INVESTOR PRESENTATION
December 2011
Exhibit 99.2

DISCLAIMER
2
This Management Presentation 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-backs;
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 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, as  amended by the Form 20-F/A filed on 14 July 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.

3
Business overview
USA and Europe Fibre Cement
Asia Pacific Fibre Cement
Group Outlook
Summary
Appendix
AGENDA
In
this
Management
Presentation,
James
Hardie
may
present
financial
measures,
sales
volume
terms,
financial
ratios,
and
Non-US
GAAP
financial
measures
included
in
the
Definitions
section
of
this
document starting on page 32. The company presents financial measures that it believes are customarily used by its Australian investors. Specifically, these financial measures, which are equivalent to
or
derived
from
certain
US
GAAP
measures
as
explained
in
the
definitions,
include
“EBIT”,
“EBIT
margin”,
“Operating
profit”
and
“Net
operating
profit”.
The
company
may
also
present
other
terms
for
measuring
its
sales
volumes
(“million
square
feet
or
mmsf”
and
“thousand
square
feet
or
msf”);
financial
ratios
(“Gearing
ratio”,
“Net
interest
expense
cover”,
“Net
interest
paid
cover”,
“Net
debt
payback”, “Net debt (cash)”); and Non-US GAAP financial measures (“EBIT excluding asbestos, ASIC expenses and asset impairments”, “EBIT margin excluding asbestos, ASIC expenses and asset
impairments”, “Net operating profit excluding asbestos, ASIC expenses, asset impairments and tax adjustments”, “Diluted earnings per share excluding asbestos, ASIC expenses, asset impairments
and
tax
adjustments”,
“Operating
profit
before
income
taxes
excluding
asbestos
and
asset
impairments”,
“Effective
tax
rate
excluding
asbestos,
asset
impairments
and
tax
adjustments”,
“EBITDA”
and
“General
corporate
costs
excluding
domicile
change
related
costs”).
Unless
otherwise
stated,
results
and
comparisons
are
of
the
1  
quarter
and
current
fiscal
year
versus
the
1  
quarter
of
the
prior
fiscal year.
st
st

4
Annual net sales US$1.3b
Total assets US$1.4b
Net debt US$36.7m
Operations in North America, Asia
Pacific and Europe
2,500 employees
Market cap US$2.8b
S&P/ASX 100 company
NYSE ADR listing   
Note: Net sales (annualised), total assets and net debt are at 30 September 2011. Total assets exclude asbestos compensation.
JAMES HARDIE: A GROWTH FOCUSED COMPANY

5
JAMES HARDIE –
A WORLD LEADER IN FIBRE CEMENT
USA Fibre Cement Products
Siding
Soffit
Fascia
Trim
Backerboard
Asia Pacific Fibre Cement Products
Residential siding
Commercial exteriors
Flooring
Ceiling and internal walls

6
GLOBAL -
BUSINESS PORTFOLIO
At and for the six months ended 30 September 2011
*  EBIT –
Excludes Research and Development EBIT and Asbestos-related items
USA  and Europe Fibre Cement
Asia-Pacific Fibre Cement
67%
33%
77%
23%
70%
30%
Volume
Sales
EBIT*

7
Fibre cement is more durable than wood and engineered wood, and looks and
performs better than vinyl, and cheaper and quicker to build with than brick
Vinyl
Fire resistant
Hail resistant
Resists warping
Resists buckling
Colour lasts longer
Dimensional stability
Can be repainted
Fibre  cement
Engineered wood
FIBRE
CEMENT
–
SUPERIOR
PRODUCT
PERFORMANCE

