Exhibit 99.5

James Hardie Industries SE
and Subsidiaries
Condensed Consolidated Financial Statements
as of and for the Period Ended 30 June 2011

James Hardie Industries SE and Subsidiaries
Index

		Page
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Consolidated Balance Sheets as of 30 June 2011 and 31 March 2011			F-3
Consolidated Statements of Operations for the Three Months Ended 30 June 2011 and 2010			F-4
Consolidated Statements of Cash Flows for the Three Months Ended 30 June 2011 and 2010			F-5
Notes to Consolidated Financial Statements			F-6

Item 1. Financial Statements
James Hardie Industries SE and Subsidiaries
Consolidated Balance Sheets
(Unaudited)

		(Millions of US dollars)
		30 June				31 March
		2011				2011
Assets
Current assets:
Cash and cash equivalents		$	76.1			$	18.6
Restricted cash and cash equivalents			1.1				0.8
Restricted cash and cash equivalents — Asbestos			41.5				56.1
Restricted short-term investments — Asbestos			6.0				5.8
Accounts and other receivables, net of allowance for doubtful accounts of $2.6 million and $2.7 million as of 30 June 2011 and 31 March 2011, respectively			131.9				138.1
Inventories			170.4				161.5
Prepaid expenses and other current assets			28.0				31.6
Insurance receivable — Asbestos			14.3				13.7
Workers’ compensation — Asbestos			0.4				0.3
Deferred income taxes			24.4				21.1
Deferred income taxes — Asbestos			12.1				10.5
Total current assets			506.2				458.1
Restricted cash and cash equivalents			4.2				4.5
Property, plant and equipment, net			707.9				707.7
Insurance receivable — Asbestos			185.1				188.6
Workers’ compensation — Asbestos			94.0				90.4
Deferred income taxes			24.6				27.3
Deferred income taxes — Asbestos			465.2				451.4
Other assets			30.4				32.6
Total assets		$	2,017.6			$	1,960.6
Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable and accrued liabilities		$	99.2			$	106.4
Accrued payroll and employee benefits			33.9				40.9
Accrued product warranties			6.5				6.1
Income taxes payable			3.6				3.9
Asbestos liability			115.4				111.1
Workers’ compensation — Asbestos			0.4				0.3
Other liabilities			22.8				53.8
Total current liabilities			281.8				322.5
Long-term debt			103.0				59.0
Deferred income taxes			109.9				108.1
Accrued product warranties			19.4				20.1
Asbestos liability			1,623.0				1,587.0
Workers’ compensation — Asbestos			94.0				90.4
Australian Taxation Office — amended assessment			198.1				190.4
Other liabilities			39.1				37.6
Total liabilities			2,468.3				2,415.1
Commitments and contingencies (Note 9)
Shareholders’ deficit:
Common stock, Euro 0.59 par value, 2.0 billion shares authorised; 437,311,611 shares issued at 30 June 2011 and 436,386,587 shares issued at 31 March 2011			223.3				222.5
Additional paid-in capital			53.9				52.5
Accumulated deficit			(783.7	)			(784.7	)
Accumulated other comprehensive income			55.8				55.2
Total shareholders’ deficit			(450.7	)			(454.5	)
Total liabilities and shareholders’ deficit		$	2,017.6			$	1,960.6

The accompanying notes are an integral part of these consolidated financial statements.

James Hardie Industries SE and Subsidiaries
Consolidated Statements of Operations
(Unaudited)

		Three Months
		Ended 30 June
(Millions of US dollars, except per share data)		2011				2010
Net sales		$	313.6			$	318.4
Cost of goods sold			(205.4	)			(201.6	)
Gross profit			108.2				116.8
Selling, general and administrative expenses			(45.5	)			(45.9	)
Research and development expenses			(7.0	)			(7.0	)
Asbestos adjustments			(38.2	)			63.1
Operating income			17.5				127.0
Interest expense			(1.7	)			(1.8	)
Interest income			0.7				0.7
Other expense			(1.5	)			(4.4	)
Income before income taxes			15.0				121.5
Income tax expense			(14.0	)			(16.6	)
Net income		$	1.0			$	104.9
Net income per share — basic		$	—			$	0.24
Net income per share — diluted		$	—			$	0.24
Weighted average common shares outstanding (Millions):
Basic			436.7				434.7
Diluted			438.7				438.6

The accompanying notes are an integral part of these consolidated financial statements.

James Hardie Industries SE and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)

		Three Months
		Ended 30 June
(Millions of US dollars)		2011				2010
Cash Flows From Operating Activities
Net income		$	1.0			$	104.9
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortisation			16.2				15.4
Deferred income taxes			1.7				4.9
Stock-based compensation			1.5				1.8
Asbestos adjustments			38.2				(63.1	)
Tax benefit from stock options exercised			(0.7	)			—
Changes in operating assets and liabilities:
Restricted cash and cash equivalents			16.7				(66.1	)
Restricted short-term investments			—				9.1
Accounts and other receivables			10.2				32.2
Inventories			(6.6	)			(8.0	)
Prepaid expenses and other assets			6.2				5.4
Insurance receivable — Asbestos			10.8				11.9
Accounts payable and accrued liabilities			(5.7	)			(36.7	)
Asbestos liability			(27.3	)			(18.5	)
Deposit with Australian Taxation Office			—				(2.3	)
Other accrued liabilities			(40.2	)			(15.9	)
Net cash provided by (used in) operating activities		$	22.0			$	(25.0	)
Cash Flows From Investing Activities
Purchases of property, plant and equipment		$	(12.1	)		$	(13.5	)
Proceeds from sale of property, plant and equipment			0.1				0.2
Net cash used in investing activities		$	(12.0	)		$	(13.3	)
Cash Flows From Financing Activities
Proceeds from long-term borrowings		$	80.0			$	376.0
Repayments of long-term borrowings			(36.0	)			(315.0	)
Proceeds from issuance of shares			—				0.1
Tax benefit from stock options exercised			0.7				—
Net cash provided by financing activities		$	44.7			$	61.1
Effects of exchange rate changes on cash		$	2.8			$	1.1
Net increase in cash and cash equivalents			57.5				23.9
Cash and cash equivalents at beginning of period			18.6				19.2
Cash and cash equivalents at end of period		$	76.1			$	43.1
Components of Cash and Cash Equivalents
Cash at bank and on hand		$	75.3			$	25.1
Short-term deposits			0.8				18.0
Cash and cash equivalents at end of period		$	76.1			$	43.1

The accompanying notes are an integral part of these consolidated financial statements.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

1. Background and Basis of Presentation

Nature of Operations

The Company manufactures and sells fibre cement building products for interior and exterior building construction applications primarily in the United States, Australia, New Zealand, the Philippines and Europe.

