INVESTOR PRESENTATION
July 2012
Exhibit 99.2

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:
2
DISCLAIMER
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
2
July
2012,
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
AICF,
any
shortfall
in
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
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,
putative
consumer
class
action
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 favourable 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.
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 structures 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 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 and home renovations, unemployment levels, changes in consumer income, 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.

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$1.2b
Total assets US$1.7b
Net cash US$265.4m
Operations in North America, Asia
Pacific and Europe
2,600 employees
Market cap US$3.4b
S&P/ASX 100 company
NYSE ADR listing   
Note:
Net
sales,
total
assets
and
net
cash
are
at
31
March
2012.
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 nine months ended 31 May 2012
*  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*
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%

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

GROUP OVERVIEW
8
The net operating result excluding asbestos, ASIC expenses, asset impairments and tax adjustments for the full year
increased 20% to US$140.4 million  
The 4th quarter and full year results include an income tax benefit of US$485.2 million resulting from RCI’s successful
appeal of the ATO’s 1999 disputed amended assessment
Q4
Q4
% 
% 
FY 2012
FY 2011
Change
FY 2012
FY 2011
Change
Net operating profit (loss)
480.7
(1.8)
-
604.3
(347.0)
-
Net operating profit excluding asbestos, asset
impairments, ASIC expenses and tax adjustments
32.1
33.3
(4)
140.4
116.7
20
Diluted earnings per share excluding asbestos, asset
impairments, ASIC expenses and tax adjustments (US cents)
7.3
7.6
(4)
32.1
26.7
20
US$ Millions 
2
1
Comparisons are of the 4th
quarter and  full year of the current fiscal year versus the 4th
quarter and full year of the prior fiscal year
2
The  4
th
quarter and full year results of the current fiscal year include an income tax benefit of US$485.2 million resulting primarily from amounts
refunded by the ATO and reversal of the provision for the unpaid amended assessment in relation to RCI’s appeal  that finalised in RCI’s favour.
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 14 of the consolidated financials for further information

9
Flat Sheet
Plants
Capacity
(mmsf)
Plants operating
Cleburne, Texas
500
Peru, Illinois
560
Plant City, Florida
300
Pulaski, Virginia
600
Reno, Nevada
300
Tacoma, Washington
200
Waxahachie, Texas
360
Plants suspended
Blandon, Pennsylvania
200
Fontana, California
180
Summerville, South  
Carolina
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
THE
USA
BUSINESS
–
LARGEST
FIBRE
CEMENT
PRODUCER
IN
NORTH
AMERICA
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
1
1
1

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.
Large growth opportunity

1
Excludes impairment charges of US$45.6 million in Q4 FY08 and US$14.3 million in Q4 FY12
11
EBIT and EBIT Margin
1
USA AND EUROPE FIBRE CEMENT
0
5
10
15
20
25
30
35
0
20
40
60
80
100
120
140
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
EBIT
EBIT Margin

Rolling 12 month average of seasonally adjusted estimate of housing starts by US Census Bureau
12
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

USA AND EUROPE FIBRE CEMENT
13
Average Net Sales Price (US dollars)
US$647
360
400
440
480
520
560
600
640
680
FY06
FY07
FY08
FY09
FY10
FY11
FY12

TOTAL USA HOUSING STARTS –
US CENSUS
14
Source:  US Census Bureau -
New Privately-Owned Housing Units Started
U.S. Housing Starts
Calendar Quarters

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 streams
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$376m
EBIT US$156m
Higher value differentiated
products
Lower delivered cost
Growth model
ASIA PACIFIC FIBRE CEMENT
Asia
Pacific
manufacturing
facilities.
Net
Sales
and
EBIT
as
at
31
March
2012.

