(M) FINANCIAL STATEMENTS FOR GUARANTORS OF THE 4.500% SENIOR UNSECURED NOTES

On August 2, 2016, the Company completed a public offering of its Senior Unsecured Notes. The Senior Unsecured Notes are senior unsecured obligations of the Company and were offered under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission.

The Senior Unsecured Notes are guaranteed by all of the Company’s wholly-owned subsidiaries, and all guarantees are full and unconditional and are joint and several. The following unaudited condensed consolidating financial statements present separately the earnings and comprehensive earnings, financial position and cash flows of the parent issuer (Eagle Materials Inc.) and the guarantors (all wholly-owned subsidiaries of Eagle Materials Inc.) on a combined basis with eliminating entries (dollars in thousands).

Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Year Ended March 31, 2017	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	1,211,220		$	—		$	1,211,220
Cost of Goods Sold		—			899,175			—			899,175
Gross Profit		—			312,045			—			312,045
Equity in Earnings of Unconsolidated Joint Venture		42,386			42,386			(42,386	)		42,386
Equity in Earnings of Subsidiaries		210,923			—			(210,923	)		—
Corporate General and Administrative Expenses		(28,545	)		(5,395	)		—			(33,940	)
Other Income (Loss)		(534	)		2,673			—			2,139
Acquisition and Litigation Expense		(5,480	)		—			—			(5,480	)
Interest Expense, net		(51,315	)		28,684			—			(22,631	)
Earnings before Income Taxes		167,435			380,393			(253,309	)		294,519
Income Taxes		30,784			(127,084	)		—			(96,300	)
Net Earnings	$	198,219		$	253,309		$	(253,309	)	$	198,219
Net Earnings	$	198,219		$	253,309		$	(253,309	)	$	198,219
Net Actuarial Change in Benefit Plans, net of tax		4,013			4,013			(4,013	)		4,013
Comprehensive Earnings	$	202,232		$	257,322		$	(257,322	)	$	202,232

Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Year Ended March 31, 2016	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	1,143,492		$	—		$	1,143,492
Cost of Goods Sold		—			911,875			—			911,875
Gross Profit		—			231,617			—			231,617
Equity in Earnings of Unconsolidated Joint Venture		39,083			39,083			(39,083	)		39,083
Equity in Earnings of Subsidiaries		160,018			—			(160,018	)		—
Corporate General and Administrative Expenses		(32,047	)		(5,146	)		—			(37,193	)
Other Income (Loss)		(398	)		2,726			—			2,328
Interest Expense, net		(39,038	)		22,455			—			(16,583	)
Earnings before Income Taxes		127,618			290,735			(199,101	)		219,252
Income Taxes		24,974			(91,634	)		—			(66,660	)
Net Earnings	$	152,592		$	199,101		$	(199,101	)		152,592
Net Earnings	$	152,592		$	199,101		$	(199,101	)		152,592
Net Actuarial Change in Benefit Plans, net of tax		658			658			(658	)		658
Comprehensive Earnings	$	153,250		$	199,759		$	(199,759	)	$	153,250

Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Year Ended March 31, 2015	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	1,066,368		$	—		$	1,066,368
Cost of Goods Sold		—			812,235			—			812,235
Gross Profit		—			254,133			—			254,133
Equity in Earnings of Unconsolidated Joint Venture		44,967			44,967			(44,967	)		44,967
Equity in Earnings of Subsidiaries		166,640			—			(166,640	)		—
Corporate General and Administrative Expenses		(26,391	)		(4,360	)		—			(30,751	)
Other Income (Loss)		157			3,044			—			3,201
Acquisition and Litigation Expense		(1,661	)		(5,219	)		—			(6,880	)
Interest Expense, net		(33,319	)		21,576			—			(11,743	)
Earnings before Income Taxes		150,393			314,141			(211,607	)		252,927
Income Taxes		36,460			(102,534	)		—			(66,074	)
Net Earnings	$	186,853		$	211,607		$	(211,607	)	$	186,853
Net Earnings	$	186,853		$	211,607		$	(211,607	)	$	186,853
Net Actuarial Change in Benefit Plans, net of tax		6,584			6,584			(6,584	)		6,584
Comprehensive Earnings	$	193,437		$	218,191		$	(218,191	)	$	193,437