Basis of Presentation

The consolidated financial statements represent the financial position, results of operations and cash flows of JHI SE and its wholly-owned subsidiaries and a special purpose entity, collectively referred to as either the “Company” or “James Hardie” and “JHI SE”, together with its subsidiaries as of the time relevant to the applicable reference, the “James Hardie Group,” unless the context indicates otherwise. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto, included in the Company’s Annual Report on Form 20-F for the fiscal year ended 31 March 2011, filed with the United States Securities and Exchange Commission on 29 June 2011.

The condensed consolidated financial statements included herein are unaudited; however, they contain all adjustments (all of which are normal and recurring) which, in the opinion of the Company’s management, are necessary to state fairly the consolidated financial position of the Company at 30 June 2011, and the consolidated results of operations for the three months ended 30 June 2011 and 2010 and consolidated cash flows for the three months ended 30 June 2011 and 2010. All adjustments are normal and recurring for the periods noted above.

The results of operations for the three months ended 30 June 2011 are not necessarily indicative of the results to be expected for the full year. The balance sheet at 31 March 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“US GAAP”) for complete financial statements in this interim financial report.

2. Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06, which requires new fair value disclosures pertaining to significant transfers in and out of Level 1 and Level 2 fair value measurements and the reasons for the transfers and activity. For Level 3 fair value measurements, purchases, sales, issuances and settlements must be reported on a gross basis. Further, additional disclosures are required by class of assets or liabilities, as well as inputs used to measure fair value and valuation techniques. ASU No. 2010-06 is effective for interim and annual reporting periods beginning after 15 December 2009, except for the disclosures about purchases, sales, issuances and settlements on a gross basis, which is effective for fiscal years beginning after 15 December 2010. The adoption of this ASU did not result in a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In May 2011, the FASB issued ASU No. 2011-04, which amends some fair value measurement principles and disclosure requirements. The new guidance states that the concepts of highest and best use and valuation premise are only relevant when measuring the fair value of nonfinancial assets and prohibits the grouping of financial instruments for purposes of determining their fair values when the unit of account is specified in other guidance. ASU No. 2011-04 is effective for the interim and annual periods beginning on or after 15 December 2011. The adoption of this ASU is not expected to result in a material impact on the Company’s consolidated financial position, results of operations or cash flows.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

In June 2011, the FASB issued ASU No. 2011-05, which requires that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements, eliminating the option to present other comprehensive income in the statement of changes in equity. Under either choice, items that are reclassified from other comprehensive income to net income are required to be presented on the face of the financial statements where the components of net income and the components of other comprehensive income are presented. ASU No. 2011-05 is effective for fiscal years, and interim periods within those years, beginning after 15 December 2011. The adoption of this ASU is not expected to result in a material impact on the Company’s consolidated financial position, results of operations or cash flows.

3. Earnings Per Share

Basic and dilutive common shares outstanding used in determining net income per share are as follows:

		Three Months
		Ended 30 June
(Millions of shares)		2011				2010
Basic common shares outstanding			436.7				434.7
Dilutive effect of stock awards			2.0				3.9
Diluted common shares outstanding			438.7				438.6
(US dollars)			2011				2010
Net income per share — basic		$	—			$	0.24
Net income per share — diluted		$	—			$	0.24

Potential common shares of 13.3 million and 8.1 million for the three months ended 30 June 2011 and 2010, respectively, have been excluded from the calculation of diluted common shares outstanding because the effect of their inclusion would be anti-dilutive.

Unless they are anti-dilutive, restricted stock units (“RSUs”) which vest solely based on continued employment are considered to be outstanding as of their issuance date for purposes of computing diluted EPS and are included in the calculation of diluted EPS using the Treasury Method. Once these RSUs vest, they are included in the basic EPS calculation on a weighted-average basis.

RSUs which vest based on performance or market conditions are considered contingent shares. At each reporting date prior to the end of the contingency period, the Company determines the number of contingently issuable shares to include in the diluted EPS, as the number of shares that would be issuable under the terms of the RSU arrangement, if the end of the reporting period were the end of the contingency period. Once these RSUs vest, they are included in the basic EPS calculation on a weighted-average basis.

4. Restricted Cash

Included in restricted cash and cash equivalents is US$5.3 million related to an insurance policy at 30 June 2011 and 31 March 2011, which restrict the cash from use for general corporate purposes.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

5. Inventories

Inventories consist of the following components:

		30 June				31 March
(Millions of US dollars)		2011				2011
Finished goods		$	107.7			$	104.5
Work-in-process			8.0				5.9
Raw materials and supplies			60.7				57.3
Provision for obsolete finished goods and raw materials			(6.0	)			(6.2	)
Total inventories		$	170.4			$	161.5

6. Short and Long-Term Debt

At 30 June 2011, the Company’s credit facilities consisted of:

		Effective				Total				Principal
Description		Interest Rate				Facility				Drawn
(US$ millions)
Term facilities, can be drawn in US$, variable interest rates based on LIBOR plus margin, can be repaid and redrawn until September 2012			1.66	%		$	50.0			$	13.0
Term facilities, can be drawn in US$, variable interest rates based on LIBOR plus margin, can be repaid and redrawn until December 2012			—				130.0				—
Term facilities, can be drawn in US$, variable interest rates based on LIBOR plus margin, can be repaid and redrawn until February 2013			1.00	%			90.0				90.0
Term facilities, can be drawn in US$, variable interest rates based on LIBOR plus margin, can be repaid and redrawn until February 2014			—				50.0				—
Total						$	320.0			$	103.0

The weighted average fixed interest rate on the Company’s interest rate swap contracts is set forth in Note 8. The weighted average interest rate on the Company’s total debt was 1.08% and 1.02% at 30 June 2011 and 31 March 2011, respectively, and the weighted average term of all debt facilities is 1.7 years at 30 June 2011.