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

20
GROUP OUTLOOK
United States
While some encouraging industry data points emerged during the final quarter of the
2012 financial year, the company is planning for the market to be up only slightly
over the prior year
Pulp
and
freight
costs
are
expected
to
remain
at
elevated
levels
when
compared to
historic  long-term averages
Company
initiatives,
such
as
increased
penetration
in
repair
and
remodel,
and
our
Colorplus, non-metro markets and job pack strategies, are on track to continue our
positive primary demand growth
Asia Pacific
Australia: notwithstanding the softening operating environment, the Australian
business remains positioned to continue to win market and category share
New Zealand: activity in the housing construction industry remains subdued

21
CAPITAL MANAGEMENT
Active Approach
Dividends
Share buyback
Outlook
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 enabled the Board to announce in
May 2011 the resumption of an active approach to capital management
Policy to distribute between 20% and 30% of profits after tax (excluding asbestos adjustments)
in the  form of ordinary dividends
Full fiscal year 2012 dividend of US 42 cents per security
On market share buyback of up to 5% of issued capital over 12 months commencing May 2012
The company intends to make further distributions to shareholders in the near term and to
improve capital efficiency through a more appropriately leveraged balance sheet
This may be achieved, in part, with an increase in the dividend payout ratio

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
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

Primary Growth Performance
All market and market share figures are management‘s estimates.
26
USA AND EUROPE FIBRE CEMENT

*
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, tax adjustments and impairment charge
2
Excludes asbestos adjustments, AICF SG&A expenses,  ASIC expenses/recoveries and impairment charge
3
Excludes payments under the AFFA
27
*
KEY RATIOS
FY2012
FY 2011
FY 2010
EPS (Diluted)
32.1c
26.7c
30.5c
Dividend Paid per share 
4.0c
N/A
N/A
Return on Shareholders’
Funds
10.9%
10.0%
13.3%
Return
on
Capital
Employed
20.4%
19.7%
17.4%
EBIT/
Sales
(EBIT
margin)
15.3%
15.8%
18.6%
Gearing Ratio
-24.5%
3.2%
10.9%
Net Interest Expense Cover
23.8x
22.9x
28.6x
Net
Interest
Paid
Cover
23.7x
21.8x
29.0x
Net Debt Payback
-
0.2yrs
0.7yrs
1, 3
2
1
2
2
1, 3
2, 3

28
USA AND EUROPE 5 YEAR RESULTS OVERVIEW
FY07
FY08
FY09
FY10
FY11
FY12
Net Sales
US$m
1,262
1,144
910
828
814
862
Sales Volume
mmsf
2,148
1,916
1,508
1303
1,248
1332
Average
Price
US$ per msf
588
597
604
635
652
647
EBIT
US$m
362
313
200
208
160
156
EBIT Margin
%
29
27
22
25
20
19

29
ASIA PACIFIC 5 YEAR RESULTS OVERVIEW
FY07
FY08
FY09
FY10
FY11
FY12
Net Sales
US$m
223
298
273
296
353
376
Sales Volume
mmsf
390
398
390
389
407
392
Average
Price
A$ per msf
842
862
879
894
916
916
EBIT
US$m
39
50
47
58
79
79
EBIT Margin
%
16
17
17
20
23
21

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 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.
30
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.
31
ENDNOTES (CONTINUED)

EBIT
and
EBIT
margin
excluding
asbestos,
asset
impairments
and
ASIC
expenses
–
EBIT
and
EBIT
margin
excluding
asbestos, asset impairments 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.
32
NON-US
GAAP
FINANCIAL
MEASURES
Q4
Q4
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
EBIT
$ (7.4)
$ 50.8
$ 155.5
$ 104.7
Asbestos:
Asbestos adjustments
31.0
(5.3)
15.8
85.8
AICF SG&A expenses
0.5
0.5
2.8
2.2
Asset impairments
14.3
-
14.3
-
ASIC related expenses (recoveries)
0.1
0.8
1.1
(8.7)
EBIT excluding asbestos, asset impairments and
ASIC expenses
38.5
46.8
189.5
184.0
Net sales
$ 309.3
$ 288.4
$ 1,237.5
$ 1,167.0
EBIT margin excluding asbestos, asset
impairments and ASIC expenses
12.4%
16.2%
15.3%
15.8%

