EX-99.1

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 with respect to the introduction of new products, product lines and businesses;

•

statements regarding the company's plans, objectives or goals, including those relating to strategies, initiatives, competition, acquisitions, dispositions and/or its

products;

•

expectations concerning the costs associated with the suspension, closure, opening or expansion of operations at any of the company's plants and future plans

with respect to any such plants;

•

expectations regarding the extension or renewal of the company's credit facilities including changes to terms, covenants or ratios;

•

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);

•

statements regarding the possible consequences, value, impact or effect of the Settlement Deed resolving the legal proceedings brought by the New Zealand

Ministry of Education against two of the company's New Zealand subsidiaries;

•

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;

•

expectations concerning the adequacy of the company's warranty provisions and estimates for future warranty-related costs;

•

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 changes in the US economic or housing recovery or changes in the market conditions in the Asia Pacific region,

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.

DISCLAIMER (CONTINUED)

Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “aim,” “will,” “should,” “likely,” “continue,” “may,”

“objective,” “outlook” 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 Securities and Exchange Commission on 27 June 2013, 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, including changes in corporate governance and any potential

tax benefits related thereto; 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 referenced the company's 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. The company assumes no obligation to

update any forward-looking statements or information except as required by law.

•

Business Overview

•

USA & Europe Fibre Cement

•

Asia Pacific Fibre Cement

•

Capital Management and Dividends

•

Group Outlook and 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 slide 29. 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 before income taxes” 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, asset

impairments, ASIC expenses and New Zealand product liability”, “EBIT margin excluding asbestos, asset impairments, ASIC expenses and New Zealand

product liability”, “Net operating profit excluding asbestos, asset impairments, ASIC expenses, New Zealand product liability and tax adjustments”, “Diluted

earnings per share excluding asbestos, asset impairments, ASIC expenses, New Zealand product liability and tax adjustments”, “Operating profit before

income taxes excluding asbestos, asset impairments and New Zealand product liability”, “Effective tax rate on earnings excluding asbestos, asset

impairments, New Zealand product liability and tax adjustments”, “Adjusted EBITDA”, “General corporate costs excluding ASIC expenses, intercompany

foreign exchange gain and recovery of RCI legal costs” and “Selling, general and administrative expenses excluding New Zealand product liability”). Unless

otherwise

stated,

results

and

comparisons

are

the

quarter

and

nine

months

the

current

fiscal

year

versus

the

quarter

and

nine

months

the

prior fiscal year.

THE USA BUSINESS: LARGEST FIBRE CEMENT

PRODUCER IN NORTH AMERICA

Flat Sheet

Plants

Capacity

(mmsf)

Plants operating

Cleburne, Texas

500

Additional capacity by mid

calendar year 2015

200

Peru, Illinois

560

Plant City, Florida

300

Additional capacity by mid

calendar year 2015

300

Pulaski, Virginia

600

Reno, Nevada

300

Tacoma, Washington

200

Waxahachie, Texas

360

Plant re-opening early CY14

250

Plant suspended

190

Flat Sheet Total

3,750

Plant locations

Tacoma, WA

Plant City, FL

Waxahachie, TX

Cleburne, TX

Peru,

Summerville, SC

Pulaski, VA

•

Reno, NV

•

Fontana, CA

JH Plant Design Capacity

Fontana,

California

Summerville, South Carolina

Production was suspended at the Summerville plant in

November 2008. The Fontana plant is expected to

recommence production in the 4 quarter of fiscal 2014

Objectives

•

To optimize JHX capital structure with a view towards a target net debt position in the range of 1-2 times

Adjusted EBITDA

Strategy

•

While reinvesting in R&D and capacity expansion required for growth;

•

Provide consistent dividend payments with the payout ratio of 50-70% of NPAT excluding asbestos;

•

aggressive

approach

buy

back

program

together

with

possible

use

special

dividends

Framework

CAPITAL MANAGEMENT FRAMEWORK

•

Manage capital efficiency within a prudent and rigorous financial policy

Ensure

sufficient

liquidity

support

financial

obligations

and

execute

strategy

Minimize

cost

capital

while

taking

into

consideration

current

and

future

industry,

market

and

economic risks and conditions

•

Strong cash flow generation expected to continue, and grow

Fund CAPEX and reinvestment in the company

Maintain flexibility to capitalize on market and strategic opportunities

Adjusted EBITDA is defined as EBITDA excluding asbestos

Dividends

CAPITAL MANAGEMENT AND DIVIDENDS

In February 2014 the company announced a 125 year anniversary special dividend of US28.0 cents per security in

recognition of the company's 125 year anniversary

Declared in US currency and will be paid on 30 May 2014 with a record date of 21 March 2014

Effective from and including FY14, dividend payout ratio increased from between 30% and 50% to between 50% and

70% of annual NPAT excluding asbestos adjustments

November

2013,

the

company

announced

ordinary

dividend

US8.0

cents

per

security,

from

US5.0

cents

per

security

the

prior

corresponding

fiscal

year.

