Q3 FY12 MANAGEMENT PRESENTATION
28 February 2012
Exhibit 99.4

2
FORWARD-LOOKING STATEMENTS
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
builder 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.

AGENDA
Overview
and
Operating
Review
–
Louis
Gries,
CEO
Financial
Review
–
Russell
Chenu,
CFO
Questions and Answers
3
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 48. 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 and ASIC expenses”, “EBIT margin excluding asbestos and ASIC expenses”, “Net operating profit excluding
asbestos, ASIC expenses and tax adjustments”, “Diluted earnings per share excluding asbestos, ASIC expenses, and tax adjustments”,
“Operating profit before income taxes excluding asbestos”, “Effective tax rate excluding asbestos  and tax adjustments”, “EBITDA” and “General
corporate costs excluding ASIC expenses and domicile change related costs”). Unless otherwise stated, results and comparisons are of the 3rd
quarter  and nine months of the current fiscal year versus the 3rd  quarter  and nine months of the prior fiscal year.

OPERATING REVIEW
Louis Gries, CEO

GROUP OVERVIEW
5
3
quarter
operating
results
reflected
higher
sales
volume
(in
the
US
business),
improved
manufacturing
performance,
lower
general
corporate
costs
and
an
appreciation
of
Asia
Pacific
businesses’
currencies
compared to the US dollar, partially offset by an unfavorable product mix and geographic mix in US
sales.
As of 31 December 2011, the company had repurchased 3.4 million of shares at an aggregate cost of
A$19.1 million (US$19.0 million) and an average price paid per share of A$5.59 (US$5.55)
Interim dividend of US4.0 cents per security, or US$17.4 million, was paid 23 January 2012
1
Comparisons
are
of
the
3
quarter
and
nine
months
of
the
current
fiscal
year
versus
the
3
quarter
and
nine
months
of
the
prior
fiscal
year
2
The
nine
months
results
of
the
prior
year
included
a
charge
of
US$345.2
million
resulting
from
the
dismissal
by
the
Federal
Court
of
Australia
of
RCI’s
appeal
of
the
ATO’s
disputed
1999
assessment.
Readers
are
referred
to
Note
10
of
the
consolidated
financials
for
further
information
1
2
Q3
Q3
% 
9 Months
9 Months
% 
FY 2012
FY 2011
Change
FY 2012
FY 2011
Change
Net operating (loss) profit 
(4.8)
(26.4)
82
123.6
(345.2)
-
Net operating profit excluding asbestos,
ASIC expenses and tax adjustments
27.7
21.0
32
108.3
82.2
32
Diluted earnings per share excluding asbestos,
ASIC expenses and tax adjustments (US cents)
6.3
4.8
31
24.7
18.8
31
US$ Millions 
rd
rd
rd

USA AND EUROPE FIBRE CEMENT
3rd Quarter Result
Net Sales
up
6% to US$192.8
million
Sales Volume
up
8% to 301.0 mmsf
Average Price 
down
2% to US$641 per msf
EBIT
up
18% to US$31.0 million
EBIT Margin
up
1.7 pts to 16.1%
6
1
Comparisons are of the 3
quarter of the current fiscal year versus the 3
quarter of the prior fiscal year
rd
rd
1

USA AND EUROPE FIBRE CEMENT
Nine Months Result
Net Sales
up
4% to US$641.3
million
Sales Volume
up
4% to 980.6 mmsf
Average Price 
flat
at US$654 per msf
EBIT
up
4% to US$126.3 million
EBIT Margin
down
0.1 pts to 19.7%
7
1 
Comparisons are of nine months of the current fiscal year versus
the nine months of the prior fiscal year
1

USA AND EUROPE FIBRE CEMENT
8
Average Net Sales Price (US dollars)
US$654
1 
FY12 average net sales price represents 3  
quarter year to date; other years presented are for the full year
1
1
FY06
FY07
FY08
FY09
FY10
FY11
Q3 FY12
360
400
440
480
520
560
600
640
680
rd

1
Excludes impairment charges of US$45.6 million in Q4 FY08
9
EBIT and EBIT Margin
EBIT
EBIT Margin
USA AND EUROPE FIBRE CEMENT
1
0
5
10
15
20
25
30
35
0
Q3 FY04
Q3 FY05
Q3 FY06
Q3 FY07
Q3 FY08
Q3 FY09
Q3 FY10
Q3 FY11
Q3 FY12
20
40
60
80
100
120
140

