEK common stock.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: justify; color: #000000; font-weight: bold;">The first and second sentences in the third full paragraph on
              Page 52 under &#8220;<font style="font-style: italic;">The Merger&#8212;Opinion of AZEK&#8217;s Financial Advisor&#8212;Illustrative Present Value of Future Share Price Analysis&#8212;Combined Company</font>&#8221; are hereby amended and supplemented as follows:</div>
          <div>&#160;</div>
          <div style="text-indent: 27pt;">Goldman Sachs then subtracted the amount of the combined company&#8217;s total debt and debt-like items <font style="font-weight: bold;"><u>of $4,779
                million, $4,072 million, $2,915 million and $2,845 million</u></font> and added the amount of the combined company&#8217;s cash and cash equivalents <font style="font-weight: bold;"><u>of $250 million, $250 million, $250 million and $1,643
                million</u></font> for <font style="font-weight: bold;"><strike>each of</strike></font> the fiscal years 2025<font style="font-weight: bold;"><u>, 2026, 2027 and</u>&#160;<strike>through</strike></font> 2028, <font style="font-weight: bold;"><u>respectively,</u></font>
            each as provided by and approved for Goldman Sachs&#8217; use by the management of AZEK, from the respective implied enterprise values in order to derive a range of illustrative equity values as of September 30 for the combined company for each of
            the fiscal years 2025 through 2028. Goldman Sachs then divided these implied equity values by <font style="font-weight: bold;"><strike>the</strike>&#160;<u>583 million, 583 million, 583 million and 583 million</u></font> projected year-end number<font style="font-weight: bold;"><u>s</u></font> of fully diluted outstanding ordinary shares of the combined company for <font style="font-weight: bold;"><strike>each of</strike></font> the fiscal years 2025<font style="font-weight: bold;"><u>,
                2026, 2027 and</u>&#160;<strike>through</strike></font> 2028, <font style="font-weight: bold;"><u>respectively,</u></font> calculated using information provided by and approved for Goldman Sachs&#8217; use by the management of AZEK, to derive a range
            of implied future values per ordinary share of the combined company.</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000; font-weight: bold;">The second sentence in the fifth full paragraph on Page 52 under
              &#8220;<font style="font-style: italic;">The Merger&#8212;Opinion of AZEK&#8217;s Financial Advisor&#8212;Selected Transactions Analysis</font>&#8221; is
              hereby amended and supplemented as follows:</div>
          <div>&#160;</div>
          <div style="text-indent: 27pt;">For each of the selected transactions, Goldman Sachs calculated and compared the implied enterprise value <font style="font-weight: bold;"><u>(&#8220;TEV&#8221;)</u></font>
            of the applicable target company based on the consideration paid in the transaction as a multiple of the target company&#8217;s LTM adjusted EBITDA based on information in public filings, press releases and investor relations documents.</div>
          <div>&#160;</div>
          <div style="text-align: justify; color: #000000; font-weight: bold;">The table on Page 53 under &#8220;<font style="font-style: italic;">The Merger&#8212;Opinion of AZEK&#8217;s Financial Advisor&#8212;Selected Transactions Analysis</font>&#8221; is hereby amended and restated as
              follows:</div>
          <div>&#160;</div>
          <div> <br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                <tr>
                  <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 24%;"><br>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" rowspan="1" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">Selected Transactions</div>
                    </div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;"><br>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 11%;">&#160;<br>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 24%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">Announcement Date</div>
                    </div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 24%;">
                    <div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">Acquiror</div>
                    </div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 24%;">
                    <div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">Target</div>
                    </div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>
                      <div style="text-align: center; color: #000000; font-weight: bold;"><u>TEV</u></div>
                      <u>&#160;</u>
                      <div style="text-align: center; color: #000000; font-weight: bold;"><u>($ in millions)</u></div>
                    </div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
                  <td valign="bottom" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 11%;">
                    <div>
                      <div style="text-align: center; color: #000000; font-weight: bold;">EV/LTM Adj. EBITDA</div>
                    </div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Jan 2021</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">LafargeHolcim</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Firestone Building Products Company, LLC</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;"><u>3,400</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); text-align: center;">12.6x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Jun 2021</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Nucor Corporation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Cornerstone Building Brands, Inc.&#8217;s Insulated Metal Panels Business</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                    <div style="color: #000000; font-weight: bold;"><u>1,000</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%;">
                    <div style="color: rgb(0, 0, 0); text-align: center;">10.0x<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Jun 2021</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Westlake Chemical Corporation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Boral Limited&#8217;s North American Building Products Business</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;"><u>2,150</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); text-align: center;">10.5x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Jul 2021</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Carlisle Companies Incorporated</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Henry Company</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                    <div style="color: #000000; font-weight: bold;"><u>1,575</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%;">
                    <div style="color: rgb(0, 0, 0); text-align: center;">13.2x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Feb 2022</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">KPS Capital Partners, LP</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Oldcastle BuildingEnvelope Inc.</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;"><u>3,450</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); text-align: center;">9.6x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Mar 2022</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Clayton, Dubilier &amp; Rice</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Cornerstone Building Brands, Inc.</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                    <div style="color: #000000; font-weight: bold;"><u>5,800</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%;">