Condensed Consolidating Balance Sheet At March 31, 2017	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current Assets -
Cash and Cash Equivalents	$	5,184		$	1,377		$	—		$	6,561
Accounts and Notes Receivable		422			135,891			—			136,313
Inventories		—			252,846			—			252,846
Income Tax Receivable		33,196			—			(33,196	)		—
Prepaid and Other Current Assets		484			4,420			—			4,904
Total Current Assets		39,286			394,534			(33,196	)		400,624
Property, Plant and Equipment -		2,914			2,436,524			—			2,439,438
Less: Accumulated Depreciation		(937	)		(891,664	)		—			(892,601	)
Property, Plant and Equipment, net		1,977			1,544,860			—			1,546,837
Notes Receivable		—			815			—			815
Investment in Joint Venture		51			48,569			—			48,620
Investments in Subsidiaries and Receivables from Affiliates		5,126,289			3,252,309			(8,378,598	)		—
Goodwill and Intangible Assets, net		—			235,505			—			235,505
Other Assets		5,687			9,036			—			14,723
	$	5,173,290		$	5,485,628		$	(8,411,794	)	$	2,247,124
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities-
Accounts Payable	$	6,687		$	85,506		$	—		$	92,193
Accrued Liabilities		21,043			34,336			—			55,379
Income Tax Payable		733			33,196			(33,196	)		733
Current Portion of Long-term Debt		81,214			—			—			81,214
Total Current Liabilities		109,677			153,038			(33,196	)		229,519
Long-term Debt		605,253			—			—			605,253
Other Long-term Liabilities		189			42,689			—			42,878
Payables to Affiliates		3,252,309			2,825,710			(6,078,019	)		—
Deferred Income Taxes		2,412			163,612			—			166,024
Total Liabilities		3,969,840			3,185,049			(6,111,215	)		1,043,674
Total Stockholders’ Equity		1,203,450			2,300,579			(2,300,579	)		1,203,450
	$	5,173,290		$	5,485,628		$	(8,411,794	)	$	2,247,124

Condensed Consolidating Balance Sheet At March 31, 2016	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current Assets -
Cash and Cash Equivalents	$	3,507		$	1,884		$	—		$	5,391
Accounts and Notes Receivable		324			119,897			—			120,221
Inventories		—			243,595			—			243,595
Income Tax Receivable		—			6,731			(1,108	)		5,623
Prepaid and Other Current Assets		1,365			3,808			—			5,173
Total Current Assets		5,196			375,915			(1,108	)		380,003
Property, Plant and Equipment -		2,612			2,070,164			—			2,072,776
Less: Accumulated Depreciation		(814	)		(816,651	)		—			(817,465	)
Property, Plant and Equipment, net		1,798			1,253,513			—			1,255,311
Notes Receivable		—			2,672			—			2,672
Deferred Income Taxes		3,375			—			(3,375	)		—
Investment in Joint Venture		33			49,432			—			49,465
Investments in Subsidiaries and Receivables from Affiliates		4,085,806			2,529,480			(6,615,286	)		—
Goodwill and Intangible Assets, net		—			165,827			—			165,827
Other Assets		5,557			24,800			—			30,357
	$	4,101,765		$	4,401,639		$	(6,619,769	)	$	1,883,635
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities-
Accounts Payable	$	6,968		$	59,646		$	—		$	66,614
Accrued Liabilities		15,708			30,267			—			45,975
Income Tax Payable		1,108			—			(1,108	)		—
Current Portion of Long-term Debt		8,000			—			—			8,000
Total Current Liabilities		31,784			89,913			(1,108	)		120,589
Long-term Debt		499,714			—			—			499,714
Other Long-term Liabilities		256			60,866			—			61,122
Payables to Affiliates		2,529,480			2,042,633			(4,572,113	)		—
Deferred Income Taxes		—			165,054			(3,375	)		161,679
Total Liabilities		3,061,234			2,358,466			(4,576,596	)		843,104
Total Stockholders’ Equity		1,040,531			2,043,173			(2,043,173	)		1,040,531
	$	4,101,765		$	4,401,639		$	(6,619,769	)	$	1,883,635

