Exhibit 99.4

⁺Class of ⁺securities issued or to be issued

Options over ordinary fully paid shares/CUFS

Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued

1,320,000 options granted on 22 November 2005

Principal terms of the ⁺securities (eg, if options, exercise price and expiry date; if partly paid ⁺securities, the amount outstanding and due dates for payment; if ⁺convertible securities, the conversion price and dates for conversion)

The options are issued under the terms and conditions of the Managing Board Transitional Stock Option Plan, as approved by shareholders on 22 August 2005.

The options vest between the third anniversary of the issue date (22 November 2008) and the fifth anniversary of the issue date (22 November 2010), subject to performance criteria and the rules of the MBTSOP.

The performance criteria are as follows:
• 50% of the options vest on the relevant testing date if the Company’s TSR ranking is equal to or above the Median TSR of the comparator group;

• an additional 2% of options vest on the relevant testing date for each 1% increment that the Company’s TSR ranking is above the Median TSR of the comparator group.

The performance criteria will retested for unvested options every six months commencing on the third anniversary of the issue date, up to the fifth anniversary.

The exercise price for the options is A$8.53.

The options expire on the tenth anniversary of the issue date (22 November 2015).

Exhibit 99.4
Appendix 3B
New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement,
application for quotation of additional securities
and agreement

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 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

James Hardie Industries N.V.

ARBN

097 829 895

We (the entity) give ASX the following information.

Part 1 — All issues

You must complete the relevant sections (attach sheets if there is not enough space).

+ See chapter 19 for defined terms.


1/1/2003		Appendix 3B Page 1

Appendix 3B
New issue announcement


4	Do the ⁺securities rank equally in all respects from the date of allotment with an existing ⁺class of quoted ⁺securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment	No. Quotation will be sought for any shares/CUFS issued on exercise of the Options. These shares/CUFS will rank pari passu with other ordinary fully paid shares/CUFS then on issue.




5	Issue price or consideration	No cash consideration was paid for the options.




6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	The options were granted under the 2005 Managing Board Transitional Stock Option Plan which is intended to promote the Company’s long term financial interests by encouraging management to acquire an ownership position in the Company, aligning the interests of participants with those of the Company’s security holders and encouraging and rewarding their performance. Shareholder approval of the grant of the options was obtained at the Company’s Annual General Meeting on 22 August 2005.




7	Dates of entering ⁺securities into uncertificated holdings or despatch of certificates	23 November 2005

+ See chapter 19 for defined terms.

Appendix 3B Page 2

1/1/2003

Appendix 3B
New issue announcement

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Options do not rank for dividends. Any shares/CUFS issued on exercise of the options will rank equally for dividends with other shares/CUFS then on issue.

Part 2 — Bonus issue or pro rata issue


11	Is security holder approval required?	Not applicable
12	Is the issue renounceable or non-renounceable?	Not applicable
13	Ratio in which the ⁺securities will be offered	Not applicable
14	⁺Class of ⁺securities to which the offer relates	Not applicable
15	⁺Record date to determine entitlements	Not applicable
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?	Not applicable
17	Policy for deciding entitlements in relation to fractions	Not applicable
18	Names of countries in which the entity has ⁺security holders who will not be sent new issue documents	Not applicable
	Note: Security holders must be told how their entitlements are to be dealt with.
	Cross reference: rule 7.7.
19	Closing date for receipt of acceptances or renunciations	Not applicable
20	Names of any underwriters	Not applicable
21	Amount of any underwriting fee or commission	Not applicable
22	Names of any brokers to the issue	Not applicable


+ See chapter 19 for defined terms.

1/1/2003		Appendix 3B Page 3

Appendix 3B
New issue announcement


23	Fee or commission payable to the broker to the issue	Not applicable
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of ⁺security holders	Not applicable
25	If the issue is contingent on ⁺security holders’ approval, the date of the meeting	Not applicable
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled	Not applicable
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders	Not applicable
28	Date rights trading will begin (if applicable)	Not applicable
29	Date rights trading will end (if applicable)	Not applicable
30	How do ⁺security holders sell their entitlements in full through a broker?	Not applicable
31	How do ⁺security holders sell part of their entitlements through a broker and accept for the balance?	Not applicable
32	How do ⁺security holders dispose of their entitlements (except by sale through a broker)?	Not applicable
33	⁺Despatch date	Not applicable


+ See chapter 19 for defined terms.