                    <div style="color: rgb(0, 0, 0); text-align: center;">8.4x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">May 2022</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Nucor Corporation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">C.H.I. Overhead Doors</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;"><u>3,000</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); text-align: center;">13.0x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Jun 2022</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">CRH plc</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Barrette Outdoor Living</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                    <div style="color: #000000; font-weight: bold;"><u>1,900</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%;">
                    <div style="color: rgb(0, 0, 0); text-align: center;">10.0x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Aug 2022</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Whirlpool Corporation</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">InSinkErator</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;"><u>3,000</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); text-align: center;">18.1x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Jun 2023</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Saint-Gobain</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Building Products of Canada Corp.</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                    <div style="color: #000000; font-weight: bold;"><u>991</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%;">
                    <div style="color: rgb(0, 0, 0); text-align: center;">11.9x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">Jan 2024</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">MITER Brands</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">PGT Innovations</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000; font-weight: bold;"><u>3,100</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0); text-align: center;">11.6x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Feb 2024</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Owens Corning</div>
                  </td>
                  <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
                  <td valign="bottom" style="vertical-align: top; width: 24%;">
                    <div style="color: #000000;">Masonite International Corporation</div>
                  </td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>
                  <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%;">
                    <div style="color: #000000; font-weight: bold;"><u>3,900</u></div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                  <td valign="bottom" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 11%;">
                    <div style="color: rgb(0, 0, 0); text-align: center;">8.6x</div>
                  </td>
                  <td valign="bottom" colspan="1" rowspan="1" class="cftnumcell" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
                </tr>

            </table>
          </div>
          <div> <br>
          </div>
          <div>
            <hr noshade="noshade" align="left" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"></div>
          <div> <br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

              <tr>
                <td style="width: 18pt; vertical-align: top;">(1)</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Represents EV/pre-pandemic EBITDA inclusive of expected synergies, in line with deal announcement.</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div>
            <div style="color: #212529; font-weight: bold;">Cautionary Disclosure Regarding Forward-Looking Statements</div>
            <div>&#160;</div>
            <div style="color: #212529;">Statements in this report that are not historical facts are &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act of
              1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties and are made pursuant
              to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.</div>
            <div>&#160;</div>
            <div style="color: #212529;">Examples of forward-looking statements include statements about: the proposed transaction between AZEK and James Hardie (the &#8220;Transaction&#8221;),
              including estimated synergies, and the expected timing of completion of the Transaction; the Company&#8217;s future performance or expectations; and the Company&#8217;s plans, objectives or goals. Words such as &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
              &#8220;intend,&#8221; &#8220;target,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;predict,&#8221; &#8220;trend,&#8221; &#8220;forecast,&#8221; &#8220;guideline,&#8221; &#8220;aim,&#8221; &#8220;objective,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;likely,&#8221; &#8220;continue,&#8221; &#8220;may,&#8221; &#8220;objective,&#8221; &#8220;outlook&#8221; and similar expressions may identify forward-looking
              statements but are not the exclusive means of identifying such statements. Investors are cautioned not to place undue reliance on forward looking statements.</div>
            <div>&#160;</div>
            <div style="color: #212529;">Forward-looking statements of AZEK and James Hardie, respectively, are based on the current expectations, estimates and assumptions of AZEK and
              James Hardie, respectively, and, because forward-looking statements address future results, events and conditions, they, by their very nature, involve inherent risks and uncertainties, many of which are unforeseeable and beyond the control of
              AZEK or James Hardie. Such known and unknown risks, uncertainties and other factors may cause actual results, performance or other achievements to differ materially from the anticipated results, performance or achievements expressed,
              projected or implied by forward-looking statements. These factors include risks and uncertainties relating to the Transaction, including, but not limited to, the possibility that required regulatory approvals for the Transaction or approval
              of the Transaction by AZEK&#8217;s stockholders and other conditions to closing are not received or satisfied on a timely basis or at all; the possible occurrence of events that may give rise to a right of either or both of AZEK and James Hardie to
              terminate the merger agreement providing for the Transaction; possible negative effects of the announcement or the consummation of the Transaction on the market price of James Hardie&#8217;s and/or AZEK&#8217;s shares and/or on their respective
              businesses, financial conditions, results of operations and financial performance; the impact of the additional indebtedness the Company would incur in connection with the Transaction; risks relating to the value of the James Hardie shares to
              be issued in the Transaction and the contemplated listing arrangements for James Hardie shares and depositary interests following the Transaction; risks relating to significant transaction costs and/or unknown liabilities; the possibility
              that the anticipated synergies and other benefits from the Transaction cannot be realized in full or at all or may take longer to realize than expected; risks associated with contracts containing consent and/or other provisions that may be