Primary Growth Performance
All market and market share figures are management‘s estimates.
10
USA AND EUROPE FIBRE CEMENT
-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
Q312
%JHBP Growth (sdft)
NC/R&R Growth
Rolling 4Qtr -
JHBP Growth (sdft)
Rolling 4Qtr -
NC/R&R Growth

ASIA PACIFIC FIBRE CEMENT
3rd Quarter Result
Net Sales
flat  
at US$90.2
million
Sales Volume
down
5% to 94.4 mmsf
Average Price 
up
4% to A$946 per msf
EBIT
down
3% to US$19.4 million
EBIT Margin
down
0.7 pts to 21.5%
11
1 
1
Comparisons are of the 3
quarter of the current fiscal year versus the 3
quarter of the prior fiscal year
rd
rd

ASIA PACIFIC FIBRE CEMENT
Nine Months Result
Net Sales
up  
9% to US$286.9
million
Sales Volume
down
2% to 298.2 mmsf
Average Price 
flat
at A$924 per msf
EBIT
up
10% to US$66.0 million
EBIT Margin
up
0.1 pts to 23.0%
12
1 
Comparisons are of the nine months of the current fiscal year versus the nine months of the prior fiscal year
1

GROUP
3
QUARTER
SUMMARY
13
USA and Europe Fibre Cement results reflected:
Quarterly demand has stabilized and continues to run slightly above last year
Decrease in unit price due to product mix and geographic mix
Increased SG&A driven by planned increase in field sales activities
Positive primary demand growth
Asia Pacific Fibre Cement results reflected:
Weaker markets in the Asia Pacific region
Lower sales volume, higher input costs, unfavourable manufacturing  performance 
Partially offset by price increases and a favourable shift in product mix
1
and higher marketing costs
1 
Comparisons are of the 3
quarter of the current fiscal year versus the 3
quarter of the prior fiscal year
rd
rd
rd

TOTAL USA HOUSING STARTS –
US CENSUS
14

15
GROUP OUTLOOK
United States
Although industry activity and demand have stabilised, there remains no evidence of
a sustainable recovery
Pulp price index (NBSK) steadily declining, but remains at elevated levels
Freight costs continue to be high compared to prior year
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, there is little confidence of an
immediate pick up in housing construction activity
New Zealand: activity in the housing construction industry remains subdued
Philippines: activity in new construction slowed in the quarter

16
GROUP OUTLOOK
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

FINANCIAL REVIEW
Russell Chenu, CFO

OVERVIEW
18
Highlights
Earnings this quarter reflect increased sales volume and category and market share
gains
in
the
US
business
and
the
appreciation
of
Asia
Pacific
business’
currencies
Strong net operating cash flow has enabled a further reduction in net debt from US$40.4
million at 31 March 2011 to a net cash position of US$25.8 million at 31 December 2011
Interim
dividend
of
US4.0
cents
per
security
was
paid
23
January
2012
As
of
31
December
2011,
the
company
had
repurchased
3.4
million
shares
at
an
aggregate cost of A$19.1 million (US$19.0 million) and an average price paid per security
of A$5.59 (US$5.55).  During the third quarter, the company acquired 1.0 million shares
with an average price per security of A$5.49 (US$5.33)
10
February
2012
decision
of
the
High
Court
of
Australia
to
deny
ATO’s
application
for
leave to appeal will see material accounting and cash benefits for company in Q4/full year
FY12 results

CONSEQUENCES OF CHANGES –
A$ VERSUS US$
Favourable
impact
from
translation
of
Asia
Pacific
results
–
Q3
FY12
vs
Q3
FY11
Unfavourable
impact
on
corporate
costs
incurred
in
Australian
dollars
–
Q3
FY12
vs
Q3 FY11
Favourable
impact
from
translation
of
asbestos
liability
balance
–
31
December
2011
vs 31
March 2011
19
Earnings
Balance Sheet
0.60
0.70
0.80
0.90
1.00
1.10
1.20
30 Jun 08
30 Sep 08
31 Dec 08
31 Mar 09
30 Jun 09
30 Sep 09
31 Dec 09
31 Mar 10
30 Jun 10
30 Sep 10
31 Dec 10
31 Mar 11
30 Jun 11
30 Sep 11
31 Dec 11
N/A
N/A