2
nd
QUARTER
FY12
RESULTS
–
GROUP
OVERVIEW
8
2
nd
quarter operating results reflected higher sales volume, favourable manufacturing performance and
an
appreciation
of
Asia
Pacific
businesses’
currencies
compared
to
the
US
dollar,
partially
offset
by
higher freight costs, higher SG&A expenses (primarily in the US business) and a reduction in the
average sales price in the Asia Pacific business
Half year operating results reflected favourable manufacturing performance, higher sales volume (in the
US
business),
an
appreciation
of
Asia
Pacific
business’
currencies
compared
to
the
US
dollar,
partially
offset by higher freight costs and a reduction in the average sales price in the Asia Pacific business
As
of
30
September
2011,
the
company
had
repurchased
2.4
million
of
shares
at
an
aggregate
cost
of
A$13.7 million (US$13.7 million) and an average price paid per share of A$5.63 (US$5.65)
Interim dividend of US4.0 cents announced
Q2
Q2
% 
HY
HY
% 
FY 2012
FY 2011
Change
FY 2012
FY 2011
Change
Net operating profit (loss)
127.4
(423.7)
-
128.4
(318.8)
-
Net operating profit excluding asbestos, ASIC
expenses and tax adjustments
41.2
20.7
99
80.6
61.2
32
Diluted earnings per share excluding asbestos, ASIC
expenses and tax adjustments (US cents)
9.4
4.7
-
18.3
14.0
31
US$ Millions 
1
Comparisons are of the 2    quarter and half year of the current
fiscal year versus the 2    quarter and half year of the prior fiscal year
nd
nd

9
Flat Sheet
Plants
Capacity
(mmsf)
Plants operating at August
2011
Cleburne, Texas
500
Peru, Illinois
560
Plant City, Florida
300
Pulaski, Virginia
600
Reno, Nevada
300
Tacoma, Washington
200
Waxahachie, Texas
360
Plants suspended at 
August 2011
Blandon,
Pennsylvania
1
200
Fontana,
California
1
180
Summerville, South
Carolina
1
190
Flat Sheet Total
3,390
JH Plant Design Capacity
Tacoma, WA
Plant City, FL
Waxahachie, TX
Cleburne, TX
Peru,
IL
Blandon, PA
Summerville, SC
Pulaski, VA
Reno, NV
Fontana, CA
Plant locations
1
Production was suspended at the
Blandon plant in October 2007; at the
Summerville plant in November 2008;
and at the Fontana plant in December
2008
THE USA BUSINESS –
LARGEST FIBRE CEMENT PRODUCER IN NORTH AMERICA

US EXTERIOR CLADDING MARKET
Note:
1) Market share figures reflect siding only; exclude fascia, soffits & trim; data reflects Repair & Remodel and New Construction markets, combined.
2) Siding volumes exclude waste factors, a change from
previously reported numbers.
Sources:
NAHB
Builder
Practices
and
Consumer
Practices
Report
–
2008
Siding
and
Exterior
Wall
Finish,
adjusted
to
reflect
JH’s
estimate
for
FC
and
wood
categories.
Brick, Stone and
Other
23.5%
Stucco
6.0%
FC
13.5%
Wood
17.3%
Vinyl
39.7%
Large growth opportunity

USA AND EUROPE FIBRE CEMENT
* Excludes impairment charges of US$45.6 million in Q4 FY08
11
EBIT and EBIT Margin*
EBIT
EBIT Margin
0
5
10
15
20
25
30
35
0
20
40
60
80
100
120
140
Q2 FY04
Q2 FY05
Q2 FY06
Q2 FY07
Q2 FY08
Q2 FY09
Q2 FY10
Q2 FY11
Q2 FY12

USA AND EUROPE FIBRE CEMENT
12
Rolling 12 month average of seasonally adjusted estimate of housing starts by US Census Bureau
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
Top Line Growth
JH Volume
Housing Starts
JH Revenue

USA AND EUROPE FIBRE CEMENT
13
Average Net Sales Price (US dollars)
1 
FY12 average net sales price represents 2
quarter year to date; other years presented are for the full year
US$660
1
360
400
440
480
520
560
600
640
680
FY06
FY07
FY08
FY09
FY10
FY11
Q2 FY12
nd

14
TOTAL USA HOUSING STARTS –
US CENSUS BUREAU

15
Focus on primary demand growth and cost management
Business re-set to balance supply and demand
production suspended at Blandon PA (November 2007), Summerville SC
(November 2008) plants and Fontana CA (December 2008)
corporate-wide review of activities, projects and cost-saving opportunities
Employee numbers in US business down >25% from peak in 2006 
Continuing to invest in long term growth initiatives, such as R&D and
market development
Continuing to invest in market initiatives such as increased penetration of
Repair and Remodel and non-metro markets new “job pack”
distribution
and rollout of products initiatives such as Colorplus and Artisan
Able to ‘flex up’
quickly if needed
RESPONSE TO US HOUSING DOWNTURN