Condensed Consolidating Statement of Cash Flows For the Year Ended March 31, 2017	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by (Used in) Operating Activities	$	(64,376	)	$	395,974		$	—		$	331,598
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment		(697	)		(56,241	)		—			(56,938	)
Investment in Subsidiaries		(400,488	)		—			400,488			—
Acquisition Spending		—			(400,488	)		—			(400,488	)
Net Cash Used in Investing Activities		(401,185	)		(456,729	)		400,488			(457,426	)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in Credit Facility		(157,000	)		—			—			(157,000	)
Repayment of Senior Notes		(8,000	)		—			—			(8,000	)
Issuance of Long-term Debt		350,000			—			—			350,000
Payment of Debt Issuance Costs		(6,637	)		—			—			(6,637	)
Dividends Paid to Stockholders		(19,341	)		—			—			(19,341	)
Purchase and Retirement of Common Stock		(60,013	)		—			—			(60,013	)
Proceeds from Stock Option Exercises		22,108			—			—			22,108
Shares Redeemed to Settle Employee Taxes on Stock Compensation		(4,468	)		—			—			(4,468	)
Excess Tax Benefits from Share Based Payment Arrangements		10,349			—			—			10,349
Intra-entity Activity, net		340,240			60,248			(400,488	)		—
Net Cash Provided by (Used in) Financing Activities		467,238			60,248			(400,488	)		126,998
NET INCREASE IN CASH AND CASH EQUIVALENTS		1,677			(507	)		—			1,170
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,507			1,884			—			5,391
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	5,184		$	1,377		$	—		$	6,561

Condensed Consolidating Statement of Cash Flows For the Year Ended March 31, 2016	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by (Used in) Operating Activities	$	(37,985	)	$	303,752		$	—		$	265,767
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment		—			(89,563	)		—			(89,563	)
Investment in Subsidiaries		(32,427	)		—			32,427			—
Acquisition Spending		—			(32,427	)		—			(32,427	)
Net Cash Used in Investing Activities		(32,427	)		(121,990	)		32,427			(121,990	)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in Credit Facility		52,000			—			—			52,000
Repayment of Senior Notes		(57,045	)		—						(57,045	)
Dividends Paid to Stockholders		(20,020	)		—			—			(20,020	)
Purchase and Retirement of Common Stock		(123,530	)		—			—			(123,530	)
Proceeds from Stock Option Exercises		2,866			—						2,866
Shares Redeemed to Settle Employee Taxes on Stock Compensation		(4,273	)		—			—			(4,273	)
Excess Tax Benefits from Share Based Payment Arrangements		4,102			—			—			4,102
Intra-entity Activity, net		216,175			(183,748	)		(32,427	)		—
Net Cash Provided by (Used in) Financing Activities		70,275			(183,748	)		(32,427	)		(145,900	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(137	)		(1,986	)		—			(2,123	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,644			3,870			—			7,514
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	3,507		$	1,884		$	—		$	5,391

Condensed Consolidating Statement of Cash Flows For the Year Ended March 31, 2015	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by (Used in) Operating Activities	$	(35,490	)	$	269,611		$	—		$	234,121
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment		(134	)		(111,439	)		—			(111,573	)
Investment in Subsidiaries		(237,171	)		—			237,171			—
Acquisition Spending		—			(237,171	)		—			(237,171	)
Net Cash Used in Investing Activities		(237,305	)		(348,610	)		237,171			(348,744	)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in Credit Facility		141,000			—			—			141,000
Repayment of Senior Notes		(9,500	)		—						(9,500	)
Dividends Paid to Stockholders		(20,072	)		—			—			(20,072	)
Proceeds from Stock Option Exercises		4,311			—			—			4,311
Shares Redeemed to Settle Employee Taxes on Stock Compensation		(4,166	)		—			—			(4,166	)
Payment of Debt Issue Costs		(1,661	)		—			—			(1,661	)
Excess Tax Benefits from Share Based Payment Arrangements		5,743			—			—			5,743
Intra-entity Activity, net		154,302			82,869			(237,171	)		—
Net Cash Provided by (Used in) Financing Activities		269,957			82,869			(237,171	)		115,655
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,838	)		3,870			—			1,032
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		6,482			—			—			6,482
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	3,644		$	3,870		$	—		$	7,514