The

dividend

was

declared

currency

and

will

paid on 28 March 2014

An ordinary dividend of US13.0 cents per security and a special dividend of US24.0 cents per security were paid on 26

July 2013 from FY13 earnings. Total dividends paid was US$163.6 million

In May 2013, the company announced a new share buyback program to acquire up to 5% of its issued capital during

the following 12 months

As at 28 February 2014, the Company repurchased a total of 1,139,214 shares of its common stock, with an

aggregate cost of A$13.6 million (US$12.2 million), at an average market price of A$11.94 (US$10.75)

Share Buybacks

USA and Europe Fibre Cement

•

The US operating environment continues to reflect an increasing number of housing starts

•

The company is continuing with its plan to expand production capacity through new capital

investments and re-commissioning of idled facilities in future periods

•

Full year FY14 EBIT margin is expected to be above 20%, absent major adverse external factors

Asia Pacific Fibre Cement

•

In Australia, approvals for detached homes continues to increase, however the repair and remodel

market

continues

decline.

Thus,

business

expected

track

line

with

any

growth

the

detached housing market, and be impacted by positive/negative movements in the repair and

remodel market

•

In New Zealand, the housing market continues to improve, particularly in the Auckland and

Christchurch areas

GROUP OUTLOOK

•

Management

notes

the

range

analysts’

forecasts

for

net

operating

profit

excluding

asbestos for the year ending 31 March 2014 is between US$189 million and US$202

million

•

Management expects full year earnings excluding asbestos, asset impairments, ASIC

expenses, New Zealand product liability and tax adjustments to be between US$190

million and US$200 million

•

Guidance is dependent on, among other things, housing industry conditions in the US

continuing to improve and an average exchange rate of approximately US$0.89/A$1.00

applies for the balance of the year ending 31 March 2014

•

Although US housing activity has been improving for some time, market conditions

remain somewhat uncertain and some input costs remain volatile

•

Management is unable to forecast the comparable US GAAP financial measure due to

uncertainty regarding the impact of actuarial estimates on asbestos-related assets and

liabilities in future periods

FY2014 GUIDANCE

Analysts’

forecasts as of 10 February 2014

FY09

FY10

FY11

FY12

FY13

Net Sales

US$m

929

828

814

862

951

Sales Volume

mmsf

1,527

1,304

1,248

1,332

1,489

Average Price

US$ per msf

608

632

648

642

627

EBIT US$m

199

209

160

163

EBIT Margin %

During the second quarter of FY14, the company refined its methodology for calculating average net sales price in both the USA and Europe and Asia Pacific Fibre

Cement segments to exclude ancillary products that have no impact on fibre cement sales volume, which is measured and reported in million square feet (“mmsf”). As the

revenue contribution of these ancillary products has been increasing, the company believes the refined methodology provides an improved disclosure of average net sales

price, in line with the company’s primary fibre cement business, which is a key segment performance indicator. The company has restated average net sales price in the

prior periods to conform with the current quarter and half year calculation of average net sales price.

USA AND EUROPE FIBRE CEMENT

5 YEAR RESULTS OVERVIEW

Excludes asset impairment charges of US$14.3 million and US$16.9 million in FY12 and FY13, respectively

Excludes New Zealand product liability expenses of US$5.4 million and US$13.2 million in FY12 and FY13, respectively

During the second quarter of FY14, the company refined its methodology for calculating average net sales price in both the USA and Europe and Asia Pacific Fibre

Cement segments to exclude ancillary products that have no impact on fibre cement sales volume, which is measured and reported in million square feet (“mmsf”). As the

revenue contribution of these ancillary products has been increasing, the company believes the refined methodology provides an improved disclosure of average net sales

price, in line with the company’s primary fibre cement business, which is a key segment performance indicator. The company has restated average net sales price in the

prior periods to conform with the current quarter and half year calculation of average net sales price.

