3 May 2016

Australian Securities Exchange

Attention: Companies Department

BY ELECTRONIC LODGEMENT

Dear Sir / Madam

Please find attached copies of documents sent to shareholders along with their interim

dividend information today.

Yours faithfully

BRICKWORKS LIMITED

Susan Leppinus

Company Secretary

contents.

New Ad Campaign Promotes Brand Story 1

Making a Style Statement with Colour 2

Built with Brickworks Video Series 2

brickworks news. APRIL 2016

High Rise Success 4

100 Year Product Warranty for Bristile Product 4

Hobart Design Studio Opens 5

INEX>BOARDS 5

Auswest Timbers Coastal Decking Collection 6

New ad campaign for Austral Bricks promotes our brand storyAustral Bricks recently launched a major marketing campaign in Brisbane, Adelaide and Tasmania across metropolitan TV (channels 9 & 7), affiliated digital TV, press, radio and digital. Kate Waterhouse, Brickworks’ new style ambassador, will feature prominently in the advertisements. Initial feedback from our customer base has been extremely promising. The campaign reinforces Austral Bricks market

position as a style leader, further raising

awareness of brick as the preferred external

walling material. The notion of ‘style’ reaches

far into the realm of how we live, where we live

and the homes we make for ourselves. Style

defines modern taste in all its manifestations.

In fact, one of the biggest ‘style’ decisions

a consumer can make in life is their home.

The campaign also promotes Austral Bricks

as Australia’s No.1 brick brand. Naturally, we

consider brick to be the most stylish of external

cladding materials, along with masonry blocks.

The campaign will run from February to May

2016, and again in the second half of the year.

For further details, please go to www.

australbricks.com.au/style

The video series offers insights from architects

and designers into design projects, the use

of Brickworks products, and their site-specific

impacts and wider implications for the built

environment.

Hosted by well-known Australian radio

personality, Tim ‘Rosso’ Ross, the series

comprises of four videos with new projects

being added regularly. Tim has a strong

appreciation for Australian architecture

and the series he presents reaches out

to Brickworks’ existing customers as well

as architects and designers.

New video series - Built with Brickworks

Page 2 | brickworks news. April 2016

Unsurprisingly, many people find choosing colours for their new home a daunting task. Helping to guide the customer is Brickworks’ industry-leading and practical, 9-colour palettes, known as style boards, which were developed in conjunction with a respected Australian trend forecaster and specialised colour consultant.

The boards give customers insight into

contemporary trends in colour across a range

of building products manufactured and

supplied by the Brickworks Group. Style boards

are about choosing colours and products that

work harmoniously to create a beautiful,

stylish home.

Products featured in Brickworks’ style boards

include bricks, roof tiles, masonry, retaining

walls, pavers and timber. Colour guidance

is also suggested for matching materials

including facia, gutter, windows and

garage doors.

Making a style statement with colour

The 9-colour palettes can be

visualised on a variety of house

styles by using Brickworks’

proprietary 3D visualiser,

iVisualise™. Drawing heavily for

inspiration on these colour palettes

are Brickworks’ recently upgraded

studios in each of our capital cities.

Brickworks’ new video series, Built with Brickworks, is our latest media offering designed to meet audience appetite for engaging, informative and inspiring digital content.

Clayfield House “Built with Brickworks” Tim Ross (far right) talking to Adrian Spence (Architect) and Jenny the home owner.

Rochedale Motorway Estate a new industrial precinctRochedale Motorway Estate, a joint venture between Goodman and Brickworks, is Brisbane’s newest industrial precinct on the Gateway Motorway, and provides unrivalled access to Brisbane’s metropolitan areas.

The estate’s first tenant, Beaumont Tiles, moved into its new 13,000m2

facility in February 2016. This impressive site is modern in every sense

of the word, and gains from significant upgrades to Gardner Road,

which will have operational benefits to the brick business and the

surrounding community. Leasing interest in the site is high and

construction will commence on the next 20,000m2 facility

in April 2016.

Page 3 | brickworks news. April 2016

April 2016 brickworks news. | Page 4

High Rise Success Brick – the most enduring of all building materials – continues to have a profound impact on the shape of our built environment. For over two centuries, brick has dominated

town and city streetscapes across Australia.

From full brick and veneer houses, through

low-rise/high rise apartment buildings, schools,

government offices, hospitals, entertainment,

amenities and places of worship, clay brick

can be adapted, moulded and engineered

to suit just about any building challenge.

Surprised? We’re not, yet we’re continually

amazed at the ingenuity of our leading

architects and designers who are now

specifying brick in buildings as high as 22-storeys.

From streetscape to skyscape, brick is distinctive,

reinforcing a sense of continuity and belonging.

Over the last five years there’s been a quantum

shift in design and performance capabilities,

resulting in new products that have been

developed in partnership with our creative design

professionals. That means significantly more

choice in terms of size, colour, texture and

useability. Together, we’re changing people’s

perceptions and opinions of brick.

La Escandella is Bristile’s premium range of ceramic roof tiles, and is available nationally in a range of profiles, colours and textures. This outstanding range continues to impress, both in the number of display homes specified and houses choosing La Escandella.

100-year product warranty with Bristile’s La Escandella roof tilesBristile’s La Escandella roof tiles now come with a 100-year product warranty, thanks to Brickworks ongoing – and unmatched – commitment to providing industry-best products and services.

Page 5 | brickworks news. April 2016

Located at the historic Salamanca Wharf precinct, the studio was designed by local architect, Drew Spider Architects, which chose to incorporate the latest product offerings from across the Brickworks Group. With its impressive feature walls, including one curved wall comprising brick, the Hobart studio has won accolades throughout the state as an exemplar of its type, an ideas space where conversations take place.