RESULTS –
Q3
20
US$ Millions 
Q3 '12
Q3 '11
% Change
Net sales 
283.0
272.6
4
Gross profit 
90.6
84.8
7
SG&A expenses 
(48.0)
(49.4)
3
Research & development expenses 
(7.3)
(5.9)
(24)
Asbestos adjustments 
(33.5)
(46.4)
28
EBIT 
1.8
(16.9)
-
Net interest expense
(1.5)
(1.3)
(15)
Other income
1.5
2.7
(44)
Income tax expense
(6.6)
(10.9)
39
Net operating loss 
(4.8)
(26.4)
82

RESULTS –
Q3 (CONTINUED)
21
21
1
Includes AICF SG&A expenses and interest income
US$ Millions 
Q3 '12
Q3 '11
% Change
Net operating loss
(4.8)
(26.4)
82
Asbestos: 
Asbestos adjustments 
33.5
46.4
(28)
Other asbestos  
0.1
-
-
Tax expense related to asbestos adjustments
(0.1)
-
-
ASIC related expenses
0.3
-
-
Tax adjustments
(1.3)
1.0
-
Net operating profit excluding asbestos, ASIC
expenses and tax adjustments
27.7
21.0
32
1

22
US$ Millions 
9 Months
FY2012
9 Months
FY2011
% Change
Net sales 
928.2
878.6
6
Gross profit 
311.4
295.0
6
SG&A expenses 
(142.1)
(130.4)
(9)
Research & development expenses 
(21.6)
(19.6)
(10)
Asbestos adjustments 
15.2
(91.1)
-
EBIT 
162.9
53.9
-
Net interest expense
(3.7)
(3.3)
(12)
Other expense
(0.5)
(4.6)
89
Income tax expense
(35.1)
(391.2)
91
Net operating profit (loss)
123.6
(345.2)
-
1
RESULTS –
NINE MONTHS
1
The nine month 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.

23
23
RESULTS –
NINE MONTHS (CONTINUED)
1
Includes AICF SG&A expenses and interest income
2
The nine month results of the prior year included a charge of US$345.2 million resulting from the dismissal by the Federal Court of
Australia of RCI’s appeal of the ATO’s disputed 1999 amended assessment. Readers are referred to Note 10 of the condensed
consolidated  financial statements for further information.
US$ Millions 
9 Months
FY2012
9 Months
FY2011
% Change
Net operating profit (loss)
123.6
(345.2)
-
Asbestos: 
Asbestos adjustments 
(15.2)
91.1
-
Other asbestos
0.1
(0.7)
-
Tax expense related to asbestos adjustments
(0.1)
0.6
-
ASIC related expenses (recoveries)
1.0
(9.5)
-
Tax adjustments
(1.1)
345.9
-
Net operating profit excluding asbestos, ASIC
expenses and tax adjustments
108.3
82.2
32
1
2

24
SEGMENT NET SALES –
Q3
US$ Millions
Q3 '12
Q3 '11
% Change
USA and Europe Fibre Cement
192.8
182.6
6
Asia Pacific Fibre Cement
90.2
90.0
-
Total
283.0
272.6
4

25
SEGMENT NET SALES –
NINE MONTHS
US$ Millions
9 Months
FY2012
9 Months
FY2011
% Change
USA and Europe Fibre Cement
641.3
616.3
4
Asia Pacific Fibre Cement
286.9
262.3
9
Total
928.2
878.6
6

26
SEGMENT EBIT –
Q3
US$ Millions
Q3 ’12
Q3 ’11
% Change
USA and Europe Fibre Cement
31.0
26.3
18
Asia Pacific Fibre Cement
19.4
20.0
(3)
Research & development
(5.0)
(4.0)
(25)
Total segment EBIT
45.4
42.3
7
General corporate excluding asbestos and ASIC
expenses
(8.9)
(12.1)
27
Total EBIT excluding asbestos and ASIC
expenses
36.5
30.2
21
Asbestos adjustments
(33.5)
(46.4)
28
AICF SG&A expenses
(0.9)
(0.7)
(29)
ASIC expenses
(0.3)
-
-
Total EBIT
1.8
(16.9)
-
1
1
Research and development expenses include costs associated with research projects that are designed to benefit all business
units. These costs are recorded in the Research and Development segment rather than attributed to individual business units.