16
ColorPlus®
Collection (pre-painted siding and
trim):
Driving growth against vinyl in Northern USA
Launched in Western and Southern USA FY07 
Higher value products with higher
revenue stream
Strategy
designed
to
reduce
‘on
the
wall’
cost
and close gap with vinyl siding
Supply of pre-painted exterior products
Reduce supply chain costs
Best practice installation
Channel increases revenue base and
gains incremental volume
End-user gets higher quality product
at reduced cost
PRODUCT
LEADERSHIP
EXAMPLE
–
COLORPLUS®

17
17
7
Generation
versus
2
Generation
generic
fibre
cement
The HardieZone™
System represents a logical extension of Hardie
technology
PRODUCT
LEADERSHIP
EXAMPLE
–
HARDIEZONE™
SYSTEM
th
nd

18
Five manufacturing plants in
Asia Pacific
Net sales US$393.4m
EBIT US$93.2m
Higher value differentiated
products
Lower delivered cost
Shift to growth model
ASIA PACIFIC FIBRE CEMENT
Asia
Pacific
manufacturing
facilities.
Net
Sales
and
EBIT
as
at
30
September
2011
and
annualised.

19
ASIA
PACIFIC
FIBRE
CEMENT
–
EXAMPLES
General purpose flooring
Exterior cladding
Philippines
Australia
New Zealand
Australia
Ceilings and partitions
Interior walls

GROUP OUTLOOK
20
United States
Although industry activity and demand have stabilised, there remains no evidence of a
sustainable recovery
Pulp prices have softened but remain relatively high
Freight costs have increased, although seasonal downturn in rates now apparent
Company
initiatives,
such
as
the
increased
penetration
of
repair
and
remodel
and
non-metro
markets and our house pack strategies, remain on track to improve upon the gains in fibre
cement category share and the exterior cladding market achieved this year
Asia Pacific
Australia: despite a recent cut in official interest rates, industry data indicates that  the
housing market appears likely to remain weak in the second half of FY12
New Zealand: activity in the housing construction industry remains subdued
Philippines: the business continues to perform well in a stable environment

21
The reduced level of debt, along with a reduction in the number of company
specific
contingencies
and
a
strengthened
confidence
in
the
business’
ability
to
adapt and meet the challenges of the low demand operating environment has
enabled the Board to announce in May 2011 the resumption of an active approach
to capital management
Dividends
New policy to distribute between 20% and 30% of profits after tax (excluding
asbestos adjustments) in the form of ordinary dividends
Interim dividend of 4 US cents per security to be paid on 23 January 2012
Share buyback
On market share buyback of up to 5% of issued capital over 12 months
commencing May 2011
As
at
30
September
2011,
the
company
had
repurchased
2.4
million
shares
CAPITAL MANAGEMENT

We have a strong, well-established, growth-focused, strong cash generating
and high return business
We have a sustainable competitive advantage
Our model for strong growth is based on:
Large market opportunity
Superior value proposition
Proprietary and/or protected technology
Ongoing commitment to research and development
Significant organisational advantages
Focused strategy and organisational effort
Scale
Despite the low demand environment the company has performed
exceptionally well consistently delivering solid financial returns
The company is positioned well to leverage its increased capabilities when a
recovery eventuates
SUMMARY
22

Appendix

24
Aggressively grow demand      
for our products in targeted
market segments
Grow our overall market
position while defending
our share in existing market
segments
Introduce differentiated
products to deliver a
sustainable competitive
advantage
Industry leadership and profitable growth
GLOBAL STRATEGY

25
USA
AND
EUROPE
FIBRE
CEMENT
–
PRORITIES
AND
STRATEGY
Key Priorities
The company’s key medium term priorities in the US are:
Grow
primary
demand
and
exterior
cladding
market
share
–
with
focus
on
repair
and
remodel and non-metro markets
Increase market penetration of our ColorPlus®
and Trim products
Continue to rollout our job pack distribution model
Overall Group Strategy
The company’s focus is to:
Deliver primary demand growth
Continue to shift to a higher value product mix
Increase manufacturing efficiency
Build the operational strength and flexibility to deliver and sustain earnings in a low
demand environment and increase output should a stronger than expected recovery
eventuate