Confirming Brickworks dominance in the Tasmanian market for building products, the studio offers architects a unique space

Hobart Design Studio completes the pictureFinally, it’s arrived. Completing the national roll out of design studios is Hobart, which was opened for business in February.

in which to discuss ideas and consider the suitability of materials for their projects.

Officially opened on 3 March 2016 by The Honourable Elise Archer MP, Speaker of the House of Assembly and Liberal member for Denison, the launch was attended by Brickworks Chairman, Robert Millner, and Managing Director, Lindsay Partridge AM. The opening was also attended by many of the state’s leading architects who are looking forward to the first major public event on 31 March, Brickworks’ Speaker Series.

INEX>BOARDS Any building – Any surface – AnywhereBrickworks recently became a key nationwide distributor of INEX>BOARDS™, a range of high performing, lightweight building products. Fully accredited, INEX>BOARDS have been established in Australia for over 10 years, are widely accepted, highly regarded – and continue to grow market share.

These high strength, lightweight alternatives

to traditional fibre cement and plasterboard

products are the ideal complement to building

products manufactured by Brickworks. Suitable

for residential and commercial applications,

Inex products are made from a fibre-reinforced

Engineered Cementitious Composite (ECC).

What’s more, they’re environmentally friendly

and contain up to 60% low carbon, post-

industrial recycled materials.

INEX>BOARDS cover the walling, decking and

flooring needs of architects, building designers,

developer and builders, as well as Australia’s

highly significant DIY market.

Walling INEX>RENDERBOARD™

INEX>EXPRESS™

INEX>WALLBOARD™

INEX>WEATHERBOARD™

Decking INEX>DECKING™

INEX>MAXIDECK™

INEX>LAMIDECK™

Flooring INEX>FLOOR™

aLow Carbon

aStrength

aFire Resistance

Inex products distributed by Brickworks

aDurability

aStability

aAcoustic Resistance

aWater Resistance

aImpact Resistance

Key benefits of INEX>BOARDS

Brickworks Design Studio Hobart, Tasmania.

Brickworks Ltd ABN 17000 028 526 Tel (02) 9830 7800 info@brickworks.com.au www.brickworks.com.au

BW

6913

BRO

WN

INK

Auswest Timbers Coastal Decking Collection stand the toughest testThe release of Auswest Timbers Coastal Decking Collection adds substantially to the company’s product

offerings. Jarrah and Karri decking timbers have been specially selected for their ability to withstand the

extreme demands of Australia’s coastal and saline waterside environments.

The range of building products from

Jarrah Case Study: Elizabeth Quay, Perth WAJarrah decking was specified for the

extensive boardwalks that distinguish

Elizabeth Quay, a $440M mixed-use

development located on the Swan River

at Perth Water. Jarrah (E. Marginata) is

a high-density and extremely durable

hardwood, with heartwood colours ranging

from dark pink to deep reddish-brown.

The evenly textured grain gives Jarrah its

characteristic lustre and colour depth.

It has high natural resistance to weather,

rot, termites and marine borers. As well

as pedestrian traffic, these boardwalks will

carry occasional service vehicles, including

trucks, so the designers specified Jarrah

decking throughout in 42mm thickness

and board widths from 130mm to 270mm.

The Swan River is tidal and therefore saline,

but Jarrah has a long history of exemplary

performance along this waterway in wharves,

jetties and other engineered structures.

These Jarrah boardwalks will provide a long

lasting and visually stunning public space

along the premier waterfront location in

downtown Perth for many years to come.

Auswest’s Coastal Decking is more substantial

in width and thickness than conventional

domestic decking timbers to improve durability

and stability. Used in wharf and jetty

construction, pilings and other engineered

structures for more than 100 years, Jarrah and

Karri are known to perform in the most extreme

environments present throughout Australia,

including the 1.8 kilometre Busselton Jetty,

the longest pier in the Southern Hemisphere,

built in 1865.

Sustainable and certifiable We source our Jarrah sawlogs from the

WA Forest Products Commission, the state

government authority responsible for the

sustainable harvesting and regeneration

of public forests. The Commission and

Auswest Timbers operate under nationally

and internationally recognised forestry

certification programs, including the

Australian Forestry Standard. Industry

practices are also endorsed by the

foremost assessor of sustainable forest

management, the Programme for

Endorsement of Forest Certification (PEFC).

It has high natural resistance to weather,

rot, termites and marine borers. Jarrah has

a hardness rating of 8.5 kN and is Durability

Class 2 (above ground).

Elizabeth Quay, Perth WA

ABN 17 000 028 526

REVIEW OF RESULTS1ST HALF ENDED JANUARY 2016

DIVERSIFIED PORTFOLIO PRODUCES ANOTHER STRONG RESULT

HighlightsStatutoryNPATincludingsignificantitems,up82.2%to$76.9million

UnderlyingNPATbeforesignificantitemsup19.4%to$75.0million

– BuildingProductsEBITup24.9%to$32.6million

– LandandDevelopmentEBITup17.3%to$45.4million

– InvestmentsEBITdown11.0%to$26.8million

Netdebt/capitalemployedof12.5%,netdebt$264.3million

Interimdividendof16.0centsfullyfranked,up6.7%

Oneyeartotalshareholderreturnof29.3%

Brickworks Corporate Structure and Brands

Brickworkscorporatestructurehasprovideddiversityandstabilityofearningsoverthelongterm.TherearethreemainpartstotheBrickworksbusinessmodel:

• TheBuildingProductsGroup,

• Land&Developmentand

• Investments.