1
Research and development expenses include costs associated with research projects that are designed to benefit all business
units. These costs are recorded in the Research and Development segment rather than attributed to individual business units.
27
SEGMENT EBIT –
NINE MONTHS
US$
Millions
9 Months
FY2012
9 Months
FY2011
% Change
USA and Europe Fibre Cement
126.3
121.8
4
Asia Pacific Fibre Cement
66.0
60.0
10
Research & development
(15.2)
(14.0)
(9)
Total segment EBIT
177.1
167.8
6
General corporate excluding asbestos and
ASIC expenses
(26.1)
(30.6)
15
Total EBIT excluding asbestos and ASIC
expenses
151.0
137.2
10
Asbestos adjustments
15.2
(91.1)
-
AICF SG&A expenses
(2.3)
(1.7)
(35)
ASIC (expenses) recoveries
(1.0)
9.5
-
Total EBIT
162.9
53.9
-
1

28
INCOME TAX EXPENSE –
Q3
1
Includes AICF SG&A expenses and  interest income
US$
Millions
Operating profit (loss) before income taxes
1.8
(15.5)
Asbestos:
Asbestos adjustments
33.5
46.4
Other asbestos
0.1
-
Operating profit before income taxes excluding
asbestos
35.4
30.9
Income tax expense
Asbestos:
Tax expense related to asbestos adjustments
(0.1)
-
Tax adjustments
(1.3)
1.0
Income tax expense excluding tax adjustments
(8.0)
(9.9)
Effective tax rate excluding asbestos and
tax adjustments
22.6%
32.0%
Q3 '12
Q3 '11
(6.6)
(10.9)
1

29
INCOME TAX EXPENSE –
NINE MONTHS
1
Includes AICF SG&A expenses and  interest income
2
The
nine
month
results
of
the
prior
year
included
a
charge
of
US$345.2
million
resulting
from
the
dismissal
by
the
Federal
Court
of
Australia
of
RCI’s
appeal
of
the
ATO’s
disputed
1999
amended
assessment.
Readers
are
referred
to
Note
10
of
the
condensed
consolidated  financial statements for further information.
US$
Millions
9 Months
FY2012
9 Months
FY2011
Operating profit before income taxes
158.7
46.0
Asbestos:
Asbestos adjustments
(15.2)
91.1
Other asbestos
0.1
(0.7)
Operating profit before income taxes excluding
asbestos
143.6
136.4
Income tax expense
(35.1)
(391.2)
Asbestos:
Tax expense related to asbestos adjustments
(0.1)
0.6
Tax adjustments
(1.1)
345.9
Income tax expense excluding tax adjustments
(36.3)
(44.7)
Effective tax rate excluding asbestos and
tax adjustments
25.3%
32.8%
1
2

30
1
Certain reclassifications have been reflected in the prior period shown above to conform with current period presentation of movements in net cash.
US$ Millions
9 Months
FY2012
9 Months
FY2011
EBIT 
162.9
53.9
Non-cash items:
Asbestos adjustments
(15.2)
91.1
Other non-cash items
53.1
54.1
Net working capital movements
25.8
27.4
Cash Generated By Trading Activities
226.6
226.5
Tax payments, net
(28.4)
(33.0)
Change in Other Non-Trading Assets and Liabilities
(31.5)
(17.2)
Change in asbestos-related assets & liabilities
0.1
(0.7)
Payment to the AICF
(51.5)
(63.7)
Interest paid (net)
(6.1)
(6.1)
Net Operating Cash Flow
109.2
105.8
Purchases of property, plant & equipment
(25.5)
(37.3)
Proceeds from sale of property, plant & equipment
0.3
0.6
Common stock repurchased and cancelled
(19.0)
-
Equity issued
3.9
1.8
Effect of exchange rate on cash
(2.7)
6.1
Movement In Net Cash
66.2
77.0
Beginning Net Debt
(40.4)
(134.8)
Ending Net Cash (Debt) 
25.8
(57.8)
CASHFLOW
1

Net debt decreased by US$66.2 million to net cash of US$25.8 million compared to net debt at
31 March 2011
Weighted average remaining term of total facilities was 1.2 years at 31 December 2011, down
from 1.9 years at 31 March 2011
James Hardie remains well within its financial debt covenants
31
At 31 December 2011
DEBT
US$ Millions
Total facilities
320.0
Gross debt
13.0
Cash 
38.8
Net debt (cash)
(25.8)
Unutilised facilities and cash 
345.8

