Management's Presentation

Exhibit 99.4

Q1 FY13 MANAGEMENT PRESENTATION

13 August 2012

DISCLAIMER

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 regarding the company’s ability to manage legal and regulatory matters (including but not limited to product liability, environmental, intellectual property and competition law matters) and to resolve any such pending legal

and regulatory matters within current estimates and in anticipation of certain third-party recoveries; 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.

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

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 “Risks Factors” in Section 3 of the Form 20-F

filed with the 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.

entirety by reference to the following cautionary statements.

AGENDA

Overview

and

Operating

Review

–

Louis

Gries,

CEO

Financial

Review

–

Russell

Chenu,

CFO

Questions and Answers

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 36. 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 intercompany foreign exchange gain”). Unless otherwise stated, results

and comparisons are of the 1st quarter of the current fiscal year versus the 1st quarter of the prior fiscal year.

OVERVIEW AND OPERATING REVIEW

Louis Gries, CEO

GROUP OVERVIEW

•

The net operating result excluding asbestos, ASIC expenses and tax

adjustments increased 11% to US$ 43.8 million and reflects:

•

A non-recurring foreign exchange gain of US$5.5 million arising on repayment

of an A$ intercompany loan on conclusion of the RCI tax litigation

•

An ordinary dividend of US38.0 cents per security, or US$166.4 million, was

paid on 23 July 2012

Comparisons are of the 1st

quarter of the current fiscal year versus the 1st

quarter of the prior fiscal year

FY 2013

FY 2012

Change

Net operating profit

68.5

1.0

Net operating profit excluding asbestos, ASIC

expenses and tax adjustments

43.8

39.4

Diluted earnings per share excluding asbestos, ASIC

expenses and tax adjustments (US cents)

10.0

9.0

US$ Millions

USA AND EUROPE FIBRE CEMENT

1st Quarter Result

Net Sales

15% to US$252.0

million

Sales Volume

17% to 388.1 mmsf

Average Price

down

2% to US$649 per msf

EBIT

5% to US$50.3 million

EBIT Margin

down

1.8 pts to 20.0%

Comparisons are of the 1st quarter of the current fiscal year versus the 1st quarter of the prior fiscal year

USA AND EUROPE FIBRE CEMENT

Average Net Sales Price (US dollars)

US$649

480

520

560

600

640

680

FY07

FY08

FY09

FY10

FY11

FY12

Q1 FY13

Excludes impairment charges of US$45.6 million in Q4 FY08 and US$14.3 million in Q4 FY12

EBIT

and

EBIT

Margin

EBIT

EBIT Margin

USA AND EUROPE FIBRE CEMENT

100

120

140

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

ASIA PACIFIC FIBRE CEMENT

1st Quarter Result

Net Sales

down

7% to US$87.7 million

Sales Volume

down

3% to 95.1 mmsf

Average Price

1% to A$913 per msf

EBIT

down

16% to US$17.7 million

EBIT Margin

down

2.3 pts to 20.2%

Comparisons are of the 1st quarter of the current fiscal year versus the 1st quarter of the prior fiscal year

GROUP 1st QUARTER SUMMARY

Comparisons are of the 1st quarter of the current fiscal year versus the 1st quarter of the prior fiscal year

USA and Europe Fibre Cement results reflected:

Asia Pacific Fibre Cement results reflected:

Higher sales volume, lower input costs (primarily pulp) and lower freight costs,

partially offset by a lower average net sales price and higher fixed manufacturing and

organisational costs

higher average net sales price

Subdued operating environments in the Asia Pacific region, particularly Australia

Lower sales volume and higher fixed unit manufacturing costs, partially offset by a

Expenses

incurred

feasibility

studies

for

anticipated

capacity

expansion

Demand stabilising at levels above last year

Market and category share gains

TOTAL U.S. HOUSING STARTS

GROUP OUTLOOK

United States

Some

encouraging

industry

data

points

continued

emerge

during

the

quarter,

including increased stability of house values in recent months

Early stages of a recovery in residential market appears to be underway

The extent and rate of improvement, however, is uncertain

Cost pressures are expected to remain at elevated levels when compared to historic

long-term averages

Asia Pacific

In Australia the market environment has weakened, reflecting an overall decline in

confidence

In New Zealand the market continues to operate at subdued levels

The operating environment in the Philippines remains robust

GROUP OUTLOOK

Key Priorities

The company’s key medium term priorities in the US are:

Grow

primary

demand

and

exterior

cladding

market

–

with

focus

repair

and remodel and non-metro markets

Increase

market

penetration

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

OPERATING REVIEW

Highlights

Improved volume in US in a more favourable market environment

Price in US constrained by product mix

Weakness

Australia

market

–

adversely

impacting

volume

and

cost

Non-recurring foreign exchange gain of US$5.5 million

Strong net operating cash flow enabled James Hardie to increase its net cash position

from

US$265.4

million

March

2012

US$297.6

million

June

2012

Total contribution of US$184.1 million to AICF in the 2013 financial year represents 35%

free

cash

flow,

defined

the

AFFA,

the

2012

financial

year

James Hardie’s strong cash position enabled the payment of an ordinary dividend of

US38.0 cents per security on 23 July 2012. The total amount of the dividend was

US$166.4 million

Earnings impacted by:

CHANGES IN A$ VERSUS US$

–

Unfavourable impact from translation of Asia Pacific results

–

Q1 FY13 vs Q1 FY12

–

Favourable impact on corporate costs incurred in

Australian dollars –

Q1 FY13 vs Q1 FY12

–

Favourable impact from translation of asbestos liability

balance –

30 June 2012 vs 31 March 2012

Earnings

Balance Sheet

N/A

0.60

0.70

0.80

0.90

1.00

1.10

1.20

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

31 Mar 12

30 Jun 12

RESULTS –

US$ Millions

Q1 '13

Q1 '12

% Change

Net sales

339.7

313.6

Gross profit

110.0

108.2

SG&A expenses

(44.3)

(45.5)

Research & Development expenses

(8.4)

(7.0)

(20)

Asbestos adjustments

25.2

(38.2)

EBIT

82.5

17.5

Net interest expense (expense)

0.2

(1.0)

Other income (expense)

0.4

(1.5)

Income tax expense

(14.6)

(14.0)

(4)

Net operating profit

68.5

1.0

RESULTS –

Q1 (CONTINUED)

Includes AICF SG&A expenses and interest income

US$ Millions

Q1 '13

Q1 '12

% Change

Net operating profit

68.5

1.0

Asbestos:

Asbestos adjustments

(25.2)

38.2

Other

asbestos

(0.8)

0.1

Tax expense related to asbestos adjustments

2.2

ASIC related expenses

0.1

0.2

(50)

Tax adjustments

(1.0)

(0.1)

Net operating profit excluding asbestos,

ASIC expenses, and tax adjustments

43.8

39.4

SEGMENT NET SALES –

US$ Millions

Q1 '13

Q1 '12

% Change

USA and Europe Fibre Cement

252.0

219.8

Asia Pacific Fibre Cement

87.7

93.8

(7)

Total

339.7

313.6

Research

and

development

expenses

include

costs

associated

with

research

projects

that

are

designed

benefit

all

business

units. These costs are recorded in the Research and Development segment rather than attributed to individual business units.

SEGMENT EBIT –

US$ Millions

Q1 '13

Q1 '12

% Change

USA and Europe Fibre Cement

50.3

48.0

Asia Pacific Fibre Cement

17.7

21.1

(16)

Research & Development

(6.0)

(5.1)

(18)

Total segment EBIT

62.0

64.0

(3)

General corporate excluding asbestos and

ASIC expenses

(4.3)

(7.5)

Total EBIT excluding asbestos and ASIC

expenses

57.7

56.5

Asbestos adjustments

25.2

(38.2)

AICF SG&A expenses

(0.3)

(0.6)

ASIC expenses

(0.1)

(0.2)

Total EBIT

82.5

17.5

INCOME TAX EXPENSE –

Includes AICF SG&A expenses and interest income

US$ Millions

Q1 '13

Q1 '12

Operating profit before income taxes

83.1

15.0

Asbestos:

Asbestos adjustments

(25.2)

38.2

Other asbestos

(0.8)

0.1

Operating profit before income taxes excluding

Asbestos and asset impairments

57.1

53.3

Income tax expense

(14.6)

(14.0)

Asbestos:

Tax expense related to asbestos adjustments

2.2

Tax adjustments

(1.0)

(0.1)

Income tax expense excluding tax adjustments

(13.4)

(14.1)

Effective tax rate excluding asbestos, asset

impairments and tax adjustments

23.5%

26.5%

CASHFLOW

Comparisons are of the three months ended of the current fiscal year versus the three months ended of the prior fiscal year. Certain reclassifications to

prior period amounts were made to conform with current period cash flow presentation as reflected above.

