Exhibit 99.1
Appendix 3Y
Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity   James Hardie Industries N.V.

ARBN   097 829 895 Incorporated in The Netherlands. The liability of members is limited.

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

     
Name of Director   Mr Folkert H. Zwinkels
     
Date of last notice   15 August 2003

Part 1 — Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

     
Direct or indirect interest   Direct Interest
     
Nature of indirect interest
(including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest.		   Not applicable
     
Date of change   5 December 2003
     
No. of securities held prior to change   11,700 options
No shares/CUFS
     
Class   Options and fully paid shares/CUFS
     
Number acquired   2,925 fully paid shares allotted on exercise of
2,925 options at A$6.4490 per share/CUFS
     
Number disposed   2,925 option on exercise.
2,925 fully paid CUFS at A$7.0473

 

+    See chapter 19 for defined terms.

     
11/3/2002   Appendix 3Y Page 1

 

Appendix 3Y
Change of Director's Interest Notice

     
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation		   -A$18,863.33 cash paid to exercise options.

-Market sale proceeds A$20,513.35 for 2,925 CUFS sold. Scrip was borrowed for the CUFS sale transaction.
     
No. of securities held after change   8,775 options. Each option confers the right to subscribe for one ordinary share in capital of James Hardie Industries N.V. at an exercise price of A$6.4490 each. Options not exercised by 3 December 2012 expire.
     
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back		   Exercise of 2,925 options and market sale of 2,925 shares/CUFS.

Part 2 — Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

     
Detail of contract   Not applicable
     
Nature of interest  
     
Name of registered holder
(if issued securities)		  
     
Date of change  
     
No. and class of securities to which interest related prior to change
Note: Details are only required for a contract in relation to which the interest has changed		  
     
Interest acquired  
     
Interest disposed  
     
Value/Consideration
Note: If consideration is non-cash, provide details and an estimated valuation		  
     
Interest after change  

 

+    See chapter 19 for defined terms.

     
11/3/2002   Appendix 3Y Page 2