              triggered by the Transaction; risks associated with Transaction-related litigation; the possibility that costs or difficulties related to the integration of AZEK&#8217;s and James Hardie&#8217;s businesses will be greater than expected; the risk that the
              Transaction and its announcement could have an adverse effect on the parties&#8217; relationships with its and their employees and other business partners, including suppliers and customers; the potential for the Transaction to divert the time and
              attention of management from ongoing business operations; the potential for contractual restrictions under the merger agreement providing for the Transaction to adversely affect the parties&#8217; ability to pursue other business opportunities or
              strategic transactions; the risk of other Transaction related disruptions to the businesses, including business plans and operations, of AZEK and James Hardie; and the possibility that, as a result of the Transaction or otherwise, James
              Hardie could lose its foreign private issuer status and be required to bear the costs and expenses related to full compliance with rules and regulations that apply to U.S. domestic issuers. There can be no assurance that the Transaction will
              in fact be consummated in the manner described or at all.</div>
            <div>&#160;</div>
            <div style="color: #212529;">These factors are not necessarily all of the factors that could cause AZEK&#8217;s, James Hardie&#8217;s or the combined company&#8217;s actual results, performance
              or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, could also harm AZEK&#8217;s, James Hardie&#8217;s or the combined company&#8217;s
              results.</div>
            <div>&#160;</div>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div>
            <div style="color: #212529;">The foregoing discussion of risks and uncertainties is not exhaustive; other risks and uncertainties may cause actual results to differ materially
              from those referenced in any forward looking statements. All forward-looking statements attributable to AZEK, James Hardie or the combined company, or persons acting on AZEK&#8217;s or James Hardie&#8217;s behalf, are expressly qualified in their
              entirety by the cautionary statements set forth above. Forward looking statements in this report speak only as of the date of this report and are statements of then current expectations concerning future results, events and conditions.
              Neither AZEK nor James Hardie assumes any obligation to update any forward looking statements or information except as required by law. If AZEK or James Hardie updates one or more forward-looking statements, no inference should be drawn that
              AZEK or James Hardie will make additional updates with respect to those or other forward-looking statements. Further information regarding AZEK, James Hardie and factors that could affect the forward-looking statements contained herein can be
              found in AZEK&#8217;s Annual Report on Form 10-K for the fiscal year ended September 30, 2024, and in its other documents filed or furnished with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;), and in James Hardie&#8217;s Annual Report on Form 20-F
              for the fiscal year ended March 31, 2025, and in its other documents filed or furnished with the SEC.</div>
            <div>&#160;</div>
            <div style="color: #212529; font-weight: bold;">Important Information and Where to Find It</div>
            <div>&#160;</div>
            <div style="color: #212529;">In connection with the proposed transaction between AZEK and James Hardie, James Hardie has filed with the SEC a registration statement on Form F-4
              (SEC File No. 333-286977), which includes a proxy statement/prospectus, that serves as a proxy statement of AZEK and as a prospectus of James Hardie, and each party has filed and may file other documents regarding the proposed transaction
              with the SEC. The registration statement was declared effective by the SEC on May 29, 2025, and the definitive proxy statement/prospectus was sent to AZEK stockholders on or about May 29, 2025.<font style="font-weight: bold;"> Investors and
                security holders are urged to read the proxy statement/prospectus and other relevant documents filed with the SEC when they become available, because they contain or will contain important information. </font>Investors and security holders
              may obtain free copies of the registration statement and the proxy statement/prospectus and other documents that are filed or will be filed with the SEC by James Hardie or AZEK through the SEC&#8217;s website at <font style="font-style: italic;">https://www.sec.gov</font>.
              Copies of documents filed with the SEC by AZEK will be available from AZEK free of charge on AZEK&#8217;s website at <font style="font-style: italic;">investors.azekco.com</font> or upon request submitted to AZEK by mail addressed to The AZEK
              Company Inc., Attention: Corporate Secretary, 1330 W Fulton Street #350, Chicago, Illinois 60607. Copies of documents filed with the SEC by James Hardie will be available from James Hardie free of charge on James Hardie&#8217;s website at <font style="font-style: italic;">ir.jameshardie.com.au</font> or upon request submitted to James Hardie by e&#8209;mail addressed to <font style="font-style: italic;">investor.relations@jameshardie.com.au</font>. The information included on, or
              accessible through, James Hardie&#8217;s or AZEK&#8217;s website is not incorporated by reference into this report.</div>
            <div>&#160;</div>
            <div style="color: #212529; font-weight: bold;">No Offer or Solicitation</div>
            <div>&#160;</div>
            <div style="color: #212529;">This report is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be
              any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by
              means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.</div>
            <div>&#160;</div>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="page-break-after: always;" class="BRPFPageBreak">
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          </div>
          <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
          <div>&#160;</div>
          <div>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
            duly authorized.</div>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">THE AZEK COMPANY INC.</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Date:&#160; June 17, 2025</div>
                </td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">By:</div>
                </td>
                <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="color: rgb(0, 0, 0);">/s/ Morgan Walbridge</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Name:</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Morgan Walbridge</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Title:</div>
                </td>
                <td style="width: 45%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Senior Vice President, Chief Legal Officer &amp; Secretary</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>&#160;</div>
          <div>
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        </div>
        &#160;
      </div>
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</SEC-DOCUMENT>
