(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 December 31, 2017	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	359,371		$	—		$	359,371
Cost of Goods Sold		—			264,805			—			264,805
Gross Profit		—			94,566			—			94,566
Equity in Earnings of Unconsolidated Joint Venture		11,372			11,372			(11,372	)		11,372
Equity in Earnings of Subsidiaries		138,597			—			(138,597	)		—
Corporate General and Administrative Expenses		(9,035	)		(848	)		—			(9,883	)
Legal Settlement		(39,098	)		—			—			(39,098	)
Other Non-Operating Income		262			822			—			1,084
Interest Expense, net		(17,005	)		10,352			—			(6,653	)
Earnings before Income Taxes		85,093			116,264			(149,969	)		51,388
Income Tax Expense		16,287			33,705			—			49,992
Net Earnings	$	101,380		$	149,969		$	(149,969	)	$	101,380
Net Earnings	$	101,380		$	149,969		$	(149,969	)	$	101,380
Net Actuarial Change in Benefit Plans, net of tax		197			197			(197	)		197
Comprehensive Earnings	$	101,577		$	150,166		$	(150,166	)	$	101,577

Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Three Months Ended December 31, 2016	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	302,395		$	—		$	302,395
Cost of Goods Sold		—			215,015			—			215,015
Gross Profit		—			87,380			—			87,380
Equity in Earnings of Unconsolidated Joint Venture		11,244			11,244			(11,244	)		11,244
Equity in Earnings of Subsidiaries		60,294			—			(60,294	)		—
Corporate General and Administrative Expenses		(7,942	)		(1,224	)		—			(9,166	)
Other Non-Operating Income (Loss)		(264	)		693			—			429
Interest Expense, net		(14,413	)		8,215			—			(6,198	)
Earnings before Income Taxes		48,919			106,308			(71,538	)		83,689
Income Tax Expense		7,468			(34,770	)		—			(27,302	)
Net Earnings	$	56,387		$	71,538		$	(71,538	)		56,387
Net Earnings	$	56,387		$	71,538		$	(71,538	)		56,387
Net Actuarial Change in Benefit Plans, net of tax		312			312			(312	)		312
Comprehensive Earnings	$	56,699		$	71,850		$	(71,850	)	$	56,699

Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Nine Months Ended December 31, 2017	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	1,101,807		$	—		$	1,101,807
Cost of Goods Sold		—			824,428			—			824,428
Gross Profit		—			277,379			—			277,379
Equity in Earnings of Unconsolidated Joint Venture		33,203			33,203			(33,203	)		33,203
Equity in Earnings of Subsidiaries		261,389			—			(261,389	)		—
Corporate General and Administrative Expenses		(26,861	)		(2,522	)		—			(29,383	)
Legal Settlement		(39,098	)		—			—			(39,098	)
Other Non-Operating Income (Loss)		(84	)		2,812			—			2,728
Interest Expense, net		(43,800	)		22,208			—			(21,592	)
Earnings before Income Taxes		184,749			333,080			(294,592	)		223,237
Income Tax Expense		34,875			(38,488	)		—			(3,613	)
Net Earnings	$	219,624		$	294,592		$	(294,592	)	$	219,624
Net Earnings	$	219,624		$	294,592		$	(294,592	)	$	219,624
Net Actuarial Change in Benefit Plans, net of tax		591			591			(591	)		591
Comprehensive Earnings	$	220,215		$	295,183		$	(295,183	)	$	220,215

Condensed Consolidating Statement of Earnings and Comprehensive Earnings For the Nine Months Ended December 31, 2016	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	932,557		$	—		$	932,557
Cost of Goods Sold		—			682,012			—			682,012
Gross Profit		—			250,545			—			250,545
Equity in Earnings of Unconsolidated Joint Venture		31,371			31,371			(31,371	)		31,371
Equity in Earnings of Subsidiaries		171,466			—			(171,466	)		—
Corporate General and Administrative Expenses		(23,670	)		(4,161	)		—			(27,831	)
Other Non-Operating Income (Loss)		(478	)		2,486			—			2,008
Interest Expense, net		(36,778	)		21,023			—			(15,755	)
Earnings before Income Taxes		141,911			301,264			(202,837	)		240,338
Income Tax Expense		20,057			(98,427	)		—			(78,370	)
Net Earnings	$	161,968		$	202,837		$	(202,837	)		161,968
Net Earnings	$	161,968		$	202,837		$	(202,837	)		161,968
Net Actuarial Change in Benefit Plans, net of tax		936			936			(936	)		936
Comprehensive Earnings	$	162,904		$	203,773		$	(203,773	)	$	162,904