32
LEGACY ISSUES UPDATE
ATO –
RCI successful in its appeal of the 1999 disputed amended tax 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. On 10 February 2012, the High Court dismissed the ATO’s application.
With the matter now finalised in RCI’s favour, the ATO issued a further notice of amended assessment
and paid  a refund of US$265.8 million (A$248.0 million) on 27 February 2012.  Accordingly, the fourth
quarter and full year results will reflect a benefit of approximately US$393.8 million (A$367.6 million),
which represents the reversal of the provision for the unpaid portion of the amended assessment and
cash
paid
by
RCI
during
the
appeal
proceedings,
partially
offset
by
taxes
payable
on
general
interest
charges previously deducted
Additional interest income will be recognised as a benefit in the fourth quarter on amounts which were
overpaid up to 27 February 2012, partially offset by taxes payable on the interest. This amount is
anticipated to be paid by the ATO in the fourth quarter.
The company has commenced recovery of a portion of the legal costs incurred in litigating the amended
assessment
35% of the refund will be contributed to AICF
Company will have Australian tax liability on the reversal of general interest charges, interest income
and legal costs recovered
Management and Board considering options for use of balance of refund

33
1
In accordance with the Amended and Restated Final Funding Agreement
ASBESTOS FUND UPDATE –
PRO FORMA (UNAUDITED)
A$
millions
AICF
cash
and
deposits
-
31
March
2011
59.9
Contribution to AFFA by James Hardie
48.9
Insurance and cross claim recoveries
22.0
Interest income and unrealised loss on investments
1.9
Claims paid
(73.9)
Operating costs
(4.0)
Other
1.5
AICF
net
cash
and
deposits
-
31
December
2011
56.3
Fund drew down A$29.7 million on NSWG standby loan facility on 17 February 2012.
1

*
Certain reclassifications have been reflected in the prior period shown above to conform with current period presentation
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 
.
34
KEY RATIOS
9 Months
FY2012
9 Months
FY2011
9 Months
FY2010
EPS (Diluted)
24.7c
18.8c
25.3c
EBIT/ Sales (EBIT margin)
16.3%
15.6%
20.1%
Gearing Ratio
-2.0%
4.6%
11.7%
Net Interest Expense Cover
25.6x
24.1x
37.9x
Net Interest Paid Cover
24.8x
22.5x
33.4x
Net Debt Payback
-
0.3yrs
0.5yrs
1
2
2
1
2
*

35
SUMMARY
1 
Comparisons
are
of
the
3
quarter
and
nine
months
of
the
current
fiscal
year
versus
the
3
quarter
and
nine
months
of
the prior fiscal year
Net operating profit, excluding asbestos, ASIC expenses and tax adjustments for the
3
rd
quarter
and
nine
months
was
US$27.7
million
and
US$108.3
million,
respectively
The 3
rd
quarter results reflected:
Stable US and subdued Asia Pacific operating environments
Higher sales volumes due to the gains in market and category share and the impact in the prior period of
The
appreciation
of
Asia
Pacific
business’
currencies
against
the
US
dollar
Higher SG&A expenses for the nine months primarily due to a US$10.3 million prior
year recovery from a third party
1
rd
rd
expiry of the US federal government tax incentive program

36
GUIDANCE
Challenges remain, with the operating environment in the US still weak and the Asia
Pacific residential markets softening
Management anticipates
FY12 full year earnings excluding asbestos, ASIC expenses
and tax adjustments expected to be within the range of US$130 million to US$140
million
Management cautions that conditions remain uncertain and notes that the cost of
some inputs, particularly pulp and freight, may be volatile
Management cautions that guidance is dependent upon housing industry conditions
and
the
A$/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 focused
on driving our long term strategies

QUESTIONS

APPENDIX

39
GLOBAL STRATEGY
Aggressively grow demand for our products in targeted market segments
Grow our overall market position while defending our share in existing
market segments
Offer products with superior value to that of our competitors
Introduce differentiated products to deliver a sustainable competitive
advantage

Rolling 12 month average of seasonally adjusted estimate of housing starts by US Census Bureau
40
USA FIBRE CEMENT
$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

GENERAL CORPORATE COSTS –
Q3
41
1
Certain reclassifications have been reflected in the prior period shown above to conform with current period presentation of general
corporate costs
1
US$ Millions
% Change
Stock compensation expense
4.6
3.3
(39)
Other costs
4.3
8.8
51
General corporate costs excluding ASIC
expenses
8.9
12.1
27
ASIC related expenses 
0.3
-
-
General corporate costs
9.2
12.1
24
Q3 '12
Q3 '11