US$ Millions

Q1 '13

Q1 '12

EBIT

82.5

17.5

Non-cash items:

Asbestos adjustments

(25.2)

38.2

Other non-cash items

16.6

18.7

Net working capital movements

(13.1)

(1.2)

Cash Generated By Trading Activities

60.8

73.2

Tax payments net

(0.6)

(24.6)

Change in other non-trading assets and liabilities

127.2

(24.7)

Change in asbestos-related assets & liabilities

1.4

(0.1)

Payment to the AICF

(138.7)

Interest paid (net)

(0.5)

(1.8)

Net Operating Cash Flow

49.6

22.0

Purchases of property, plant & equipment

(14.9)

(12.1)

Proceeds from sale of property, plant & equipment

0.1

Equity issued

1.1

0.7

Effect of exchange rate on cash

(3.6)

2.8

Movement In Net Cash (Debt)

32.2

13.5

Beginning Net Cash (Debt)

265.4

(40.4)

Ending Net Cash (Debt)

297.6

(26.9)

CAPITAL MANAGEMENT

A dividend

US38.0

cents

per

security

was

paid

July

2012

from

FY2012

earnings. The total amount of the dividend was US$166.4 million

The

full

year

dividend

from

FY2012

earnings

was

US42.0

cents

per

security.

The

full

year

dividend

was

the

top

end

the

dividend

payout

ratio

20%

30%

profits

after tax (excluding asbestos adjustments)

On 21 May 2012, the company announced a new share buyback program to acquire up

to 5% of its issued capital during the following twelve months

Administrative arrangements for the buyback have been completed and purchases may

commence in the future depending on market conditions and pricing

The company is continuing to explore options to improve capital efficiency through a

more appropriately leveraged balance sheet

Net cash of US$297.6 million compared to net cash of US$265.4 million at 31 March 2012

Weighted average remaining term of total facilities was 0.7 years at 30 June 2012, down from 0.9 years at

31 March 2012

James Hardie remains well within its financial debt covenants

At 30 June 2012:

DEBT

US$ Millions

Total facilities

280.0

Gross debt

Cash

297.6

Net cash

(297.6)

Unutilised facilities and cash

577.6

Asbestos Fund –

Pro Forma (Unaudited)

In accordance with Amended and Restated Final Funding Agreement

A$ millions

AICF cash and deposits -

31 March 2012

62.5

Contribution to AFFA by James Hardie

132.3

Insurance and cross claim recoveries

11.2

Interest income and unrealised gain on investments

1.4

Claims paid

(35.2)

Operating costs

(0.9)

Repayment of NSW Government loan facility

(29.7)

Other

0.8

AICF

net

cash

and

deposits

June

2012

142.4

James

Hardie's

further

contribution

July

2012

45.2

187.6

Excludes

asbestos

adjustments,

AICF

SG&A

expenses,

AICF

interest

income,

gain

impairment

AICF

investments, tax benefits related to asbestos adjustments, ASIC expenses/recoveries, and tax adjustments

Excludes asbestos adjustments, AICF SG&A expenses and ASIC expenses/recoveries

Includes restricted cash set aside for AFFA

Note: For the 2012 and 2011 financial years, key ratios at the three months ended have been presented above for comparative purposes.