TheBuildingProductsGroupconsistsofAustralBricks,AustralMasonry,BristileRoofing,AustralPrecast,AuswestTimbersandSpecialisedBuildingSystems.

TheLand&DevelopmentbusinessexiststomaximisethevalueofsurpluslandcreatedbytheBuildingProductsbusiness.

The42.72%interestinWashingtonH.SoulPattinsonprovidesastableearningsstreamandasuperiorreturn.

Overview1

BrickworksGroup(ASX:BKW)postedastatutoryNetProfitAfterTax(‘NPAT’)forthehalfyearended31January2016of$76.9million,up82.2%onthe previous corresponding period, with thepriorperiodadversely impactedbyimpairments.UnderlyingNPATof$75.0millionwasup19.4%from $62.8 million for the half year ended 31January2015.

On record sales revenue of $358.0 million,Building Products’ underlying earnings before interest and tax (‘EBIT’) was $32.6 million, up24.9% on the previous corresponding period.Earnings across all divisions improved, throughan increase in sales volume and prices, andimprovedproductionefficiencies.

Land and DevelopmentEBITwas$45.4millionfor the first half, driven primarily by a strongrevaluation profit in the Joint Venture IndustrialPropertyTrust2(‘PropertyTrust’).

Investments EBIT, including the underlyingcontribution fromWashington H Soul Pattinson(‘WHSP’),wasdown11.0%to$26.8million.ThiswasdueprimarilytotheimpactoflowcoalpricesontheearningsofNewHopeCorporation.

Underlyingearningspershare(‘EPS’)were50.5cents,up19.1%from42.4centsforthepreviouscorrespondingperiod.

Directors have declared a fully franked interimdividendof16.0centspershareforthehalfyearended31January2016,up6.7%from15.0cents.Therecorddatefortheinterimdividendwillbe12April2016,withpaymenton3May2016.

Total shareholder return (“TSR”) for the yearto 31 January 2016 was 29.3%, representinga 34.0% outperformance compared to the AllOrdinariesAccumulationIndexof-4.7%.Over15years,Brickworkshasdeliveredreturnsof11.4%perannum,comparedtoindexreturnsof7.2%perannum.

1 Unlessotherwisestatedallearningsmeasuresexcludesignificantitems2 The Joint Venture Industrial Property Trust is a 50/50% partnership between Brickworks and Goodman

Industrial Trust

Financial AnalysisGearing(debttoequity)was16.2%at31January2016,downfrom17.8%at31July2015. Totalinterestbearingdebtdecreasedto$300.0millionand net debt declined to $264.3 million at 31January2016.Netdebttocapitalemployedwas12.5%attheendoftheperiod.

Interest costsweredownto$7.0millionforthehalfonthereduceddebtlevel.Total borrowing costs were $6.8 million, including the gain inmarktomarketvaluationofswapsof$0.2million.Interestcoverwasaconservative14.2timesat31 January2016.

Working capital,excludinglandheldforresale,was $189.9 million at 31 January 2016, anincrease of $37.0 million compared to 31 July2015.Thiswasdueprimarilytoareductionintaxprovisions,togetherwithanincreaseincashandstockonhand.

During the half finished goods inventory increased by $3.9 million, with most factoriesoperating through theChristmasandNewYearholidayperiodtobuildstocktomeetthestrongorderbook. The finished goods inventory across thebusinessrepresented3.6monthssalesattheendof theperiod.

Total cash flow from operating activitieswas$92.0million,up35.6%from$67.9millionintheprevious corresponding period. Excluding theimpactofthedistributionfollowingthesaleoftheColes Cold Distribution Centre (“Coles CDC”)includingtherelatedtaxpaymentandthebenefitofpropertysalesinthepriorperiod,operatingcashflowwasrelativelysteady.

Total cash outflow from investing activities was$9.7million.Thisincludesacapitalreturnof$21.1millionfromtheColesCDCsale,offsetbyre-investmentsof$13.0million into thePropertyTrustandcapitalexpenditureinBuildingProductsandLandandDevelopment.

Building Products capital expenditure increased to $18.8 million, from $16.5 million in the previous corresponding period. Stay in business capital expenditure was $13.7 million, in line with depreciation. Spend on major growth projects totalled $5.1 million, primarily consisting of upgrades to the Rochedale plant in Queensland.

The underlying income tax expense for the period increased to $16.9 million compared to $14.8 million for the previous corresponding period, due to the increased earnings from the combined Building Products and Land and Development Groups.

Net tangible assets (‘NTA’) per share was $10.75 at 31 January 2016, up from $10.59 at 31 July 2015 and total shareholder’s equity was up $27.7 million to $1.852 billion.

Return on equity of underlying earnings for the half was 8.1%, up from 7.0% in the prior corresponding period. Over the longer term, Brickworks diversified corporate structure has provided stability of earnings and enabled prudent investments that have steadily built net asset value and underpinned superior long term shareholder returns.

Significant items increased NPAT by $1.9 million for the half year. Brickworks share of WHSP significant items for the period was $6.4 million, consisting mainly of a partial realisation of the increased value of TPG, largely offset by impairments against oil and copper assets. Other significant items include site relocation charges at Rochedale in Queensland, costs associated with the Perpetual litigation and other Building Products items such as decommissioning costs at the Bowral dome kiln in New South Wales.

