(Q) 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 Three Months Ended September 30, 2017	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	376,315		$	—		$	376,315
Cost of Goods Sold		—			279,561			—			279,561
Gross Profit		—			96,754			—			96,754
Equity in Earnings of Unconsolidated Joint Venture		11,955			11,955			(11,955	)		11,955
Equity in Earnings of Subsidiaries		64,496			—			(64,496	)		—
Corporate General and Administrative Expenses		(9,178	)		(643	)		—			(9,821	)
Other Income (Loss)		(179	)		1,066			—			887
Interest Expense, net		(13,833	)		6,377			—			(7,456	)
Earnings before Income Taxes		53,261			115,509			(76,451	)		92,319
Income Taxes		10,101			(39,058	)		—			(28,957	)
Net Earnings	$	63,362		$	76,451		$	(76,451	)	$	63,362
Net Earnings	$	63,362		$	76,451		$	(76,451	)	$	63,362
Net Actuarial Change in Benefit Plans, net of tax		197			197			(197	)		197
Comprehensive Earnings	$	63,559		$	76,648		$	(76,648	)	$	63,559

Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended September 30, 2016	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	332,658		$	—		$	332,658
Cost of Goods Sold		—			241,448			—			241,448
Gross Profit		—			91,210			—			91,210
Equity in Earnings of Unconsolidated Joint Venture		12,147			12,147			(12,147	)		12,147
Equity in Earnings of Subsidiaries		61,469			—			(61,469	)		—
Corporate General and Administrative Expenses		(7,497	)		(1,335	)		—			(8,832	)
Other Income (Loss)		(137	)		641			—			504
Interest Expense, net		(12,354	)		6,698			—			(5,656	)
Earnings before Income Taxes		53,628			109,361			(73,616	)		89,373
Income Taxes		6,609			(35,745	)		—			(29,136	)
Net Earnings	$	60,237		$	73,616		$	(73,616	)		60,237
Net Earnings	$	60,237		$	73,616		$	(73,616	)		60,237
Net Actuarial Change in Benefit Plans, net of tax		312			312			(312	)		312
Comprehensive Earnings	$	60,549		$	73,928		$	(73,928	)	$	60,549

Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Six Months Ended September 30, 2017	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	742,436		$	—		$	742,436
Cost of Goods Sold		—			559,623			—			559,623
Gross Profit		—			182,813			—			182,813
Equity in Earnings of Unconsolidated Joint Venture		21,831			21,831			(21,831	)		21,831
Equity in Earnings of Subsidiaries		122,792			—			(122,792	)		—
Corporate General and Administrative Expenses		(17,826	)		(1,674	)		—			(19,500	)
Other Income (Loss)		(346	)		1,990			—			1,644
Interest Expense, net		(26,795	)		11,856			—			(14,939	)
Earnings before Income Taxes		99,656			216,816			(144,623	)		171,849
Income Taxes		18,588			(72,193	)		—			(53,605	)
Net Earnings	$	118,244		$	144,623		$	(144,623	)	$	118,244
Net Earnings	$	118,244		$	144,623		$	(144,623	)	$	118,244
Net Actuarial Change in Benefit Plans, net of tax		394			394			(394	)		394
Comprehensive Earnings	$	118,638		$	145,017		$	(145,017	)	$	118,638

Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Six Months Ended September 30, 2016	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	630,162		$	—		$	630,162
Cost of Goods Sold		—			466,997			—			466,997
Gross Profit		—			163,165			—			163,165
Equity in Earnings of Unconsolidated Joint Venture		20,127			20,127			(20,127	)		20,127
Equity in Earnings of Subsidiaries		111,172			—			(111,172	)		—
Corporate General and Administrative Expenses		(15,728	)		(2,937	)		—			(18,665	)
Other Income (Loss)		(214	)		1,793			—			1,579
Interest Expense, net		(22,365	)		12,808			—			(9,557	)
Earnings before Income Taxes		92,992			194,956			(131,299	)		156,649
Income Taxes		12,589			(63,657	)		—			(51,068	)
Net Earnings	$	105,581		$	131,299		$	(131,299	)		105,581
Net Earnings	$	105,581		$	131,299		$	(131,299	)		105,581
Net Actuarial Change in Benefit Plans, net of tax		624			624			(624	)		624
Comprehensive Earnings	$	106,205		$	131,923		$	(131,923	)	$	106,205