KEY RATIOS

3 Months

FY2013

3 Months

FY2012

3 Months

FY2011

EPS (Diluted)

10.0c

9.0c

9.2c

EBIT/ Sales (EBIT margin)

17.0%

18.0%

20.4%

Gearing Ratio

-32.1%

2.1%

13.2%

Net Interest Expense Cover

57.7x

37.7x

38.2x

Net Interest Paid Cover

115.4x

33.2x

34.2x

Net Debt Payback

0.4yrs

1.1yrs

SUMMARY

Net operating profit excluding asbestos, ASIC expenses and tax

adjustments for the 1st quarter was US$43.8 million and reflected:

A foreign exchange gain of US$5.5 million arising on repayment of an A$

intercompany loan associated with the conclusion of the RCI tax litigation

in Australia

Moderately improved US and subdued Asia Pacific operating

environments

Higher sales volume in the US and Europe segment due to improved

housing activity and gains in market and category share in the US

Lower SG&A expenses primarily due to

foreign exchange gain, partially

offset by higher US costs

Depreciation of Asia Pacific business’

currencies against US dollar

Comparisons are of the 1

quarter of the current fiscal year versus the 1

quarter of the prior fiscal year

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

USA FIBRE CEMENT

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

Top Line Growth

JH Volume

Housing Starts

JH Revenue

GENERAL

CORPORATE

COSTS

–

US$ Millions

Q1 '13

Q1 '12

% Change

Stock compensation expense

2.6

2.0

(30)

Other costs

7.2

5.5

(31)

General corporate costs excluding ASIC

expenses and foreign exchange gain

9.8

7.5

(31)

ASIC related expenses

0.1

0.2

Intercompany foreign exchange gain

(5.5)

General corporate costs

4.4

7.7

EBITDA –

US$ Millions

Q1 '13

Q1 '12

% Change

EBIT

USA and Europe Fibre Cement

50.3

48.0

Asia Pacific Fibre Cement

17.7

21.1

(16)

Research & Development

(6.0)

(5.1)

(18)

General corporate excluding asbestos and ASIC expenses

(4.3)

(7.5)

Depreciation and Amortisation

USA and Europe Fibre Cement

13.3

13.2

Asia Pacific Fibre Cement

2.1

3.0

(30)

Total EBITDA excluding asbestos and ASIC expenses

73.1

72.7

Asbestos adjustments

25.2

(38.2)

AICF SG&A expenses

(0.3)

(0.6)

ASIC expenses

(0.1)

(0.2)

Total EBITDA

97.9

33.7

CAPITAL EXPENDITURE

US$ Millions

Q1 '13

Q1 '12

% Change

USA and Europe Fibre Cement

13.1

9.8

Asia Pacific Fibre Cement

1.8

2.2

(18)

Total

14.9

12.0

NET INTEREST INCOME (EXPENSE)

US$ Millions

Q1 '13

Q1 '12

Gross interest expense

(0.8)

Interest income

0.4

0.1

Realised loss on interest rate swaps

(0.5)

(0.8)

(0.9)

(1.5)

AICF interest income

1.1

0.5

Net interest income (expense)

0.2

(1.0)

Net interest expense excluding AICF interest Income

LEGACY ISSUES UPDATE

ASIC Proceedings

On 3 May 2012, the High Court of Australia delivered its judgment in the appeals

and cross-appeals of the December 2010 decision of the New South Wales Court

of Appeal

James Hardie did not appeal the NSW Court of Appeal’s decision, so it was not

party to the High Court proceedings

The High Court upheld ASIC’s appeal and dismissed a former officer’s appeal of

the Court of Appeal’s decision

The High Court remitted the matter back to the NSW Court of Appeal for further

consideration of claims to be excused from liability, penalty and disqualification

and on certain questions concerning costs

The High Court’s decision will have some cost implications for James Hardie, but

the company will not be able to assess those until the Court of Appeal has

delivered its judgment on the outstanding issues

The Court of Appeal will hear submissions on these issues at a proceeding to be

held in late August 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 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

–

GAAP

equivalents

EBIT

and

EBIT

Margin

EBIT,

used

this

document,

equivalent

the

GAAP

measure

operating

income.

EBIT

margin

defined

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.

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

net

debt

(cash)

plus

shareholders’

equity.

Net

interest

expense

cover

–

EBIT

divided

net

interest

expense

(excluding

loan

establishment

fees).

Net

interest

paid

cover

–

EBIT

divided

cash

paid

during

the

period

for

interest,

net

amounts

capitalised.

Net

debt

payback

–

Net

debt

(cash)

divided

cash

flow

from

operations.

Net

debt

(cash)

–

Short-term

and

long-term

debt

less

cash

and

cash

equivalents.

Return

Capital

employed

–

EBIT

divided

gross

capital

employed.