Significant Items ($m) Gross Tax NetSignificant items relating to WHSP 6.4 (1.4) 5

Site relocation (1.2) 0.4 (0.8)

Costs relating to Perpetual litigation (0.7) 0.2 (0.5)

Other Building Products items, including restructuring (2.6) 0.8 (1.8)

TOTAL 1.9 0.0 1.9

Perpetual Litigation Update

On 20 February 2015, Brickworks announced that Perpetual and Carnegie had agreed to the cancellation of the general meeting of shareholders and Carnegie had withdrawn its cross-claim against Brickworks and WHSP. On the basis the general meeting of shareholders would be canceled Brickworks agreed with Perpetual to put a resolution to the 2015 Annual General Meeting regarding the proposed nomination of Ms Elizabeth Crouch as a director. A resolution concerning the proposed nomination of Ms Crouch as a director was subsequently put to the 2015 Annual General Meeting but was not approved.

The cross-claim brought by Perpetual against Brickworks and WHSP is continuing. The discovery process is proceeding.

The Perpetual litigation has caused Brickworks to incur approximately $0.7 million in costs during the 6 months to 31 January 2016.

Brickworks Building ProductsSummary of Housing Commencements – 6 Months to December 2015

Estimated Starts3 Detached Houses Other Res Total

Dec 15 Dec 14 Change Dec 15 Dec 14 Change Dec 15 Dec 14 ChangeNew South Wales 4 14,839 13,610 9.0% 19,350 16,525 17.1% 34,189 30,135 13.5%

Queensland 11,741 11,608 1.1% 11,488 9,920 15.8% 23,229 21,528 7.9%

Victoria 17,598 16,869 4.3% 15,614 14,589 7.0% 33,212 31,458 5.6%

Western Australia 10,491 12,608 (16.8%) 3,747 4,400 (14.8%) 14,238 17,008 (16.3%)

South Australia 3,953 4,146 (4.7%) 1,390 1,434 (3.1%) 5,343 5,580 (4.2%)

Tasmania 1,075 1,075 0.0% 197 262 (24.8%) 1,272 1,337 (4.9%)

Total Australia 5 60,204 60,344 (0.2%) 52,164 47,990 8.7% 112,368 108,334 3.7%New Zealand 6 13,516 11,892 13.7% 1,559 1,205 29.4% 15,075 13,097 15.1%

3 Original data sourced from ABSCat. 8752.0 Number of Dwelling Unit Commencements by Sector, States & Territories (Sep 15 quarter). December 15 quarter estimate from BIS Shrapnel

4 Includes ACT, to align with Brickworks divisional regions5 Includes Northern Territory, not shown separately on table6 Building Consents data sourced from Statistics New Zealand – Building Consents

Total dwelling commencements for Australia were up 3.7% to 112,368 for the six months ended 31 December 2015. This level of residential building activity is the highest on record in Australia, and has been driven by unprecedented growth in other residential commencements.

Following two years of steady growth, detached housing commencements have plateaued, with continued momentum in the major east coast states being offset by weakness in Western Australia. Although the current level of detached house building exceeds the 25 year average, it remains below recent peaks.

The strong momentum in other residential activity has continued, with commencements up a further 8.7% to a new record high of 52,164 for the six months to 31 December 2015. This level of other residential activity is more than double the levels recorded six years ago. Other residential developments now represent over 45% of all residential commencements in Australia, up from less than 30% six years ago.

Conditions in New South Wales (including ACT) continue to improve, with total residential commencements up 13.5% to 34,189 for the six

months to 31 December 2015. Strong growth was recorded in detached houses, up 9.0% and other residential, up 17.1%.

Queensland experienced an increase in overall activity, with commencements up 7.9% on the prior corresponding period. Driving growth in this state was other residential activity, up 15.8%, continuing the momentum from financial year 2015.

Growth has begun to slow in Victoria, following the surge in activity over the past 18 months. Modest gains of 4.3% in detached houses, and 7.0% in other residential were recorded for the 6 months to 31 December 2015.

In contrast to the major east coast states, residential building activity in Western Australia has now passed the peak, following the record levels achieved in financial year 2015. The sharp decline has been felt across both detached houses, down 16.8% and other residential, down 14.8% on the prior corresponding period.

Continued growth in New Zealand was also recorded, with building consents for the year ended 31 December 2015 increasing by 15.1% compared to the prior corresponding period.

The value of approvals in the non residential sectorinAustraliaincreasedby10.3%to$16.789billionforthesixmonthsto31December2015.Within the non residential sector, Commercial

buildingapprovalsdecreasedby2.2%to$5.628billion for the period and Industrial building approvalsincreased3.2%to$2.204billion.

Building Products’ Results in DetailHalf Year Ended January 2016 2015 Change%Revenue $mill 358.0 340.6 5.1

EBITDA $mill 46.2 38.8 19.1

EBIT $mill 32.6 26.1 24.9

CapitalExpenditure $mill 18.8 16.5 13.9

EBITDAmargin % 12.9 11.4 13.2

EBITmargin % 9.1 7.7 18.2

CapitalEmployed $mil 872.9 837.4 4.2

Net Tangible Assets $mil 620.8 568.5 9.2

ReturnonCapitalEmployed % 7.5 6.2 21.0

Return on Net Tangible Assets % 10.5 9.2 14.1

FTEEmployees7(vs.Jul15) 1,464 1,468 (0.3)

Safety(TRIFR)8(vs.Jul15) 19.7 22.5 (12.4)Safety(LTIFR)9(vs.Jul15) 1.4 2.0 (30.0)

7 Excludescasualemployees8 TotalReportableInjuryFrequencyRate(TRIFR)measuresthetotalnumberofreportableinjuriespermillion

hoursworked9 LostTimeInjuryFrequencyRate(LTIFR)measuresthenumberoflosttimeinjuriespermillionhoursworked10Excludingproduct“tolling”arrangementsandexportvolume

Revenueforthehalfyearto31January2016wasup5.1%toarecord$358.0million,withparticularlystrongsalesgrowthrecordedinAustralBricksandBristileRoofing.