Condensed Consolidating Balance Sheet At September 30, 2017	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current Assets -
Cash and Cash Equivalents	$	29,062		$	1,994		$	—		$	31,056
Accounts and Notes Receivable		396			168,729			—			169,125
Inventories		—			239,189			—			239,189
Prepaid and Other Current Assets		595			6,845			—			7,440
Total Current Assets		30,053			416,757			—			446,810
Property, Plant and Equipment -		3,099			2,512,238			—			2,515,337
Less: Accumulated Depreciation		(999	)		(945,935	)		—			(946,934	)
Property, Plant and Equipment, net		2,100			1,566,303			—			1,568,403
Notes Receivable		—			476			—			476
Investment in Joint Venture		61			52,899			—			52,960
Investments in Subsidiaries and Receivables from Affiliates		5,415,507			3,446,701			(8,862,208	)		—
Goodwill and Intangible Assets, net		—			240,947			—			240,947
Other Assets		5,521			5,924			—			11,445
	$	5,453,242		$	5,730,007		$	(8,862,208	)	$	2,321,041
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities-
Accounts Payable	$	6,067		$	73,127		$	—		$	79,194
Accrued Liabilities		19,787			40,001			—			59,788
Income Tax Payable		1,211			—			—			1,211
Current Portion of Long-term Debt		81,214			—			—			81,214
Total Current Liabilities		108,279			113,128			—			221,407
Long-term Debt		575,588			—			—			575,588
Other Long-term Liabilities		157			43,881			—			44,038
Payables to Affiliates		3,446,701			2,970,110			(6,416,811	)		—
Deferred Income Taxes		9,844			157,491			—			167,335
Total Liabilities		4,140,569			3,284,610			(6,416,811	)		1,008,368
Total Stockholders’ Equity		1,312,673			2,445,397			(2,445,397	)		1,312,673
	$	5,453,242		$	5,730,007		$	(8,862,208	)	$	2,321,041

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 Statement of Cash Flows Six Months ended September 30, 2017	Parent			Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by Operating Activities	$	21,447		$	131,301		$	—	$	152,748
CASH FLOWS FROM INVESTING ACTIVITIES
Property, Plant and Equipment Additions		—			(44,851	)		—		(44,851	)
Acquisition Spending		—			(36,761	)		—		(36,761	)
Net Cash Used in Investing Activities		—			(81,612	)		—		(81,612	)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in Credit Facility		(30,000	)		—			—		(30,000	)
Dividends Paid to Stockholders		(9,709	)		—			—		(9,709	)
Purchase and Retirement of Common Stock		(24,903	)		—			—		(24,903	)
Proceeds from Stock Option Exercises		20,426			—			—		20,426
Shares Redeemed to Settle Employee Taxes on Stock Compensation		(2,455	)		—			—		(2,455	)
Intra-entity Activity, net		49,072			(49,072	)		—		—
Net Cash Provided by (Used in) Financing Activities		2,431			(49,072	)		—		(46,641	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		23,878			617			—		24,495
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		5,184			1,377			—		6,561
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	29,062		$	1,994		$	—	$	31,056

Condensed Consolidating Statement of Cash Flows Six Months ended September 30, 2016	Parent			Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by (Used in) Operating Activities	$	(78,298	)	$	238,450		$	—	$	160,152
CASH FLOWS FROM INVESTING ACTIVITIES
Property, Plant and Equipment Additions		(233	)		(17,998	)		—		(18,231	)
Net Cash Used in Investing Activities		(233	)		(17,998	)		—		(18,231	)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in Credit Facility		(382,000	)		—			—		(382,000	)
Issuance of Long-term Debt		350,000			—			—		350,000
Payment of Debt Issuance Costs		(6,637	)		—			—		(6,637	)
Dividends Paid to Stockholders		(9,677	)		—			—		(9,677	)
Shares Redeemed to Settle Employee Taxes on Stock Compensation		(2,965	)		—			—		(2,965	)
Purchase and Retirement of Common Stock		(60,013	)		—			—		(60,013	)
Proceed from Stock Option Exercises		12,992			—			—		12,992
Excess Tax Benefits from Share Based Payment Arrangements		5,494			—			—		5,494
Intra-entity Activity, net		220,354			(220,354	)		—		—
Net Cash Provided by (Used in) Financing Activities		127,548			(220,354	)		—		(92,806	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		49,017			98			—		49,115
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,507			1,884			—		5,391
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	52,524		$	1,982		$	—	$	54,506