Condensed Consolidating Balance Sheet At December 31, 2017	Parent			Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current Assets -
Cash and Cash Equivalents	$	18,078		$	3,598		$	—		$	21,676
Accounts and Notes Receivable		394			143,268			—			143,662
Inventories		—			239,628			—			239,628
Prepaid and Other Current Assets		15,208			5,170			—			20,378
Total Current Assets		33,680			391,664			—			425,344
Property, Plant and Equipment -		3,148			2,544,282			—			2,547,430
Less: Accumulated Depreciation		(1,029	)		(971,677	)		—			(972,706	)
Property, Plant and Equipment, net		2,119			1,572,605			—			1,574,724
Notes Receivable		—			296			—			296
Investment in Joint Venture		65			55,272			—			55,337
Investments in Subsidiaries and Receivables from Affiliates		5,544,333			3,527,647			(9,071,980	)		—
Goodwill and Intangible Assets, net		—			240,145			—			240,145
Other Assets		5,482			6,715			—			12,197
	$	5,585,679		$	5,794,344		$	(9,071,980	)	$	2,308,043
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities-
Accounts Payable	$	5,813		$	67,390		$	—		$	73,203
Accrued Liabilities		62,485			38,947			—			101,432
Total Current Liabilities		68,298			106,337			—			174,635
Long-term Debt		565,755			—			—			565,755
Other Long-term Liabilities		140			34,972			—			35,112
Payables to Affiliates		3,527,647			2,948,767			(6,476,414	)		—
Deferred Income Taxes		7,650			108,702			—			116,352
Total Liabilities		4,169,490			3,198,778			(6,476,414	)		891,854
Total Stockholders’ Equity		1,416,189			2,595,566			(2,595,566	)		1,416,189
	$	5,585,679		$	5,794,344		$	(9,071,980	)	$	2,308,043

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 Nine Months ended December 31, 2017	Parent			Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by Operating Activities	$	981		$	274,159		$	—	$	275,140
CASH FLOWS FROM INVESTING ACTIVITIES
Property, Plant and Equipment Additions		(142	)		(83,556	)		—		(83,698	)
Acquisition Spending		—			(36,761	)		—		(36,761	)
Net Cash Used in Investing Activities		(142	)		(120,317	)		—		(120,459	)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in Credit Facility		(40,000	)		—			—		(40,000	)
Repayment of Senior Notes		(81,214	)		—			—		(81,214	)
Dividends Paid to Stockholders		(14,571	)		—			—		(14,571	)
Purchase and Retirement of Common Stock		(24,903	)		—			—		(24,903	)
Proceeds from Stock Option Exercises		23,729			—			—		23,729
Shares Redeemed to Settle Employee Taxes on Stock Compensation		(2,607	)		—			—		(2,607	)
Intra-entity Activity, net		151,621			(151,621	)		—		—
Net Cash Provided by (Used in) Financing Activities		12,055			(151,621	)		—		(139,566	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		12,894			2,221			—		15,115
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		5,184			1,377			—		6,561
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	18,078		$	3,598		$	—	$	21,676

Condensed Consolidating Statement of Cash Flows Nine Months ended December 31, 2016	Parent			Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by (Used in) Operating Activities	$	(53,877	)	$	342,745		$	—	$	288,868
CASH FLOWS FROM INVESTING ACTIVITIES
Property, Plant and Equipment Additions		(271	)		(33,772	)		—		(34,043	)
Net Cash Used in Investing Activities		(271	)		(33,772	)		—		(34,043	)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in Credit Facility		(382,000	)		—			—		(382,000	)
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		(14,500	)		—			—		(14,500	)
Shares Redeemed to Settle Employee Taxes on Stock Compensation		(3,084	)		—			—		(3,084	)
Purchase and Retirement of Common Stock		(60,013	)		—			—		(60,013	)
Proceed from Stock Option Exercises		20,137			—			—		20,137
Excess Tax Benefits from Share Based Payment Arrangements		8,546			—			—		8,546
Intra-entity Activity, net		308,984			(308,984	)		—		—
Net Cash Provided by (Used in) Financing Activities		213,433			(308,984	)		—		(95,551	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		159,285			(11	)		—		159,274
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,507			1,884			—		5,391
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	162,792		$	1,873		$	—	$	164,665