EBITwas $32.6million, up 24.9%on the priorcorresponding period, and EBITDA was $46.2million.Improvedearningswereachievedonthebackofanincreaseinsalesvolume,strongpriceincreases and improved production efficienciesthat enabled manufacturing costs to be wellcontained.

TheincreaseinsalesvolumedeliveredapositiveEBIT impact of $2.4 million compared to theprior corresponding period. Significant volumeincreases in most east coast operations waspartiallyoffsetbydeclinesinWesternAustralia.

Pricingoutcomesweregenerallypositive,withaweighted average increase of 4.0% achieved10,contributing an EBIT uplift of $11.6 millioncompared to the prior corresponding period.StrongpriceincreaseswereachievedbyAustralBricks in all states except Western Australia,andinBristileRoofingonboththeeastandwestcoast.AustralMasonryandAuswestTimbersalsorecordedmodestgains,howeverpricinginAustralPrecastdecreasedduetoachangeinproductmixand strong competition, particularly in WesternAustralia.

Unitproductioncostsimprovedinmostdivisions,primarilyduetoanincreaseinproductionvolume,withmostplantsoperatingthroughtheChristmasholidayperiod inorder to replenish stock levels

andmeet the strong order book. However thiswasoffset by higher installation costs inBristileRoofing,wherestrongdemandontheeastcoastis resulting in trade shortages and increased installation rates. The net impact was a $0.9millionincreaseinunitcostofsalescomparedtothepreviouscorrespondingperiod.

Salesandoverheadcostswerewell controlled,remaining steady as a percentage of salescomparedtothepriorcorrespondingperiod.A$3.2millionincreaseinthesecostswasdrivenbyhighersellingsupportandinformationtechnologycoststobettersupportourcustomerrequirements.Duringtheperiodthecompanycontinueditsinvestmentinadvertisingtoenhancebrandawareness,withahighfashionbrandingcampaignandtherolloutofCBDdesignstudiosacrossallmajorcapitals,settodeliverongoingbenefitsintheyearsahead.

Despitetheimprovedearningsinthesixmonthsto31January2016,BuildingProducts’ReturnonCapitalEmployed(‘ROCE’)of7.5%remainsbelowinternal targets. Excluding goodwill and otherintangibleassetsof$252.1million,theunderlyingReturn on Net TangibleAssets (‘RONTA’) was10.5%,upfrom9.2%intheprioryear.

Full time employees decreased by 4 duringthe half, taking the total number to 1,464. Thisreduction in employees reflects Brickworks’ on-going commitment to maintaining a pro-activeapproachtoworkforcesizingtoensuremaximumefficiencyacrossallfunctionsofthebusiness.

Therewere2LostTimeInjuries(‘LTIs’)duringthehalf.ThistranslatedintoareductionintheLostTimeInjuryFrequencyRate(‘LTIFR’)to1.4,comparedto2.0inthe2015financialyear.TheTotalReportableInjuryFrequencyRate(‘TRIFR’)decreasedto19.7from22.5inthepriorfinancialyear.

Divisional ResultsAustral Bricksdeliveredan18.4%increaseinearningsfor thesixmonthsended31January2016, with sales revenue up 5.2% to $194.0million.

Unitmanufacturingcostsimprovedonthepriorcorrespondingperiod,onthebackofincreasedproduction output over the Christmas holiday

period,andpriorperiodplantupgrades.

Performanceontheeast coastwasparticularlystrong,reflectingthebuoyantmarketconditions,an increase in prices, improved operationalperformance,andacontinuedfocusonstyleandproduct differentiation that is driving increasedsalesofhighermarginproducts.

In Victoria, the Wollert plant is performingbetter than the original design expectations,withproductionnowat record levels.Whilst inQueensland, the first phase of theRochedaleplant upgrades is now complete, resulting inimproved product quality and plant efficiency.Thefinalphaseof the refurbishmentprogram,comprisingupgradestothekilnandpackagingplant,isplannedforthesecondhalfofcalendaryear2016.

The business continues to benefit frommanyyearsofinvestmenttopositionAustralBricksastheleadingstylebrandintheindustry,resultingin supply tomanymulti-residential towersandurban renewal projects including a 24 storeyLendLeasedevelopmentatDarlingQuarteranda26storeymixedusetowerinSussexStreet,both in Sydney. In addition, there is growingdemand forpremium rangeproducts, suchaspressedbricksfrombothBowralandWollert.

Earnings in Western Australiawerelower,withthismarketnowexperiencingasharpreductionin market activity and intense competition forsales. As a result, sales volume decreasedcompared to the prior corresponding period,despite a small decrease in average sellingprice.Pricesinthismarketarenowlowerthantheyweresevenyearsago.

ArefittofullyautomatethecurrentlymothballedCardupplant isnowunderwayandwilldelivera significant improvement in product qualityand a lowermanufacturing cost, with this sitebenefittingfromonsiteclayreserves.

Earnings from the New Zealand Brick Distributors jointventurewerelowerfollowingadecline involumes from theprevious recordlevels,withsofterdemandinChristchurch.

Austral Masonry delivered another increase in

earnings on relatively flat sales revenue of $44.5 million for the half. The improved performance was driven by a continued recovery in demand in south east Queensland and strong price increases in New South Wales. Elsewhere, the Central Queensland market is currently depressed due to a downturn in mining related activity, whilst demand remains stable in the tourist based economy of North Queensland.