GENERAL CORPORATE COSTS –
NINE MONTHS
42
1
1
Certain reclassifications have been reflected in the prior period shown above to conform with current period presentation of general corporate costs
US$
Millions
9 Months
FY2012
9 Months
FY2011
% Change
Stock compensation expense
8.4
9.0
7
Other costs
17.7
19.8
11
General corporate costs excluding ASIC
expenses and domicile change related
costs
26.1
28.8
9
ASIC related expenses (recoveries)
1.0
(9.5)
-
Domicile change related costs
-
1.8
-
General corporate costs
27.1
21.1
(28)
*FY2011 includes US$10.3 million recovery from third parties

43
EBITDA –
Q3
US$ Millions
Q3 ’12
Q3 ’11
% Change
EBIT
USA and Europe Fibre Cement
31.0
26.3
18
Asia Pacific Fibre Cement
19.4
20.0
(3)
Research & development
(5.0)
(4.0)
(25)
General corporate excluding asbestos and ASIC expenses
(8.9)
(12.1)
27
Depreciation and Amortisation
USA and Europe Fibre Cement
14.4
13.2
9
Asia Pacific Fibre Cement
2.6
2.7
(4)
Total EBITDA excluding asbestos and ASIC expenses
53.5
46.1
16
Asbestos adjustments
(33.5)
(46.4)
28
AICF SG&A expenses
(0.9)
(0.7)
(29)
ASIC (expenses) recoveries
(0.3)
-
-
Total EBITDA
18.8
(1.0)
-

44
EBITDA –
NINE MONTHS
US$ Millions
9 Months
FY2012
9 Months
FY2011
% Change
EBIT
USA and Europe Fibre Cement
126.3
121.8
4
Asia Pacific Fibre Cement
66.0
60.0
10
Research & development
(15.2)
(14.0)
(9)
General corporate excluding asbestos and ASIC expenses
(26.1)
(30.6)
15
Depreciation and Amortisation
USA and Europe Fibre Cement
39.8
39.6
1
Asia Pacific Fibre Cement
8.0
7.3
10
Total EBITDA excluding asbestos and ASIC expenses
198.8
184.1
8
Asbestos adjustments
15.2
(91.1)
-
AICF SG&A expenses
(2.3)
(1.7)
(35)
ASIC (expenses) recoveries
(1.0)
9.5
-
Total EBITDA
210.7
100.8
-

45
CAPITAL EXPENDITURE
US$
Millions
9 Months
FY2012
9 Months
FY2011
% Change
USA and Europe Fibre Cement
20.6
31.4
(34)
Asia Pacific Fibre Cement
4.9
5.9
(17)
Total
25.5
37.3
(32)

46
NET INTEREST EXPENSE
US$ Millions
Q3 ’12
Q3 ’11
9 Months
FY2012
9 Months
FY2011
Gross interest expense
(0.9)
(1.0)
(2.9)
(3.2)
Interest income
-
-
0.2
0.3
Realised loss on interest rate swaps
(1.4)
(1.0)
(3.2)
(2.8)
Net
interest
expense
excluding
AICF
interest
income
(2.3)
(2.0)
(5.9)
(5.7)
AICF interest income
0.8
0.7
2.2
2.4
Net interest expense
(1.5)
(1.3)
(3.7)
(3.3)

47
ASIC Proceedings
NSW Court of Appeal judgement handed down on 17 December 2010
Company’s appeal dismissed
Non-executive directors’
appeals upheld
On 13 May 2011, ASIC and one former executive granted special leave to appeal
to the High Court of Australia
Appeals were heard by the High Court over three days commencing 25 October
2011
Judgement has been reserved
LEGACY ISSUES UPDATE

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.
48
ENDNOTES

Sales Volumes
mmsf
–
million
square
feet,
where
a
square
foot
is
defined
as
a
standard
square
foot
of
5/16”
thickness.
msf
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.
49
ENDNOTES (CONTINUED)
–
thousand
square
feet,
where
a
square
foot
is
defined
as
a
standard
square
foot
of
5/16”
thickness.