At 30 June 2011, there was US$103.0 million drawn under the combined facilities and US$217.0 million was unutilised and available.

At 30 June 2011, the Company was in compliance with all restrictive debt covenants contained in its credit facility agreements. Under the most restrictive of these covenants, the Company (i) is required to maintain certain ratios of indebtedness to equity which do not exceed certain maximums, excluding assets, liabilities and other balance sheet items of the AICF, Amaba, Amaca, ABN 60 and Marlew Mining Pty Limited, (ii) must maintain a minimum level of net worth, excluding assets, liabilities and

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

other balance sheet items of the AICF; for these purposes “net worth” means the sum of the par value (or value stated in the books of the James Hardie Group) of the capital stock (but excluding treasury stock and capital stock subscribed or unissued) of the James Hardie Group, the paid in capital and retained earnings of the James Hardie Group and the aggregate amount of provisions made by the James Hardie Group for asbestos related liabilities, in each case, as such amounts would be shown in the consolidated balance sheet of the James Hardie Group if Amaba, Amaca, ABN 60 and Marlew Mining Pty Limited were not accounted for as subsidiaries of the Company, (iii) must meet or exceed a minimum ratio of earnings before interest and taxes to net interest charges, excluding all income, expense and other profit and loss statement impacts of the AICF, Amaba, Amaca, ABN 60 and Marlew Mining Pty Limited, and (iv) must ensure that no more than 35% of Free Cash Flow (as defined in the Amended and Restated Final Funding Agreement (“AFFA”)), in any given Financial Year is contributed to the AICF on the payment dates under the AFFA in the next following Financial Year. The limit does not apply to payments of interest to the AICF. Such limits are consistent with the contractual liabilities of the Performing Subsidiary and the Company under the AFFA.

7. Asbestos

In February 2007, the shareholders approved a proposal pursuant to which the Company provides long-term funding to the Asbestos Injuries Compensation Fund (“AICF”), a special purpose fund that provides compensation for Australian-related personal injuries for which certain former subsidiary companies of James Hardie in Australia (being Amaca Pty Ltd (“Amaca”), Amaba Pty Ltd (“Amaba”) and ABN 60 Pty Limited (“ABN 60”) (collectively, the “Former James Hardie Companies”)) are found liable. The Company owns 100% of James Hardie 117 Pty Ltd (the “Performing Subsidiary”) that funds the AICF subject to the provisions of the AFFA. The Company appoints three of the AICF directors and the NSW Government appoints two of the AICF directors.

Under the terms of the AFFA, the Performing Subsidiary has an obligation to make payments to the AICF on an annual basis, depending on the Company’s net operating cash flow. The amounts of these annual payments are dependent on several factors, including the Company’s free cash flow (as defined in the AFFA), actuarial estimations, actual claims paid, operating expenses of the AICF and the annual cash flow cap. JHI SE guarantees the Performing Subsidiary’s obligation. As a result, the Company considers it to be the primary beneficiary of the AICF.

The Company’s interest in the AICF is considered variable because the potential impact on the Company will vary based upon the annual actuarial assessments obtained by the AICF with respect to asbestos-related personal injury claims against the Former James Hardie Companies.

Although the Company has no legal ownership in the AICF, the Company consolidates the AICF due to its pecuniary and contractual interests in the AICF as a result of the funding arrangements outlined in the AFFA.

For the quarter ended 30 June 2011, the Company did not provide financial or other support to the AICF that it was not previously contractually required to provide. Future funding of the AICF by the Company continues to be linked under the terms of the AFFA to the Company’s long-term financial success, specifically the Company’s ability to generate net operating cash flow.

Asbestos Adjustments

The asbestos adjustments included in the consolidated statements of operations comprise unfavourable foreign currency movements of US$38.2 million and favourable foreign currency movements of US$63.1 million for the three months ended 30 June 2011 and 2010, respectively.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

Asbestos-Related Assets and Liabilities

Under the terms of the AFFA, the Company has included on its consolidated balance sheets certain asbestos-related assets and liabilities. These amounts are detailed in the table below, and the net total of these asbestos-related assets and liabilities is referred to by the Company as the “Net AFFA Liability”.

		30 June				31 March
(Millions of US dollars)		2011				2011
Asbestos liability — current		$	(115.4	)		$	(111.1	)
Asbestos liability — non-current			(1,623.0	)			(1,587.0	)
Asbestos liability — Total			(1,738.4	)			(1,698.1	)
Insurance receivable — current			14.3				13.7
Insurance receivable — non-current			185.1				188.6
Insurance receivable — Total			199.4				202.3
Workers’ compensation asset — current			0.4				0.3
Workers’ compensation asset — non-current			94.0				90.4
Workers’ compensation liability — current			(0.4	)			(0.3	)
Workers’ compensation liability — non-current			(94.0	)			(90.4	)
Workers’ compensation — Total			—				—
Deferred income taxes — current			12.1				10.5
Deferred income taxes — non-current			465.2				451.4
Deferred income taxes — Total			477.3				461.9
Income tax payable			19.3				18.6
Other net liabilities			(1.2	)			(1.3	)
Net Amended FFA liability			(1,043.6	)			(1,016.6	)
Restricted cash and cash equivalents and restricted short-term investment assets of the AICF			47.5				61.9
Unfunded Net Amended FFA liability		$	(996.1	)		$	(954.7	)

On 1 July 2011, the Company contributed US$51.5 million to the AICF in accordance with the terms of the AFFA.