Bristile Roofing earnings increased by 14.6% on the prior corresponding period, with sales revenue up 10.9% to $57.5 million. Earnings improved in all major east coast states, on the back of favourable market conditions and continued sales growth of premium imported terracotta tiles. An uplift was also recorded in Western Australia, despite the more difficult conditions in that state.

Austral Precast earnings also increased, on relatively flat sales revenue of $34.4 million. The result was driven by improved production efficiency and cost savings from restructuring initiatives.

A particular focus during the period was the creation of a unified national approach to back office functions such as estimating, drafting and quoting following multiple acquisitions over recent years. An increased focus on the growing high rise market, through developing “whole of structure” solutions is progressing well, with over 50% of sales now generated from this segment.

Auswest Timbers revenue was up 1.1% to $27.5 million on flat sales volume of 31,300m3 for the half. Earnings were improved, primarily as a result of continued progress to enhance operational efficiency, with productivity improvements being wide spread across all sites. Domestic demand benefitted from the strong detached housing activity on the east coast, with the Fyshwick mill supplying roof tile battens into this market. Export demand increased from the Korean, US and UK markets, helping to offset weaker demand from China.

On 5 February 2016 Auswest completed the purchase of the previously shut down Whittakers

timber mill in the southwest of Western Australia. This low cost modern mill is designed to process smaller sized Jarrah resource and the transfer of Deanmill operations to this site will deliver significant improvements to operations efficiency.

After many years of negotiation, the Victorian state government continues to frustrate our efforts to make the required investments in our East Gippsland mills, by denying certainty of log supply. As one of the largest employers in this region, these investments would provide an important boost for the local community, as well as enabling Auswest to cost effectively meet the strong demand for product from these mills. The Victorian operations now have only 16 months log supply contracted, with no clarity being provided to the industry by the government regarding longer term supply.

During the period Specialised Building Systems was established, with a focus on distributing high quality, market leading products to meet the evolving demands of the building industry. This business utilises a low capital cost model, through establishing partnerships with “best in class” manufacturers and leveraging Brickworks market leading customer relationships and distribution network. All products are rigorously tested to ensure they meet or exceed the requirements of the Building Code of Australia.

In November Pronto Panel was launched, a lightweight, durable, non-load bearing walling panel that can be utilised in internal and external walling applications. Initial market feedback has been very positive, with significant interest from our vast network of residential and commercial customers.

Other products in the portfolio include Terracade, a high-end terracotta façade system that continues to gain traction, particularly in commercial applications and INEX Boards, a range of lightweight cementitious sheets that can be used for virtually all building surfaces.

Land and DevelopmentLandandDevelopmentproducedanEBITbeforesignificant itemsof$45.4millionforthehalfyearended 31 January 2016, up 17.3% from $38.7millionfortheprioryear.

Land Sales contributed an EBIT of $1.1 millionfor the half. Transactions included the sale of14 properties at Pemberton, Western Australia,originallypartofthePembertonmillleaseholdlandparcel.

The Property Trust generated an EBIT of $45.1million,up17.4% from$38.4million in thepreviouscorrespondingperiod.

NetpropertyincomedistributedfromtheTrustwas$6.4millionforthehalf,downfrom$7.1millionduetotheColesCDCsaleinJuly2015.

TherevaluationprofitofstabilisedPropertyTrustassetstotalled$30.3million,upfrom$26.6milliondue to compression in capitalisation rates ofapproximately50bps.AnadditionalEBITof$8.4millionwascontributedfollowingpre-leasesbeing

securedatOakdaleCentralandclassificationofthelandasinvestmentpropertyduringtheperiod.

ThetotalvalueofthePropertyTrustassetsat31January2016was$933.5million,withborrowingsof$309.4million,givingatotalnetvalueof$624.1million.BrickworksGroupshareoftheTrust’snetassetvaluewas$312.1million,down$25.0millionfrom$337.1millionat31July2015.ThedecreaseisdueprimarilytotheColesCDCsale.

Waste Management contributed a profit of$1.0millionfortheyear, inlinewiththepreviouscorrespondingperiod.Royaltypaymentsinrelationto the Horsley Park landfill, operated by Veolia,ended in January 2016 and therefore no further waste management earnings will be generatedfromthisfacility.

Property administration expenses totalled $1.8million, up slightly from $1.5 million in the priorperiod. These expenses include holding costssuch as rates and taxes on properties awaitingdevelopment.

InvestmentsTheunderlyingEBIT fromtotal investmentswasdown11.0%to$26.8millioninthehalfyearended31January2016.

Washington H. Soul Pattinson Limited (‘WHSP’)

ASXCode:SOL

BrickworksGroup’sinvestmentinWHSPreturnedanunderlyingcontributionof$26.6millionforthehalf year ended 31 January 2016, down 11.0%from$29.9million in thepreviouscorrespondingperiod. This was due primarily to the impact oflow coal prices on the earnings of New HopeCorporation.

The market value of Brickworks 42.72% shareholdinginWHSPwas$1.719billionat31January2016,up$318.0millionfrom$1.401billionat31July 2015.This investment continues to providediversity and stability to earnings, with cash

dividendstotalling$30.7millionreceivedduringthehalf,up3.4%onthepriorperiod.

WHSPhasdeliveredoutstandingreturnsoverthelong term, outperforming theASXAllOrdinariesAccumulationIndexby6.8%p.a.overfifteenyears.

WHSPholdsasignificantinvestmentportfolioinanumberof listedcompaniesincludingBrickworksGroup, TPG Telecom, New Hope Corporation,Australian Pharmaceutical Industries, BKIInvestmentCompany,RuralcoHoldingsandApexHealthcareBerhad.