ENDNOTES (CONTINUED)

EBIT

and

EBIT

margin

excluding

asbestos

and

ASIC

expenses

–

EBIT

and

EBIT

margin

excluding

asbestos

and

ASIC

expenses

are

not

measures

financial

performance

under

GAAP

and

should

not

considered

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.

NON-US GAAP FINANCIAL MEASURES

US$ Millions

FY 2013

FY 2012

EBIT

$ 82.5

$ 17.5

Asbestos:

Asbestos adjustments

(25.2)

38.2

AICF SG&A expenses

0.3

0.6

ASIC related expenses

0.1

0.2

EBIT excluding asbestos and ASIC expenses

57.7

56.5

Net sales

$ 339.7

$ 313.6

EBIT margin excluding asbestos and ASIC

expenses

17.0%

18.0%

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

meaningful

than

net

income.

Management

has

included

this

financial

measure

provide

investors

with

alternative

method

for

assessing

its

operating

results

manner

that

focussed

the

performance

its

ongoing

operations. Management uses this non-US GAAP measure for the same purposes.

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

US$ Millions

FY 2013

FY 2012

Net operating profit

$ 68.5

$ 1.0

Asbestos:

Asbestos adjustments

(25.2)

38.2

AICF SG&A expenses

0.3

0.6

AICF interest income

(1.1)

(0.5)

Tax expense related to asbestos

adjustments

2.2

ASIC related expenses

0.1

0.2

Tax adjustments

(1.0)

(0.1)

Net operating profit excluding asbestos, ASIC

expenses and tax adjustments

$ 43.8

$ 39.4

Non-US GAAP Financial Measures (continued)

Diluted

earnings

per

excluding

asbestos,

ASIC

expenses

and

tax

adjustments

–

Diluted

earnings

per

excluding

asbestos,

ASIC

expenses

and

tax

adjustments

not

measure

financial

performance

under

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.

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

US$ Millions

FY 2013

FY 2012

Net operating profit excluding asbestos, ASIC

expenses and tax adjustments

$ 43.8

$ 39.4

Weighted average common shares outstanding -

Diluted (millions)

438.5

438.7

Diluted earnings per share excluding asbestos, ASIC

expenses and tax adjustments

(US cents)

10.0

9.0

Effective

tax

rate

excluding

asbestos

and

tax

adjustments

–

Effective

tax

rate

excluding

asbestos

and

tax

adjustments

not

measure

financial

performance

under

GAAP

and

should

not

considered

meaningful

than

effective

tax

rate.

Management

has

included

this

financial

measure

provide

investors

with

alternative

method

for

assessing

its

operating

results

manner

that

focussed

the

performance

its

ongoing

operations. Management uses this non-US GAAP measure for the same purposes.

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

US$ Millions

FY 2013

FY 2012

Operating profit before income taxes

$ 83.1

$ 15.0

Asbestos:

Asbestos adjustments

(25.2)

38.2

AICF SG&A expenses

0.3

0.6

AICF interest income

(1.1)

(0.5)

Operating profit before income taxes excluding

asbestos

$ 57.1

$ 53.3

Income tax expense

(14.6)

(14.0)

Asbestos:

Tax expense related to asbestos adjustments

2.2

Tax adjustments

(1.0)

(0.1)

Income tax expense excluding tax adjustments

(13.4)

(14.1)

Effective tax rate excluding asbestos and tax

adjustments

23.5%

26.5%

EBITDA

–

is not a measure of financial performance under US GAAP and should not be considered an alternative to, or

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

US$ Millions

FY 2013

FY 2012

EBIT

$ 82.5

$ 17.5

Depreciation and amortisation

15.4

16.2

Adjusted EBITDA

$ 97.9

$ 33.7

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.

General corporate costs excluding ASIC expenses and intercompany

foreign exchange gain –

General

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

US$ Millions

FY 2012

General corporate costs

$ 4.4

$ 7.7

Excluding:

ASIC related expenses

(0.1)

(0.2)

Intercompany foreign exchange gain

5.5

General corporate costs excluding

ASIC expenses and intercompany foreign

exchange gain

$ 9.8

$ 7.5

FY 2013

corporate costs excluding ASIC expenses and intercompany foreign exchange gain 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.

Q1 FY13 MANAGEMENT PRESENTATION

13 August 2012