Asbestos Liability

The amount of the asbestos liability reflects the terms of the AFFA, which has been calculated by reference to (but is not exclusively based upon) the most recent actuarial estimate of the projected future asbestos-related cash flows prepared by KPMG Actuarial. The asbestos liability also includes an allowance for the future claims-handling costs of the AICF. The Company receives an updated actuarial estimate as of 31 March each year. The last actuarial assessment was performed as of 31 March 2011.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

The changes in the asbestos liability for the three months ended 30 June 2011 are detailed in the table below:

		A$				A$ to US $				US$
(Millions of US dollars)		Millions				rate				Millions
Asbestos liability — 31 March 2011		A$	(1,643.1	)			0.9676			$	(1,698.1	)
Asbestos claims paid1			25.1				0.9414				26.7
AICF claims-handling costs incurred1			0.6				0.9414				0.6
Loss on foreign currency exchange											(67.6	)
Asbestos liability — 30 June 2011		A$	(1,617.4	)			0.9304			$	(1,738.4	)

Insurance Receivable — Asbestos

The changes in the insurance receivable for the three months ended 30 June 2011 are detailed in the table below:

		A$				A$ to US $				US$
(Millions of US dollars)		Millions				rate				Millions
Insurance receivable — 31 March 2011		A$	195.7				0.9676			$	202.3
Insurance recoveries1			(10.2	)			0.9414				(10.8	)
Gain on foreign currency exchange											7.9
Insurance receivable — 30 June 2011		A$	185.5				0.9304			$	199.4

Included in insurance receivable is US$8.7 million recorded on a discounted basis because the timing of the recoveries has been agreed with the insurer.

Deferred Income Taxes — Asbestos

The changes in the deferred income taxes — asbestos for the three months ended 30 June 2011 are detailed in the table below:

		A$				A$ to US $				US$
(Millions of US dollars)		Millions				rate				Millions
Deferred tax assets — 31 March 2011		A$	446.9				0.9676			$	461.9
Amounts offset against income tax payable1			(2.8	)			0.9414				(3.0	)
Gain on foreign currency exchange											18.4
Deferred tax assets — 30 June 2011		A$	444.1				0.9304			$	477.3

Income Taxes Payable

A portion of the deferred income tax asset is applied against the Company’s income tax payable. At 30 June 2011 and 31 March 2011, this amount was US$3.0 million and US$21.1 million, respectively.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

During the three months ended 30 June 2011, there was a US$0.7 million unfavourable effect of foreign currency exchange.

Other Net Liabilities

Other net liabilities include a provision for asbestos-related education and medical research contributions of US$2.6 million and US$2.5 million at 30 June 2011 and 31 March 2011, respectively. Also included in other net liabilities are the other assets and liabilities of the AICF including trade receivables, prepayments, fixed assets, trade payables and accruals.

These other assets and liabilities of the AICF were a net asset of US$1.4 million and US$1.3 million at 30 June 2011 and 31 March 2011, respectively. During the three months ended 30 June 2011, there was a US$0.1 million favourable effect of foreign currency exchange on the other net liabilities.

Restricted Cash and Short-term Investments of the AICF

Cash and cash equivalents and short-term investments of the AICF are reflected as restricted assets as these assets are restricted for use in the settlement of asbestos claims and payment of the operating costs of the AICF. Changes in the fair value of investments are recorded in Other Comprehensive Income.

The changes in the restricted cash and short-term investments of the AICF for the three months ended 30 June 2011 are detailed in the table below:

		A$				A$ to US $				US$
(Millions of US dollars)		Millions				rate				Millions
Restricted cash and cash equivalents and restricted short-term investments — 31 March 2011		A$	59.9				0.9676			$	61.9
Asbestos claims paid1			(25.1	)			0.9414				(26.7	)
AICF operating costs paid — claims-handling1			(0.6	)			0.9414				(0.6	)
AICF operating costs paid — non claims-handling1			(0.6	)			0.9414				(0.6	)
Insurance recoveries1			10.2				0.9414				10.8
Interest and investment income1			0.5				0.9414				0.5
Other1			(0.1	)			0.9414				(0.1	)
Gain on foreign currency exchange											2.3
Restricted cash and cash equivalents and restricted short-term investments — 30 June 2011		A$	44.2				0.9304			$	47.5

Claims Data

The AICF provides compensation payments for Australian asbestos-related personal injury claims against the Former James Hardie Companies. The claims data in this section are reflective of these Australian asbestos-related personal injury claims against the Former James Hardie Companies.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

The following table shows the activity related to the numbers of open claims, new claims and closed claims during each of the past five years and the average settlement per settled claim and case closed:

		Three Months
		Ended				For the Years Ended 31 March
		30 June 2011				2011				2010				2009				2008				2007
Number of open claims at beginning of period			564				529				534				523				490				564
Number of new claims			101				494				535				607				552				463
Number of closed claims			109				459				540				596				519				537
Number of open claims at end of period			556				564				529				534				523				490
Average settlement amount per settled claim		A$	174,330			A$	204,366			A$	190,627			A$	190,638			A$	147,349			A$	166,164
Average settlement amount per case closed		A$	172,730			A$	173,199			A$	171,917			A$	168,248			A$	126,340			A$	128,723
Average settlement amount per settled claim		US$	185,182			US$	193,090			US$	162,250			US$	151,300			US$	128,096			US$	127,163
Average settlement amount per case closed		US$	183,482			US$	163,642			US$	146,325			US$	133,530			US$	109,832			US$	98,510

Under the terms of the AFFA, the Company has obtained rights of access to actuarial information produced for the AICF by the actuary appointed by the AICF (the “Approved Actuary”). The Company’s future disclosures with respect to claims statistics are subject to it obtaining such information from the Approved Actuary. The Company has had no general right (and has not obtained any right under the AFFA) to audit or otherwise require independent verification of such information or the methodologies to be adopted by the Approved Actuary. As such, the Company will need to rely on the accuracy and completeness of the information and analysis of the Approved Actuary when making future disclosures with respect to claims statistics.