FY09

FY10

FY11

FY12

FY13

Net Sales

US$m

273

297

353

376

370

Sales Volume

mmsf

391

390

408

392

394

Average Price

US$ per msf

871

886

906

901

EBIT US$m

EBIT Margin %

ASIA PACIFIC FIBRE CEMENT

5 YEAR RESULTS OVERVIEW

Excludes

asset

impairments

charges

US$5.8

million in

the

quarter

and

nine

months

the

prior

fiscal

year.

2 Asia Pacific Fibre Cement EBIT excludes New Zealand product benefit of US$4.2 million and expense US$7.5 million in Q3 ‘14 and Q3 ‘13,

respectively and US$0.7 million and US$13.2 million in nine months FY14 and nine months FY13, respectively

FINANCIAL SUMMARY

US$ Millions

% Change

Net Sales

USA and Europe Fibre Cement

262.6

224.5

839.4

714.6

Asia Pacific Fibre Cement

90.6

95.9

(6)

278.0

279.9

(1)

Total Net Sales

353.2

320.4

1,117.4

994.5

EBIT -

US$ Millions

USA and Europe Fibre Cement

53.1

30.4

179.8

124.7

Asia Pacific Fibre Cement

21.3

19.2

64.5

58.2

Research & Development

(6.4)

(6.8)

(18.0)

(19.1)

General corporate costs excluding

asbestos and ASIC expenses

(12.8)

(8.1)

(58)

(30.9)

(19.8)

(56)

Total EBIT excluding asbestos, asset

imparments, ASIC expenses and

New Zealand product liability

55.2

34.7

195.4

144.0

Net interest expense excluding AICF

interest income

(1.0)

(1.3)

(3.1)

(3.3)

Other income

1.2

0.5

1.4

1.2

Income tax expense excluding tax

adjustments

(11.7)

(7.2)

(63)

(41.7)

(32.5)

(28)

Net operating profit excluding

asbestos, asset impairments, ASIC

expenses, New Zealand product

liability and tax adjustments

43.7

26.7

152.0

109.4

Q3 '14

Q3 '13

9 Months

FY 2014

9 Months

FY 2013

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

Legacy

New

Zealand

product

liability

benefit

(expenses)

(“New

Zealand

product

liability”)

–

Expenses

arising

from

defending and resolving claims in New Zealand that allege poor building design, inadequate certification of plans, inadequate

construction review and compliance certification and deficient work by sub-contractors

ENDNOTES

Financial Measures –

US GAAP equivalents

This document contains financial statement line item descriptions that are considered to be non-US GAAP, but are

consistent with those used by Australian companies. Because the company prepares its consolidated financial statements

under US GAAP, the following table cross-references each non-US GAAP line item description, as used in Management’s

Analysis

Results

and

Media

Release,

the

equivalent

GAAP

financial

statement

line

item

description

used

the

company's condensed consolidated financial statements:

ENDNOTES (CONTINUED)

Management's Analysis of Results and

Consolidated Statements of Operations

Media Release

and Other Comprehensive Income (Loss)

(US GAAP)

Net sales

Cost of goods sold

Gross profit

Selling, general and administrative expenses

Research and development expenses

Asbestos adjustments

EBIT*

Operating income (loss)

Net interest income (expense)*

Sum of interest expense and interest income

Other income (expense)

Operating profit (loss) before income taxes*

Income (loss) before income taxes

Income tax (expense) benefit

Net operating profit (loss)*

Net income (loss)

Represents non-U.S. GAAP descriptions used by Australian companies.

EBIT margin

–

EBIT margin is defined as EBIT as a percentage of net sales

Sales Volumes

mmsf

–

million

square

feet,

where

square

foot

defined

standard

square

foot

5/16”

thickness

msf

–

thousand

square

feet,

where

square

foot

defined

standard

square

foot

5/16”

thickness

Financial Ratios

Gearing

ratio

–

Net

debt

(cash)

divided

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

cash

paid

during

the

period

for

interest,

net

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

ENDNOTES (CONTINUED)

NON-US GAAP FINANCIAL MEASURES

9 Months

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

EBIT

$ 94.8

$ 32.5

$ 319.5

$ 137.8

Asbestos:

Asbestos adjustments

(35.8)

(11.7)

(126.2)

(14.5)

AICF SG&A expenses

0.4

0.5

1.4

1.2

Asset impairments

5.8

ASIC expenses

0.1

0.5

New Zealand product liability (benefit) expenses

(4.2)