50
NON-US GAAP FINANCIAL MEASURES
EBIT and EBIT margin excluding asbestos and ASIC expenses
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.
–
EBIT and EBIT margin excluding asbestos
Q3
Q3
9 Months
9 Months
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
EBIT
$ 1.8
$ (16.9)
$ 162.9
$ 53.9
Asbestos:
Asbestos adjustments
33.5
46.4
(15.2)
91.1
AICF SG&A expenses
0.9
0.7
2.3
1.7
ASIC related expenses (recoveries)
0.3
-
1.0
(9.5)
EBIT excluding asbestos and ASIC expenses
36.5
30.2
151.0
137.2
Net sales
$ 283.0
$ 272.6
$ 928.2
$ 878.6
EBIT margin excluding asbestos and
ASIC expenses
12.9%
11.1%
16.3%
15.6%

–
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.
51
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
Net operating profit excluding asbestos, ASIC expenses and tax adjustments
Q3
Q3
9 Months
9 Months
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
Net operating (loss) profit
$ (4.8)
$ (26.4)
$ 123.6
$ (345.2)
Asbestos:
Asbestos adjustments
33.5
46.4
(15.2)
91.1
AICF SG&A expenses
0.9
0.7
2.3
1.7
AICF interest income
(0.8)
(0.7)
(2.2)
(2.4)
Tax expense related to asbestos
adjustments
(0.1)
-
(0.1)
0.6
ASIC related expenses (recoveries)
0.3
-
1.0
(9.5)
Tax adjustments
(1.3)
1.0
(1.1)
345.9
Net operating profit excluding asbestos,
ASIC expenses and tax adjustments
$ 27.7
$ 21.0
$ 108.3
$ 82.2
¹
¹ 
The nine month 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.

52
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
Q3
Q3
9 Months
9 Months
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
Net operating profit excluding asbestos,
   ASIC expenses and tax adjustments
$ 27.7
$ 21.0
$ 108.3
$ 82.2
Weighted average common shares outstanding -
   Diluted (millions)
437.0
438.0
438.4
437.7
Diluted earnings per share excluding asbestos,
   ASIC expenses and tax adjustments
   (US cents)
6.3
4.8
24.7
18.8
Diluted
earnings
per
share
excluding
asbestos,
ASIC
expenses
and
tax
adjustments–
Non-US GAAP Financial Measures (continued)
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.
Diluted
earnings
per
share

–
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.
53
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
Effective tax rate excluding asbestos and tax adjustments
Q3
Q3
9 Months
9 Months
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
Operating profit (loss) before income taxes
$ 1.8
$ (15.5)
$ 158.7
$ 46.0
Asbestos:
Asbestos adjustments
33.5
46.4
(15.2)
91.1
AICF SG&A expenses
0.9
0.7
2.3
1.7
AICF interest income
(0.8)
(0.7)
(2.2)
(2.4)
Operating profit before income taxes excluding
asbestos
$ 35.4
$ 30.9
$ 143.6
$ 136.4
Income tax expense
(6.6)
(10.9)
(35.1)
(391.2)
Asbestos:
Tax expense related to asbestos adjustments
(0.1)
-
(0.1)
0.6
Tax adjustments
(1.3)
1.0
(1.1)
345.9
Income tax expense excluding tax adjustments
(8.0)
(9.9)
(36.3)
(44.7)
Effective tax rate excluding asbestos and
tax adjustments
22.6%
32.0%
25.3%
32.8%
¹ The nine month 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.
¹

54
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
EBITDA
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.
is not a measure of financial performance under US GAAP and should not be considered an alternative to, or
–
Q3
Q3
9 Months
9 Months
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
EBIT
$ 1.8
$ (16.9)
$ 162.9
$ 53.9
Depreciation and amortisation
17.0
15.9
47.8
46.9
Adjusted EBITDA
$ 18.8
$ (1.0)
$ 210.7
$ 100.8

55
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
General corporate costs excluding ASIC expenses and domicile change related 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.
–
General corporate costs
Q3
9 Months
9 Months
US$ Millions
FY 2011
FY 2011
General corporate costs
$ 9.2
$ 12.1
$ 27.1
$ 21.1
Excluding:
ASIC related (expenses) recoveries
(0.3)
-
(1.0)
9.5
Domicile change related costs
-
-
-
(1.8)
General corporate costs excluding ASIC
expenses and domicile change related costs
$ 8.9
$ 12.1
$ 26.1
$ 28.8
FY 2012
Q3
FY 2012

Q3 FY12 MANAGEMENT PRESENTATION
28 February 2012