8. Fair Value Measurements

Assets and liabilities of the Company that are carried at fair value are classified in one of the following three categories:

Level 1		Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date;
Level 2		Observable market-based inputs or unobservable inputs that are corroborated by market data for the asset or liability at the measurement date;
Level 3		Unobservable inputs that are not corroborated by market data used when there is minimal market activity for the asset or liability at the measurement date.

Fair value measurements of assets and liabilities are assigned a level within the fair value hierarchy based on the lowest level of any input that is significant to the fair value measurement in its entirety.

The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash and cash equivalents, restricted short-term investments, trade receivables, trade payables, debt and interest rate swaps.

Cash and cash equivalents, Restricted cash and cash equivalents, Trade receivables and Trade payables — These items are recorded in the financial statements at historical cost. The historical cost

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

basis for these amounts is estimated to approximate their respective fair values due to the short maturity of these instruments.

Restricted short-term investments — Restricted short-term investments are recorded in the financial statements at fair value. The fair value of restricted short-term investments is based on quoted market prices. Changes in fair value are recorded as other comprehensive income and included as a component in shareholders’ deficit. Restricted short-term investments are held and managed by the AICF and are reported at their fair value.

Debt — Debt is generally recorded in the financial statements at historical cost. The carrying value of debt provided under the Company’s credit facilities approximates fair value since the interest rates charged under these credit facilities are tied directly to market rates and fluctuate as market rates change.

Interest Rate Swaps — Interest rate swaps are recorded in the financial statements at fair value. Changes in fair value are recorded in the statement of operations in Other Income. At 30 June 2011, the Company had interest rate swap contracts with a total notional principal of US$200.0 million. For all of these interest rate swap contracts, the Company has agreed to pay fixed interest rates while receiving a floating interest rate. The purpose of holding these interest rate swap contracts is to protect against upward movements in US$ LIBOR and the associated interest the Company pays on its external credit facilities.

The fair value of interest rate swap contracts is calculated based on the fixed rate, notional principal, settlement date and present value of the future cash inflows and outflows based on the terms of the agreement and the future floating interest rates as determined by a future interest rate yield curve. The model used to value the interest rate swap contracts is based upon well recognised financial principles, and interest rate yield curves can be validated through readily observable data by external sources. Although readily observable data is used in the valuations, different valuation methodologies could have an effect on the estimated fair value. Accordingly, the interest rate swap contracts are categorised as Level 2.

At 30 June 2011 the weighted average fixed interest rate of these contracts is 2.4% and the weighted average remaining life is 2.3 years. These contracts have a fair value of US$7.7 million, which is included in Accounts Payable. For the three months ended 30 June 2011, the Company included in Other Income an unrealised loss on interest rate swaps of US$1.5 million. Included in interest expense is a realised loss on settlements of interest rate swap contracts of US$0.8 million for the quarter ended 30 June 2011.

The following table sets forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at 30 June 2011 according to the valuation techniques the Company used to determine their fair values.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

						Fair Value Measurements
		Fair Value at				Using Inputs Considered as
(Millions of US dollars)		30 June 2011				Level 1				Level 2				Level 3
Assets
Cash and cash equivalents		$	76.1			$	76.1			$	—			$	—
Restricted cash and cash equivalents			46.8				46.8				—				—
Restricted short-term investments			6.0				6.0				—				—
Total Assets		$	128.9			$	128.9			$	—			$	—
Liabilities
Interest rate swap contracts included in Accounts Payable			7.7				—				7.7				—
Total Liabilities		$	7.7			$	—			$	7.7			$	—

9. Commitments and Contingencies

The Company is involved from time to time in various legal proceedings and administrative actions incidental or related to the normal conduct of its business, including litigation concerning its products. Although it is impossible to predict the outcome of any pending legal proceeding, management believes that such proceedings and actions should not, except as it relates to asbestos, the Australian Securities and Investments Commission (“ASIC”) proceedings, the matters described in the Environmental and Legal section below, the amended assessment from the Australian Taxation Office (“ATO”) and income taxes as described in these financial statements, individually or in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or cash flows.

ASIC Proceedings

In February 2007, ASIC commenced civil proceedings in the Supreme Court of New South Wales against the Company, ABN 60 and ten then-present or former officers and directors of the James Hardie Group. While the subject matter of the allegations varied between individual defendants, the allegations against the Company were confined to alleged contraventions of provisions of the Australian Corporations Act/Law relating to continuous disclosure and engaging in misleading or deceptive conduct in respect of a security. The Company defended each of the allegations made by ASIC and the orders sought against it in the proceedings, as did the former directors and officers of the Company.

On 23 April 2009, the Supreme Court issued judgment against the Company and the ten former officers and directors of the Company.

All defendants other than two lodged appeals against the Supreme Court’s judgments, and ASIC responded by lodging cross appeals against the appellants. The appeals lodged by the former directors and officers were heard in April 2010 and the appeal lodged by the Company was heard in May 2010.

On 30 September 2010, the Company entered into agreements with third parties and subsequently received payment for US$10.3 million relating to the costs of the ASIC proceedings for certain former officers. These recoveries were reflected as a reduction to selling, general and administrative expenses for the year ended 31 March 2011. The Company notes that other recoveries may be

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

available resulting from repayments by third parties, including former directors and officers, in accordance with the terms of their indemnities.

On 17 December 2010, the New South Wales Court of Appeal dismissed the Company’s appeal against the Supreme Court’s judgment and ASIC’s cross appeal and ordered that the Company pay 90% of the costs incurred by ASIC in respect of the Company’s appeal. The Court of Appeal also allowed the appeals brought by the non-executive directors, but dismissed ASIC’s related cross-appeals, and ordered ASIC to pay the non-executive directors costs of the proceedings and the appeals. The Court of Appeal allowed the appeals and cross appeals in respect of certain former officers in part and reserved certain matters for further submissions. On 6 May 2011, the Court of Appeal rendered judgment in the exoneration, penalty and cost matter for certain former officers in which it varied certain orders made at first instance and ordered that there be no order as to the costs of the appeals of the certain former officers and ASIC’s related cross-appeals.