USA AND EUROPE FIBRE CEMENT
26
Primary Growth Performance
All market and market share figures are management ‘s estimates.
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Q106
Q206
Q306
Q406
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
%JHBP Growth (sdft)
NC/R&R Growth
Rolling 4Qtr -
JHBP Growth (sdft)
Rolling 4Qtr -
NC/R&R Growth

27
GUIDANCE
Challenges remain, with the operating environment in the US and New Zealand still weak
and the Australian residential market softening
Management confirms previously indicated FY12 full year earnings excluding asbestos,
ASIC expenses and tax adjustments expected to be within the range of US$126 million
to US$140 million
Management cautions that conditions remain uncertain and notes that the cost of some
inputs, particularly pulp and freight, remain high
Management cautions that guidance is dependent upon housing industry conditions and
the
A$/US$
exchange
rate
remaining
stable
for
the
balance
of
the
fiscal
year
ending
31
March 2012
The company continues to perform well financially and our employees remain focussed
on driving our long term strategies, notwithstanding the challenges facing the business

28
LEGACY ISSUES UPDATE
ATO
–
1999
Disputed
Amended
Assessment
James Hardie’s initial appeal dismissed by the Federal Court of Australia in September 2010
Charge
of
US$345.2
million
effective
1
September
2010
(no
impact
on
net
operating
cash
flow in FY11)
On 22 August 2011, the Full Federal Court upheld RCI’s appeal, ordered that RCI’s objection
be allowed in full and awarded RCI costs
The ATO filed an application for special leave to appeal the Full Federal Court’s decision to
the  High Court of Australia
Hearing date for the application for special leave has not been set down by the High Court

KEY RATIOS
29
1
Excludes asbestos adjustments, AICF SG&A expenses, AICF interest
income, gain or impairment on AICF
investments, tax benefits related to asbestos adjustments, ASIC expenses/recoveries and tax adjustments
2
Excludes asbestos adjustments, AICF SG&A expenses and  ASIC expenses/recoveries 
Note : For the 2011 and 2010 financial year, key ratios at the half year have been presented above for comparative purposes.
HY '12
HY '11
HY '10
EPS (Diluted)
18.3c
14.0c
18.2c
EBIT/ Sales (EBIT margin)
17.7%
17.7%
21.5%
Gearing Ratio
2.7%
10.6%
13.9%
Net Interest Expense Cover
31.8x
28.9x
45.2x
Net Interest Paid Cover
30.1x
34.5x
70.3x
Net Debt Payback
0.2yrs
1.0yrs
0.5yrs
1
2
1
2
2

30
ASIA PACIFIC 5 YEAR RESULTS OVERVIEW
FY07
FY08
FY09
FY10
FY11
HY FY12*
Net Sales
US$m
223
298
273
296
353
196 
Sales Volume
mmsf
390
398
390
389
407
203
Average
Price
A$ per msf
842
862
879
894
916
914
EBIT
US$m
39
50
47
58
79
46
EBIT Margin
%
16
17
17
20
23
24
* For six months ending 30 September 2012

31
USA AND EUROPE 5 YEAR RESULTS OVERVIEW
FY07
FY08
FY09
FY10
FY11
HY FY12*
Net Sales
US$m
1,262
1,144
910
828
814
448
Sales Volume
mmsf
2,148
1,916
1,508
1303
1,248
679
Average
Price
US$ per msf
588
597
604
635
652
660
EBIT
US$m
362
313
200
208
160
95
EBIT Margin
%
29
27
22
25
20
21
* For six months ending 30 September 2012

This Management Presentation 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 Management’s Analysis of Results, Media Release and
Condensed Consolidated Financial Statements.
Definitions
Non-financial Terms
ABS
–
Australian Bureau of Statistics.
AFFA
–
Amended and Restated Final Funding Agreement.
AICF
–
Asbestos Injuries Compensation Fund Ltd.
ASIC
–
Australian Securities and Investments Commission.
ATO
–
Australian Taxation Office.
NBSK –
Northern Bleached Soft Kraft; the company's benchmark grade of pulp.
Financial
Measures
–
US
GAAP
equivalents
EBIT and EBIT Margin
-
EBIT, as used in this document, is equivalent to the US GAAP measure of operating income. EBIT
margin is defined as EBIT as a percentage of net sales.
Operating profit
-
is equivalent to the US GAAP measure of income.
Net operating profit
-
is equivalent to the US GAAP measure of net income.
32
ENDNOTES