Appendix 3B Page 4		1/1/2003

Appendix 3B
New issue announcement

Part 3 — Quotation of securities

You need only complete this section if you are applying for quotation of securities


34	Type of securities (tick one)




(a)		Securities described in Part 1




(b)		All other securities




		Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents


35		If the ⁺securities are ⁺equity securities, the names of the 20 largest holders of the additional ⁺securities, and the number and percentage of additional ⁺securities held by those holders




36		If the ⁺securities are ⁺equity securities, a distribution schedule of the additional ⁺securities setting out the number of holders in the categories 1 — 1,000 1,001 — 5,000 5,001 — 10,000 10,001 — 100,000 100,001 and over




37		A copy of any trust deed for the additional ⁺securities

+ See chapter 19 for defined terms.


1/1/2003				Appendix 3B Page 5

Appendix 3B
New issue announcement


Entities that have ticked box 34(b)

38 Number of securities for which ⁺quotation is sought

39 Class of ⁺securities for which quotation is sought

40 Do the ⁺securities rank equally in all respects from the date of allotment with an existing ⁺class of quoted ⁺securities?

If the additional securities do not rank equally, please state:

• the date from which they do

• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

41 Reason for request for quotation now
Example: In the case of restricted securities, end of restriction period
(if issued upon conversion of another security, clearly identify that other security)


				Number		⁺Class

42 Number and ⁺class of all ⁺securities quoted on ASX
(including the securities in clause 38)


+ See chapter 19 for defined terms.

Appendix 3B Page 6		1/1/2003

Appendix 3B
New issue announcement

Quotation agreement

1 ⁺Quotation of our additional ⁺securities is in ASX’s absolute discretion. ASX may quote the ⁺securities on any conditions it decides.

2 We warrant the following to ASX.

• The issue of the ⁺securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those ⁺securities should not be granted ⁺quotation.

• An offer of the ⁺securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any ⁺securities to be quoted and that no-one has any right to return any ⁺securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the ⁺securities be quoted.

• If we are a trust, we warrant that no person has the right to return the ⁺securities to be quoted under section 1019B of the Corporations Act at the time that we request that the ⁺securities be quoted.


+ See chapter 19 for defined terms.

1/1/2003		Appendix 3B Page 7

Appendix 3B
New issue announcement.

3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before ⁺quotation of the ⁺securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.


Sign here:	/s/ Benjamin Butterfield
	(Director/Company Secretary)	Date: 23 November 2005

Print name:	Benjamin Butterfield
	== == == == ==


+ See chapter 19 for defined terms.

Appendix 3B Page 8		1/1/2003

38		Number of securities for which ⁺quotation is sought
39		Class of ⁺securities for which quotation is sought
40		Do the ⁺securities rank equally in all respects from the date of allotment with an existing ⁺class of quoted ⁺securities? If the additional securities do not rank equally, please state:

		• the date from which they do
		• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
		• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

1		⁺Quotation of our additional ⁺securities is in ASX’s absolute discretion. ASX may quote the ⁺securities on any conditions it decides.

2		We warrant the following to ASX.

	•		The issue of the ⁺securities to be quoted complies with the law and is not for an illegal purpose.

	•		There is no reason why those ⁺securities should not be granted ⁺quotation.

	•		An offer of the ⁺securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

			Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

	•		Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any ⁺securities to be quoted and that no-one has any right to return any ⁺securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the ⁺securities be quoted.

	•		If we are a trust, we warrant that no person has the right to return the ⁺securities to be quoted under section 1019B of the Corporations Act at the time that we request that the ⁺securities be quoted.

3		We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

4		We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before ⁺quotation of the ⁺securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.