The amount of the costs the Company may be required to pay to ASIC following the Court of Appeal judgments is contingent on a number of factors, which include, without limitation, whether such costs (including the costs orders in ASIC’s favour against the Company in the first instance hearing, which orders were not disturbed by the Court of Appeal) are reasonable having regard to the issues pursued in the case by ASIC against the Company, the associated legal work undertaken specifically in respect of those issues (as distinct from the legal costs of a previous claim and related order against the Company that was withdrawn by ASIC in September 2008 just prior to the commencement of the first instance trial, the legal costs incurred by ASIC in connection with similar or overlapping claims against other parties in the first instance or appeal proceedings and the successful interlocutory appeal by the Company against ASIC during the course of the first instance hearing), the number of legal practitioners involved in such legal work and their applicable fee rates.

In light of the uncertainty surrounding the amount of such costs, the Company has not recorded any provision for these costs at 30 June 2011.

ASIC subsequently filed applications for special leave to the High Court appealing from the Court of Appeals judgment in favour of the former directors’ appeals and a former officer. Two former officers also filed special leave applications to the High Court. The Company did not file application for special leave to the High Court. The High Court granted ASIC’s application for special leave on 13 May 2011. The High Court granted the special leave applications for one of the former officers, and the other former officer withdrew his application.

As with the first instance proceedings, the Company will pay a portion of the costs of bringing and defending appeals, with the remaining costs being met by third parties, including former directors and executives, in accordance with the terms of their applicable indemnities. Losses and expenses arising from the ASIC proceedings could have a material adverse effect on the Company’s financial position, liquidity, results of operations and cash flows. It is the Company’s policy to expense legal costs as incurred.

Environmental and Legal

The operations of the Company, like those of other companies engaged in similar businesses, are subject to a number of laws and regulations on air and water quality, waste handling and disposal. The Company’s policy is to accrue for environmental costs when it is determined that it is probable that an obligation exists and the amount can be reasonably estimated.

In addition, the Company is involved from time to time in various legal proceedings and administrative actions concerning the Company’s operations and products, including putative class action lawsuits.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

With respect to asserted claims, the Company believes it has made adequate provision on its consolidated balance sheet as of 30 June 2011 for asserted claims that are reasonably estimable. Although it is reasonably possible that the Company could experience an unexpected increase in the cost of asserted claims and may be subject to new asserted claims in the future, the Company is unable to estimate an amount or range of loss in relation to such matters. Management is of the opinion that, based on information presently known, the liability for such matters should not have a material adverse effect on either the Company’s consolidated financial position, results of operations or cash flows.

10. Australian Taxation Office — Amended Assessment

In March 2006, RCI Pty Ltd (“RCI”), a wholly-owned subsidiary of the Company, received an amended assessment from the Australian Taxation Office (“ATO”) with respect to RCI’s income tax return for the year ended 31 March 1999. The amended assessment related to the amount of net capital gains arising as a result of an internal corporate restructure carried out in 1998 and was issued pursuant to the discretion granted to the Commissioner of Taxation under Part IVA of the Income Tax Assessment Act 1936. The amended assessment issued to RCI was for a total of A$412.0 million. However, after subsequent remissions of general interest charges (“GIC”) by the ATO the total was changed to A$368.0 million, comprising primary tax after allowable credits, penalties, and GIC.

During fiscal year 2007 RCI agreed with the ATO that in accordance with the ATO Receivable Policy, RCI would pay 50% of the total amended assessment being A$184.0 million (US$152.5 million), and provide a guarantee from James Hardie Industries SE (formerly James Hardie Industries N.V.) in favour of the ATO for the remaining unpaid 50% of the amended assessment, pending outcome of the appeal of the amended assessment. RCI also agreed to pay GIC accruing on the unpaid balance of the amended assessment in arrears on a quarterly basis.

The ATO conceded that RCI has a reasonably arguable position that the amount of net capital gains arising as a result of the corporate restructure carried out in 1998 was reported correctly in the fiscal year 1999 tax return and that Part IVA does not apply.

On 30 May 2007, the ATO issued a Notice of Decision disallowing RCI’s objection to the amended assessment (“Objection Decision”). On 11 July 2007, RCI filed an application appealing the Objection Decision and the matter was heard before the Federal Court of Australia in September 2009.

On 1 September 2010, the Federal Court of Australia dismissed RCI’s appeal.

Prior to the Federal Court’s decision on RCI’s appeal, the Company believed it was more-likely-than-not that the tax position reported in RCI’s tax return for the 1999 fiscal year would be upheld on appeal.

As a result of the Federal Court’s decision, the Company re-assessed its tax position with respect to the amended assessment and concluded that the ‘more-likely-than-not’ recognition threshold as prescribed by US GAAP was no longer met. Accordingly, with effect from 1 September 2010, the Company recognised an expense of US$345.2 million (A$388.0 million) on its consolidated statement of operations, which did not result in a cash outflow for the year ended ended 31 March 2011. In addition, the Company recognised an uncertain tax position of US$198.1 million (A$184.3 million) on its consolidated balance sheet relating to the unpaid portion of the amended assessment.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

RCI strongly disputes the amended assessment and appealed the Federal Court’s judgment. RCI’s appeal was heard in May 2011 before the Full Court of the Federal Court of Australia. Judgment has been reserved.

With effect from 1 September 2010, the Company has expensed payments of GIC to the ATO as incurred. The Company will continue to expense GIC as incurred until RCI ultimately prevails on the matter or the remaining outstanding balance of the amended assessment is paid.