Sales Volumes
mmsf
–
million
square
feet,
where
a
square
foot
is
defined
as
a
standard
square
foot
of
5/16”
thickness.
msf
–
thousand
square
feet,
where
a
square
foot
is
defined
as
a
standard
square
foot
of
5/16”
thickness.
Financial Ratios
Gearing
Ratio
–
Net
debt
(cash)
divided
by
net
debt
(cash)
plus
shareholders’
equity.
Net interest expense cover
–
EBIT divided by net interest expense (excluding loan establishment fees).
Net
interest
paid
cover
–
EBIT
divided
by
cash
paid
during
the
period
for
interest,
net
of
amounts
capitalised.
Net debt payback
–
Net debt (cash) divided by cash flow from operations.
Net debt (cash)
–
Short-term and long-term debt less cash and cash equivalents.
Return on Capital employed
–
EBIT divided by gross capital employed.
33
ENDNOTES (CONTINUED)

EBIT
and
EBIT
margin
excluding
asbestos
and
ASIC
expenses–
EBIT
and
EBIT
margin
excluding
asbestos
and
ASIC
expenses
are
not
measures
of
financial
performance
under
US
GAAP
and
should
not
be
considered
to
be
more
meaningful
than EBIT and EBIT margin. Management has included these financial measures to provide investors with an alternative
method for assessing its operating results in a manner that is focussed on the performance of its ongoing operations and
provides useful information regarding its financial condition and results of operations. Management uses these non-US GAAP
measures for the same purposes.
34
NON-US GAAP FINANCIAL MEASURES
Q2
Q2
HY
HY
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
EBIT
$ 143.6
$ (56.2)
$ 161.1
$ 70.8
Asbestos:
Asbestos adjustments
(86.9)
107.8
(48.7)
44.7
AICF SG&A expenses
0.8
0.6
1.4
1.0
ASIC related expenses (recoveries)
0.5
(10.1)
0.7
(9.5)
EBIT excluding asbestos and ASIC expenses
58.0
42.1
114.5
107.0
Net sales
$ 331.6
$ 287.6
$ 645.2
$ 606.0
EBIT margin excluding asbestos and
ASIC expenses
17.5%
14.6%
17.7%
17.7%

Net
operating
profit
excluding
asbestos,
ASIC
expenses
and
tax
adjustments–
Net
operating
profit
excluding
asbestos,
ASIC expenses and tax adjustments is not a measure of financial performance under US GAAP and should not be
considered
to
be
more
meaningful
than
net
income.
Management
has
included
this
financial
measure
to
provide
investors
with an alternative method for assessing its operating results in a manner that is focussed on the performance of its ongoing
operations. Management uses this non-US GAAP measure for the same purposes.
35
Q2
Q2
HY
HY
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
Net operating profit (loss)
$ 127.4
$ (423.7)
$ 128.4
$ (318.8)
Asbestos:
Asbestos adjustments
(86.9)
107.8
(48.7)
44.7
AICF SG&A expenses
0.8
0.6
1.4
1.0
AICF interest income
(0.9)
(1.1)
(1.4)
(1.7)
Tax expense related to asbestos
  adjustments
-
0.2
-
0.6
ASIC related expenses (recoveries)
0.5
(10.1)
0.7
(9.5)
Tax adjustments ¹
0.3
347.0
0.2
344.9
Net operating profit excluding asbestos,
  ASIC expenses and tax adjustments
$ 41.2
$ 20.7
$ 80.6
$ 61.2
¹
The second quarter  and half year results of the prior year included a charge of US$345.2 million resulting from the dismissal by the Federal
Court
of
Australia
of
RCI’s
appeal
of
the
ATO’s
disputed
1999
amended
assessment.
Readers
are
referred
to
Note
10
of
the
condensed
consolidated  financial statements for further information.
NON-US GAAP FINANCIAL MEASURES (CONTINUED)