TheinvestmentinWHSPhasbeenanimportantcontributortoBrickworksGroup’ssuccessformorethanfourdecades.Overthisperiodithasdeliveredanuninterrupteddividendstreamthatreflectstheearnings from WHSP’s diversified investments.ThisdividendhelpstobalancethecyclicalearningsfromtheGroup’sBuildingProductsandLandandDevelopmentdivisions.

OutlookBuilding ProductsCurrent residential building activity is at thehighestlevelonrecord,howeverconditionsvarysignificantlyacross thecountry,withcontinuedmomentum on the east coast being offset bydeclinesinWesternAustralia.Theseconditionsarereflectedinanextremelystrongorderbookinalleastcoastdivisionswithbuildersinthemajormarkets of Sydney and Melbourne reportingworkinhandextendingbyuptooneyear.

Withinterestratesexpectedtostayathistoricallylow levels for the foreseeable future, there isnosignofaslowdown inactivityon theeastcoast in the short term. Brickworks is alsohaving significant success in combatting theongoing competition fromalternative products,withincreasedpenetrationinanumberofkeymarketssegments,suchasfacebrickinhighriseresidentialandcommercialdevelopments.Thestrength of our traditional and proven productportfolio has been re-enforced in recent timesbyanumberofcostlyandhighprofilefailuresofotherunaccreditedbuildingproducts.

However it isanticipated that furthergrowth insalesvolumewillbelimitedduetoindustrytradeshortagesinanumberofareasthateffectivelymeantheindustryhasnowreacheda“naturalpeak”incapacity.

Onbalance,theshorttermoutlookforBuildingProducts is very positive, with the earningsuplift recorded in the first half expected to bemaintainedoverthefullfinancialyear.

Regulatory concerns

Despite the positive outlook, Brickworks isfrustratedthatthefullpotentialoftheAustralianmanufacturingindustryisbeingheldbackbyaglaringlackofpro-activeandholisticgovernmentpolicy.

For example, Australia is missing a goldenopportunity to utilise its energy advantageto fuel growth and investment in Australianmanufacturing,withmuchofAustralia’sabundantnaturalgasresourcebeingquarantinedforexporttointernationalLNGmarkets.Theoutcomeisadomestic supply squeeze and massive pricehikes,with recentnegotiationssuggesting thatgas prices for financial years 2017 and 2018willincreaseby30%,totallyatoddswithfallingcommoditypricesacrosstheworld.

Other examples include coastal shippingregulations thatmake itcheaper toshipbrickstoSydneyfromSpainthanfromPerth,andaninconsistent approach to renewable energyresultinginmassiveelectricitypricevolatility.ThisisexemplifiedinSouthAustralia,whereAustralBricks have incurred a 90% hike in electricitypricesoverthepast12months.

With more focus and attention on theseissuesbyall levelsofgovernment, there isanopportunitytostimulateincreasedinvestmentinmanufacturing,createmorejobsandastrongeroveralleconomy.

New Brick Technology

Brick kiln design is fundamentally unchangedsincetheintroductionof“2ndgeneration”lowfuelconsumption tunnelkilns in the1980’s.DirexaEngineering have developed a revolutionary

Significant Items Post Balance DateBrickworks included in S&P/ASX 200

Brickworkswas included in theS&PASX200Indexasatcloseoftradingon18March2016.

The improved liquidity and profile from beingincluded in the index will be beneficial to allshareholdersandreflectsthesignificantlevelofinvestorsupportfortheGroup.

newconceptinbrickkilndesign,referredtoasa “Skate-Kiln”. This technology removes theneedforkilncarsandwoulddeliversignificantcost savings as a result of reduced energy consumption, improved productivity and lowermaintenancecosts.

If this technology delivers as expected, itwill result in a significant leap forward inbrick manufacturing, delivering 30% lowermanufacturingcostsandupto30%lowercapitalcoststoconstructanewplant.

Brickworkshasanexclusiveagreementtoutilisethisskatekiln technology incertainmarkets inAustralia, with WesternAustralia having beenidentified as a priority for deployment. Initialplanning isunderway for theconstructionofanew plant utilising this technology in WesternAustralia, with a target commissioning date inthefirstquarteroffinancialyear2018.

Land and DevelopmentThestrongdevelopmentactivityinthePropertyTrust is set to increase further in the second half. Oakdale Central will see considerablegrowth with the completion of two additionalDHLfacilities(27,000m2and31,000m2)inMay2016. Constructionwill then start on two newdevelopments, Reckitt Benckiser at 36,870m2 andDSVTransport and Logistics at 8,275m2,whichweresecuredaspre-commitmentsduringthefirsthalf.84%ofOakdaleCentralhasnowbeencommittedfordevelopment,withagrossfloorareaofonly36,000m2remainingavailable.

To allow further growth of the Property Trust,a State Significant Development Application(“SSDA”) has been submitted for thedevelopment of an industrial estate at the 62hectare Oakdale South site. Portions of thissite have been set aside for land sales. Salenegotiationsareunderwaywithanumberofhighprofilelocalandinternationalcompaniesfor28hectaresatthissite.

Planning work is also well underway for theOakdaleWest site, with a SSDA for this 100hectare property to be lodged before the endofMarch2016.ThefirstsectionofthispropertyislikelytobesoldintothePropertyTrustinthesecond half of the current financial year. TheOakdaleSouthandWestsiteswillhelpprovidethe necessary industrial space in westernSydney over the medium term to satisfy theincreasingdemandinthearea.

At theRochedaleNorthestate, theBeaumontTilesfacilitytotalling12,912m2reachedpracticalcompletioninmidFebruary2016.ConstructionwillnowcommenceontheFranklynBlindsfacility(8,000m2) and two speculative developments(8,000m2and5,800m2).