The ATO was awarded costs in connection with RCI’s appeal of the objection decision to the Federal Court of Australia. The Company has made a provision for such costs within other non-current liabilities on the Company’s consolidated balance sheet at 30 June 2011.

11. Income Taxes

Due to the size and nature of its business, the Company is subject to ongoing reviews by taxing jurisdictions on various tax matters. The Company accrues for tax contingencies based upon its best estimate of the taxes ultimately expected to be paid, which it updates over time as more information becomes available. Such amounts are included in taxes payable or other non-current liabilities, as appropriate. If the Company ultimately determines that payment of these amounts is unnecessary, the Company reverses the liability and recognises a tax benefit during the period in which the Company determines that the liability is no longer necessary. The Company records additional tax expense in the period in which it determines that the recorded tax liability is less than the ultimate assessment it expects.

The Company or its subsidiaries files income tax returns in various jurisdictions including Ireland, the United States, Australia, New Zealand, the Philippines and The Netherlands. The Company is no longer subject to US federal examinations by US Internal Revenue Service (“IRS”) for tax years prior to tax year 2008. The Company is no longer subject to examinations by The Netherlands tax authority, for tax years prior to tax year 2005. The Company is no longer subject to Australian federal examinations by the Australian Taxation Office (“ATO”) for tax years prior to tax year 2007.

Unrecognised Tax Benefits

A reconciliation of the beginning and ending amount of unrecognised tax benefits and interest and penalties are as follows:

		Unrecognised				Interest and
(US$ millions)		tax benefits				Penalties
Balance at 31 March 2011		$	185.5			$	196.3
Additions for tax positions of the current year			0.1				—
Additions for tax positions of prior year			—				2.0
Other reductions for the tax positions of prior periods			0.2				0.1
Foreign currency translation adjustment			7.1				7.8
Balance at 30 June 2011		$	192.9			$	206.2

As of 30 June 2011, the total amount of unrecognised tax benefits and the total amount of interest and penalties accrued or prepaid by the Company related to unrecognised tax benefits that, if recognised, would affect the effective tax rate is US$192.9 million and US$206.2 million, respectively.

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

The Company recognises penalties and interest accrued related to unrecognised tax benefits in income tax expense. During the three months ended 30 June 2011, the total amount of interest and penalties recognised in tax expense was US$2.1 million.

Except for the liability associated with the ATO amended assessment as disclosed in Note 10, the liabilities associated with uncertain tax benefits are included in other non-current liabilities on the Company’s consolidated balance sheet.

A number of years may elapse before an uncertain tax position is audited or ultimately resolved. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognised tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the settlement of ongoing litigation, the completion of ongoing examinations, the expiration of the statute of limitations, or other circumstances. At this time, an estimate of the range of the reasonably possible change cannot be made.

12. Stock-Based Compensation

Compensation expense arising from equity-based award grants as estimated using pricing models was US$1.5 million and US$1.8 million for the three months ended 30 June 2011 and 2010, respectively. As of 30 June 2011, the unrecorded deferred stock-based compensation balance related to equity awards was US$8.5 million after estimated forfeitures and will be recognised over an estimated weighted average amortisation period of 1.6 years.

On 30 May 2011, 925,024 restricted stock units that were granted on 29 May 2009 became fully vested.

Restricted Stock — performance vesting

The Company granted 63,146 restricted stock units with a performance vesting condition under the 2006 Long-Term Incentive Plan (LTIP) to senior executives and managers of the Company for the three months ended 30 June 2011. The vesting of the restricted stock units is deferred for two years and the amount of restricted stock units that will vest at that time is dependent on the scorecard rating of each of the award recipients. The scorecard reflects a number of key qualitative and quantitative performance objectives and the outcomes the Board expects to see achieved at the end of the performance period.

When the scorecard is applied at the vesting date, the award recipients may receive all, some, or none of their awards. The scorecard can only be applied by the Board to exercise discretion at the percentage of restricted stock units that will vest. The scorecard may not be applied to enhance the maximum award that was originally granted to the award recipient.

The fair value of each restricted stock unit (performance vesting) is adjusted for changes in JHI SE’s common stock price at each balance sheet date until the scorecard is applied at the conclusion of fiscal year 2012.

Scorecard LTI — Cash Settled Units

Under the terms of the LTIP, the Company granted awards equivalent to 716,536 Scorecard LTI units during the three months ended 30 June 2011, which provide recipients a cash incentive based on JHI SE’s common stock price on the vesting date. The vesting of awards is measured on individual

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

performance conditions based on certain performance measures. Compensation expense recognised for awards are based on the fair market value of JHI SE’s common stock on the date of grant and recorded as a liability. The liability is adjusted for subsequent changes in JHI SE’s common stock price at each balance sheet date.

13. Operating Segment Information

The Company has reported its operating segment information in the format that the operating segment information is available to and evaluated by senior management. USA and Europe Fibre Cement manufactures fibre cement interior linings, exterior siding products and related accessories in the United States; these products are sold in the United States, Canada and Europe. Asia Pacific Fibre Cement includes all fibre cement manufactured in Australia, New Zealand and the Philippines and sold in Australia, New Zealand, Asia, the Middle East, and various Pacific Islands. Research and Development represents the cost incurred by the research and development centres.