Non-US GAAP Financial Measures (continued)
Diluted
earnings
per
share
excluding
asbestos,
ASIC
expenses
and
tax
adjustments–
Diluted
earnings
per
share
excluding asbestos, ASIC expenses and tax adjustments is not a measure of financial performance under US GAAP and
should not be considered to be more meaningful than diluted earnings per share. Management has included this financial
measure to provide investors with an alternative method for assessing its operating results in a manner that is focussed on
the performance of its ongoing operations. Management uses this non-US GAAP measure for the same purposes.
36
Q2
Q2
HY
HY
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
Net operating profit excluding asbestos,
   ASIC expenses and tax adjustments
$ 41.2
$ 20.7
$ 80.6
$ 61.2
Weighted average common shares outstanding -
   Diluted (millions)
440.0
437.5
440.0
437.8
Diluted earnings per share excluding asbestos,
   ASIC expenses and tax adjustments
   (US cents)
9.4
4.7
18.3
14.0
NON-US GAAP FINANCIAL MEASURES (CONTINUED)

Effective
tax
rate
excluding
asbestos
and
tax
adjustments–
Effective
tax
rate
excluding
asbestos
and
tax
adjustments is not a measure of financial performance under US GAAP and should not be considered to be more
meaningful
than
effective
tax
rate.
Management
has
included
this
financial
measure
to
provide
investors
with
an
alternative method for assessing its operating results in a manner that is focussed on the performance of its ongoing
operations. Management uses this non-US GAAP measure for the same purposes.
37
¹
The second quarter  and half year results of the prior year included a charge of US$345.2 million resulting from the dismissal by the Federal
Court
of
Australia
of
RCI’s
appeal
of
the
ATO’s
disputed
1999
amended
assessment.
Readers
are
referred
to
Note
10
of
the
condensed
consolidated  financial statements for further information.
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
Q2
Q2
HY
HY
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
Operating profit (loss) before income taxes
$ 141.9
$ (60.0)
$ 156.9
$ 61.5
Asbestos:
Asbestos adjustments
(86.9)
107.8
(48.7)
44.7
AICF SG&A expenses
0.8
0.6
1.4
1.0
AICF interest income
(0.9)
(1.1)
(1.4)
(1.7)
Operating profit before income taxes excluding
asbestos
$ 54.9
$ 47.3
$ 108.2
$ 105.5
Income tax expense
(14.5)
(363.7)
(28.5)
(380.3)
Asbestos:
Tax expense related to asbestos adjustments
-
0.2
-
0.6
Tax adjustments ¹
0.3
347.0
0.2
344.9
Income tax expense excluding tax adjustments
(14.2)
(16.5)
(28.3)
(34.8)
Effective tax rate excluding asbestos and
tax adjustments
25.9%
34.9%
26.2%
33.0%

EBITDA–
is not a measure of financial performance under US GAAP and should not be considered an alternative to, or
more
meaningful
than,
income
from
operations,
net
income
or
cash
flows
as
defined
by
US
GAAP
or
as
a
measure
of
profitability or liquidity. Not all companies calculate EBITDA in the same manner as James Hardie has and, accordingly,
EBITDA may not be comparable with other companies. Management has included information concerning EBITDA because
it believes that this data is commonly used by investors to evaluate the ability of a company’s earnings from its core
business
operations
to
satisfy
its
debt,
capital
expenditure
and
working
capital
requirements.
38
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
Q2
Q2
HY
HY
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
EBIT
$ 143.6
$ (56.2)
$ 161.1
$ 70.8
Depreciation and amortisation
14.6
15.6
30.8
31.0
Adjusted EBITDA
$ 158.2
$ (40.6)
$ 191.9
$ 101.8

General
corporate
costs
excluding
ASIC
expenses
and
domicile
change
related
costs–
General
corporate
costs
excluding
ASIC
expenses
and
domicile
change
related
costs
is
not
a
measure
of
financial
performance
under
US
GAAP
and should not be considered to be more meaningful than general corporate costs. Management has included these
financial measures to provide investors with an alternative method for assessing its operating results in a manner that is
focussed on the performance of its ongoing operations and provides useful information regarding its financial condition
and results of operations. Management uses these non-US GAAP measures for the same purposes.
39
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
Q2
HY
HY
US$ Millions
FY 2011
FY 2011
General corporate costs
$ 10.2
$ 0.1
$ 17.9
$ 9.0
Excluding:
ASIC related (expenses) recoveries
(0.5)
10.1
(0.7)
9.5
Domicile change related costs
-
(0.7)
-
(1.6)
General corporate costs excluding ASIC
expenses and domicile change related costs
$ 9.7
$ 9.5
$ 17.2
$ 16.9
FY 2012
Q2
FY 2012