InvestmentsThediversifiednatureofourholdinginWHSP’sinvestments is expected to deliver steadilyincreasingearningsanddividendstoBrickworksGroupoverthelongterm.

Brickworks GroupThe earnings uplift recorded in BuildingProductsduringthefirsthalf isexpectedtobemaintained over the full financial year. LandandDevelopment earnings are also expectedincrease, subject to the timing and value ofpropertytransactions.Investmentsearningsareexpectedtosteadilyincreaseoverthelongterm.

Lindsay Partridge Managing Director

$ MILLIONS Jan 16 6 mths

Jan 15 6 mths

Variance %

REVENUEBuilding Products 358.0 340.6 5.1

Land and Development 1.7 8.9 (80.9)

Other 0.3 0.2 50.0

Total 360.0 349.6 3.0

EBITBuilding Products 32.6 26.1 24.9

Land and Development 45.4 38.7 17.3

Associates & Investments 26.8 30.1 (11.0)

Other & H.O. (6.1) (4.9) (24.5)

Total EBIT (before significant items) 98.8 90.0 9.8Total EBITDA (before significant items) 112.4 102.6 8.5

Interest cost (7.0) (9.4) 25.5

Mark to market valuation of swaps 0.2 (2.9) 106.9

Underlying tax expense (16.9) (14.8) (14.2)

Underlying NPAT 75.0 62.8 19.4

Significant items 1.9 (20.6) 109.2Statutory NPAT 76.9 42.2 82.2

Per share AnalysisUnderlying earnings per share (cents) 50.5 42.4 19.1

Statutory earnings per share (cents) 51.8 28.5 81.8

Interim ordinary dividend (cents) 16.0 15.0 6.7Share price (31 Jan 16) vs Jul 15 15.2 14.9 2.0

Net tangible assets (NTA) vs Jul 15 10.75 10.59 1.5Share price / NTA (times) 1.41 1.41 -

Annual TSR 1 Year 3 Years 5 Years 10 Years 15 YearsBrickworks Limited 29.3% 9.7% 9.7% 4.7% 11.4%

All Ords Accum Index (4.7%) 5.5% 5.4% 4.7% 7.2%Outperformance 34.0% 4.2% 4.3% 0.0% 4.2%

CONSOLIDATED RESULTS FOR THE HALF YEAR ENDED JANUARY 2016

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY 2016

CONSOLIDATED31 JAN 16 31 JULY 15

$000 $000

CURRENT ASSETSCash and cash equivalents 35,667 23,051Receivables 87,436 103,104Inventories 183,289 178,706Land held for resale 5,455 5,455Prepayments 9,115 6,536

TOTAL CURRENT ASSETS 320,962 316,852

NON-CURRENT ASSETSInventories 8,047 8,129Land held for resale 8,182 8,182Investments accounted for using the equity method 1,429,100 1,455,673Investments accounted for using 482,514 477,570Intangible assets 252,556 252,111

TOTAL NON-CURRENT ASSETS 2,180,399 2,201,665

TOTAL ASSETS 2,501,361 2,518,517

CURRENT LIABILITIESPayables 73,387 88,335Interest-bearing liabilities - 24,445Derivative financial instruments - 234Income tax provision 2,781 16,488Provisions 49,405 53,978

TOTAL CURRENT LIABILITIES 125,573 183,480

NON-CURRENT LIABILITIESInterest-bearing liabilities 298,932 299,239Derivative financial instruments 5,211 5,152Provisions 5,418 5,410Deferred taxes 214,281 200,986

TOTAL NON-CURRENT LIABILITIES 523,842 510,787

TOTAL LIABILITIES 649,415 694,267

NET ASSETS 1,851,946 1,824,250

EQUITYContributed equity 333,110 334,165Reserves 310,476 322,444Retained profits 1,208,360 1,167,641

TOTAL EQUITY 1,851,946 1,824,250

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 JANUARY 2016

Cashflowsfromoperatingactivities

Receiptsfromcustomers 409,552 396,751Paymentstosuppliers&employees (384,233) (353,184) Interest received 274 177 Finance costs (6,952) (12,776) Dividends and distributions received 84,454 37,128Incometaxpaid (11,115) (243)

Netcashflowsfromoperatingactivities 91,980 67,853

Cashflowsfrominvestingactivities

Proceedsfromthesaleorreturnofinvestments 21,073 - Purchases of intangible assets - (1)Purchasesofinvestments (13,027) (405)Paymentforbusinessnetofcashacquired (388) (5,495)Proceedsfromsaleofproperty,plant&equipment 2,374 159Purchasesofproperty,plant&equipment (19,775) (30,164)

Netcashflowsusedininvestingactivities (9,743) (35,906)

Cashflowsfromfinancingactivities

Proceedsfromborrowings 60,000 370,000Repaymentofborrowings (85,000) (362,000)Dividendspaid (44,621) (41,553)

Netcashflowsusedinfinancingactivities (69,621) (33,553)

Netincrease/(decrease)incashheld 12,616 (1,606)

Cashatbeginningofhalfyear 23,051 21,208

Cashatendofhalfyear 35,667 19,602

CONSOLIDATED31 JAN 16 31 JAN 15

$000 $000

Auswest Timbers’ Jarrah decking was specified for the extensive boardwalks that distinguish Elizabeth Quay, a $A440m mixed-use development on the north shore of Perth’s Swan River.

738–780WallgroveRoad,HorsleyParkNSW2175POBox6550,WetherillParkNSW1851

Telephone:61298307800Fax:61298307797www.brickworks.com.auEmail:info@brickworks.com.au