Operating Segments

The following are the Company’s operating segments and geographical information:

		Net Sales to Customers1
		Three Months Ended 30 June
(Millions of US dollars)		2011				2010
USA & Europe Fibre Cement		$	219.8			$	233.0
Asia Pacific Fibre Cement			93.8				85.4
Worldwide total		$	313.6			$	318.4

		Income Before Income Taxes
		Three Months Ended 30 June
(Millions of US dollars)		2011				2010
USA & Europe Fibre Cement2		$	48.0			$	56.1
Asia Pacific Fibre Cement2			21.1				22.1
Research and Development2			(5.1	)			(5.0	)
Segments total			64.0				73.2
General Corporate 3			(46.5	)			53.8
Total operating income			17.5				127.0
Net interest expense4			(1.0	)			(1.1	)
Other expense			(1.5	)			(4.4	)
Worldwide total		$	15.0			$	121.5

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

		Total Identifiable Assets
		30 June				31 March
(Millions of US dollars)		2011				2011
USA & Europe Fibre Cement		$	752.2			$	752.0
Asia Pacific Fibre Cement			244.6				235.0
Research and Development			14.7				14.4
Segments total			1,011.5				1,001.4
General Corporate5, 6			1,006.1				959.2
Worldwide total		$	2,017.6			$	1,960.6

		Net Sales to Customers1
		Three Months Ended 30 June
(Millions of US dollars)		2011				2010
USA		$	212.3			$	226.5
Australia			71.6				63.3
New Zealand			13.7				13.2
Other Countries			16.0				15.4
Worldwide total		$	313.6			$	318.4

		Total Identifiable Assets
		30 June				31 March
(Millions of US dollars)		2011				2011
USA		$	750.2			$	752.1
Australia			162.0				155.5
New Zealand			49.3				45.8
Other Countries			50.0				48.0
Segments total			1,011.5				1,001.4
General Corporate5, 6			1,006.1				959.2
Worldwide total		$	2,017.6			$	1,960.6

James Hardie Industries SE and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

14. Comprehensive Income

Comprehensive income consists of the following components:

		Three Months Ended 30 June
(Millions of US dollars)		2011				2010
Net income		$	1.0			$	104.9
Unrealised gain on investments			—				1.1
Currency translation adjustments			0.6				(16.7	)
Total comprehensive income		$	1.6			$	89.3

James Hardie Industries SE and Subsidiaries

This Financial Report forms part of a package of information about the Company’s results. It should be read in conjunction with the other parts of this package, including the Media Release, Management Presentation and Management’s Analysis of Results.

Disclaimer

This Financial Report contains forward-looking statements. James Hardie may from time to time make forward-looking statements in its periodic reports filed with or furnished to the SEC, on Forms 20-F and 6-K, in its annual reports to shareholders, in offering circulars, invitation memoranda and prospectuses, in media releases and other written materials and in oral statements made by the Company’s officers, directors or employees to analysts, institutional investors, existing and potential lenders, representatives of the media and others. Statements that are not historical facts are forward-looking statements and such forward-looking statements are statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

Examples of forward-looking statements include:

•		statements about the Company’s future performance;
•		projections of the Company’s results of operations or financial condition;
•		statements regarding the Company’s plans, objectives or goals, including those relating to strategies, initiatives, competition, acquisitions, dispositions and/or our products;
•		expectations concerning the costs associated with the suspension or closure of operations at any of the Company’s plants and future plans with respect to any such plants;
•		expectations that the Company’s credit facilities will be extended or renewed;
•		expectations concerning dividend payments and share buy-back;
•		statements concerning the Company’s corporate and tax domiciles and potential changes to them, including potential tax charges;
•		statements regarding tax liabilities and related audits, reviews and proceedings;
•		statements as to the possible consequences of proceedings brought against the Company and certain of its former directors and officers by the Australian Securities and Investments Commission (ASIC);
•		expectations about the timing and amount of contributions to the Asbestos Injuries Compensation Fund (AICF), a special purpose fund for the compensation of proven Australian asbestos-related personal injury and death claims;
•		expectations concerning indemnification obligations;
•		statements about product or environmental liabilities; and
•		statements about economic conditions, such as economic or housing recovery, the levels of new home construction, unemployment levels, changes or stability in housing values, the availability of mortgages and other financing, mortgage and other interest rates, housing affordability and supply, the levels of foreclosures and home resales, currency exchange rates and consumer confidence.

Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “aim,” “will,” “should,” “likely,” “continue” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward-looking statements and all such forward-looking statements are qualified in their entirety by reference to the following cautionary statements.

Forward-looking statements are based on the Company’s current expectations, estimates and assumptions and because forward-looking statements address future results, events and conditions, they, by their very nature, involve inherent risks and uncertainties, many of which are unforeseeable and beyond the Company’s control. Such known and unknown risks, uncertainties and other factors

James Hardie Industries SE and Subsidiaries

may cause actual results, performance or other achievements to differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements. These factors, some of which are discussed under “Risk Factors” in Section 3 of the Form 20-F filed with the US Securities and Exchange Commission on 29 June 2011 include, but are not limited to: all matters relating to or arising out of the prior manufacture of products that contained asbestos by current and former James Hardie subsidiaries; required contributions to the AICF, any shortfall in the AICF and the effect of currency exchange rate movements on the amount recorded in the Company’s financial statements as an asbestos liability; governmental loan facility to the AICF; compliance with and changes in tax laws and treatments; competition and product pricing in the markets in which the Company operates; the consequences of product failures or defects; exposure to environmental, asbestos or other legal proceedings; general economic and market conditions; the supply and cost of raw materials; possible increases in competition and the potential that competitors could copy the Company’s products; reliance on a small number of customers; a customer’s inability to pay; compliance with and changes in environmental and health and safety laws; risks of conducting business internationally; compliance with and changes in laws and regulations; the effect of the transfer of the Company’s corporate domicile from The Netherlands to Ireland to become an Irish SE including employee relations, changes in corporate governance and potential tax benefits; currency exchange risks; dependence on customer preference and the concentration of the Company’s customer base on large format retail customers, distributors and dealers; dependence on residential and commercial construction markets; the effect of adverse changes in climate or weather patterns; possible inability to renew credit facilities on terms favorable to the Company, or at all; acquisition or sale of businesses and business segments; changes in the Company’s key management personnel; inherent limitations on internal controls; use of accounting estimates; and all other risks identified in the Company’s reports filed with Australian, Irish and US securities agencies and exchanges (as appropriate). The Company cautions you that the foregoing list of factors is not exhaustive and that other risks and uncertainties may cause actual results to differ materially from those in forward-looking statements. Forward-looking statements speak only as of the date they are made and are statements of the Company’s current expectations concerning future results, events and conditions.