Net
operating
profit
excluding
asbestos,
asset
impairments,
ASIC
expenses
and
tax
adjustments
–
Net
operating
profit excluding asbestos, asset impairments, 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.
33
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
1
The current full year
included US$485.2 million income tax benefit as a result of RCI’s successful appeal of the ATO’s 1999 disputed
amended
assessment,
the
prior
year
results
included
a
charge
of
US$345.2 million
resulting
from
the
dismissal
by
the
Federal
Court
of 
Australia
of
RCI’s
appeal
of
the
ATO’s
disputed
1999
amended
assessment.
Readers
are
referred
to
Note
10
of
the
condensed 
consolidated  financial statements for further information.
Q4
Q4
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
Net operating profit (loss)
$ 480.7
$ (1.8)
$ 604.3
$ (347.0)
Asbestos:
Asbestos adjustments
31.0
(5.3)
15.8
85.8
AICF SG&A expenses
0.5
0.5
2.8
2.2
AICF interest income
(1.1)
(1.9)
(3.3)
(4.3)
Tax (benefit) expense related to asbestos
adjustments
(2.6)
6.3
(2.7)
6.9
Asset impairments
14.3
-
14.3
-
ASIC related expenses (recoveries)
0.1
0.7
1.1
(7.6)
Tax benefit related to asset impairments
(5.0)
-
(5.0)
-
Tax adjustments ¹
(485.8)
34.8
(486.9)
380.7
Net operating profit excluding asbestos, asset
impairments, ASIC expenses and tax adjustments
$ 32.1
$ 33.3
$ 140.4
$ 116.7

Non-US GAAP Financial Measures (continued)
Diluted
earnings
per
share
excluding
asbestos,
asset
impairments,
ASIC
expenses
and
tax
adjustments
–
Diluted
earnings per share excluding asbestos, asset impairments, 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.
34
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
Q4
Q4
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
Net operating profit excluding asbestos, asset
impairments, ASIC expenses and tax adjustments
$ 32.1
$ 33.3
$ 140.4
$ 116.7
Weighted average common shares outstanding -
Diluted (millions)
437.5
437.7
437.9
437.5
Diluted earnings per share excluding asbestos, asset
impairments, ASIC expenses and tax adjustments
(US cents)
7.3
7.6
32.1
26.7

Effective
tax
rate
excluding
asbestos,
asset
impairments
and
tax
adjustments
–
Effective tax rate excluding
asbestos,
asset
impairments
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.
35
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
1
The current full year
included US$485.2 million income tax benefit as a result of RCI’s successful appeal of the ATO’s 1999 disputed
amended
assessment,
the
prior
year
results
included
a
charge
of
US$345.2 million
resulting
from
the
dismissal
by
the
Federal
Court
of 
Australia
of
RCI’s
appeal
of
the
ATO’s
disputed
1999
amended
assessment.
Readers
are
referred
to
Note
10
of
the
condensed 
consolidated  financial statements for further information.
Q4
Q4
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
Operating (loss) profit before income taxes
$ (7.6)
$ 50.6
$ 151.1
$ 96.6
Asbestos:
Asbestos adjustments
31.0
(5.3)
15.8
85.8
AICF SG&A expenses
0.5
0.5
2.8
2.2
AICF interest income
(1.1)
(1.9)
(3.3)
(4.3)
Asset impairments
14.3
-
14.3
-
Operating profit before income taxes excluding
asbestos and asset impairments
$ 37.1
$ 43.9
$ 180.7
$ 180.3
Income tax benefit (expense)
488.3
(52.4)
453.2
(443.6)
Asbestos:
Tax (benefit) expense related to asbestos adjustments
(2.6)
6.3
(2.7)
6.9
Tax benefit related to asset impairments
(5.0)
-
(5.0)
-
Tax adjustments ¹
(485.8)
34.8
(486.9)
380.7
Income tax expense excluding tax adjustments
(5.1)
(11.3)
(41.4)
(56.0)
Effective tax rate excluding asbestos, asset impairments
and tax adjustments
13.7%
25.7%
22.9%
31.1%

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.
36
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
Q4
Q4
US$ Millions
FY 2012
FY 2011
FY 2012
FY 2011
EBIT
$ (7.4)
$ 50.8
$ 155.5
$ 104.7
Depreciation and amortisation
17.4
16.0
65.2
62.9
Adjusted EBITDA
$ 10.0
$ 66.8
$ 220.7
$ 167.6

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.
37
NON-US GAAP FINANCIAL MEASURES (CONTINUED)
Q4
US$ Millions
FY 2011
FY 2011
General corporate costs
$ 6.8
$ 5.8
$ 33.9
$ 26.9
Excluding:
ASIC related (expenses) recoveries
(0.1)
(0.8)
(1.1)
8.7
Domicile change related costs
-
-
-
(1.8)
General corporate costs excluding ASIC
expenses and domicile change related costs
$ 6.7
$ 5.0
$ 32.8
$ 33.8
FY 2012
Q4
FY 2012

INVESTOR PRESENTATION
July 2012