7.5

0.7

13.2

EBIT excluding asbestos, asset impairments, ASIC

expenses and New Zealand product liability

55.2

34.7

195.4

144.0

Net sales

$ 353.2

$ 320.4

$ 1,117.4

$ 994.5

EBIT margin excluding asbestos, asset

impairments, ASIC expenses and New Zealand

product liability

15.6%

10.8%

17.5%

14.5%

EBIT and EBIT margin excluding asbestos, asset impairments, ASIC

expenses and New Zealand product liability

–

EBIT

and EBIT margin excluding asbestos, asset impairments, ASIC expenses and New Zealand product liability are not measures of

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

Net

operating

profit

excluding

asbestos,

asset

impairments,

ASIC

expenses,

New

Zealand

product

liability

and

tax

adjustments

–

Net operating profit excluding asbestos, asset impairments, ASIC expenses, New Zealand product liability

and tax adjustments is not a measure of financial performance under US GAAP and should not be considered to be more

meaningful than net operating profit. 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)

9 Months

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

Net operating profit

$ 92.2

$ 31.5

$ 286.3

$ 115.0

Asbestos:

Asbestos adjustments

(35.8)

(11.7)

(126.2)

(14.5)

AICF SG&A expenses

0.4

0.5

1.4

1.2

AICF interest income

(0.6)

(3.4)

(2.4)

(5.6)

Asset impairments

5.8

ASIC expenses

0.1

0.5

New Zealand product liability (benefit) expenses

(4.2)

7.5

0.7

13.2

Asbestos and other tax adjustments

(8.3)

(3.6)

(7.8)

(6.2)

Net operating profit excluding asbestos, asset

impairments, ASIC expenses, New Zealand

product liability and tax adjustments

$ 43.7

$ 26.7

$ 152.0

$ 109.4

Diluted

earnings

per

excluding

asbestos,

asset

impairments,

ASIC

expenses,

New

Zealand

product

liability

and tax adjustments

–

Diluted earnings per share excluding asbestos, asset impairments, ASIC expenses, New Zealand

product liability 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

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

9 Months

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

Net operating profit excluding asbestos, asset

impairments, ASIC expenses, New Zealand

product liability and tax adjustments

$ 43.7

$ 26.7

$ 152.0

$ 109.4

Weighted average common shares outstanding -

Diluted (millions)

445.2

440.3

444.2

439.0

Diluted earnings per share excluding asbestos,

asset impairments, ASIC expenses, New

Zealand product liability and tax adjustments

(US cents)

Effective

tax

rate

excluding

asbestos,

asset

impairments,

New

Zealand

product

liability

and

tax

adjustments

–

Effective tax

rate on earnings excluding asbestos, asset impairments, New Zealand product liability and tax adjustments is not a measure of

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 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)

9 Months

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

Operating profit before income taxes

$ 95.6

$ 35.1

$ 320.2

$ 141.3

Asbestos:

Asbestos adjustments

(35.8)

(11.7)

(126.2)

(14.5)

AICF SG&A expenses

0.4

0.5

1.4

1.2

AICF interest income

(0.6)

(3.4)

(2.4)

(5.6)

Asset impairments

5.8

New Zealand product liability (benefit) expenses

(4.2)

7.5

0.7

13.2

Operating profit before income taxes excluding asbestos, asset

impairments and New Zealand product liability

$ 55.4

$ 33.8

$ 193.7

$ 141.4

Income tax expense

(3.4)

(3.6)

(33.9)

(26.3)

Asbestos-related and other tax adjustments

(8.3)

(3.6)

(7.8)

(6.2)

Income tax expense excluding tax adjustments

(11.7)

(7.2)

(41.7)

(32.5)

Effective tax rate

3.6%

10.3%

10.6%

18.6%

Effective tax rate excluding asbestos, asset impairments,

New Zealand product liability, and tax adjustments

21.1%

21.3%

21.5%

23.0%

Adjusted 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

liquidity.

Not

all

companies

calculate

Adjusted

EBITDA

the

same

manner

James

Hardie

has

and,

accordingly, Adjusted EBITDA may not be comparable with other companies. Management has included information

concerning

Adjusted

EBITDA

because

believes

that

this

data

commonly

used

investors

evaluate

the

ability

of a

company's earnings from its core business operations to satisfy its debt, capital expenditure and working capital requirements

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

9 Months

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

EBIT

$ 94.8

$ 32.5

$ 319.5

$ 137.8

Depreciation and amortisation

15.6

17.3

46.2

48.0

Adjusted EBITDA

$ 110.4

$ 49.8

$ 365.7

$ 185.8

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

General corporate costs excluding ASIC expenses, intercompany foreign exchange gain and recovery of RCI legal

costs

–

General

corporate

costs

excluding

ASIC

expenses,

intercompany

foreign

exchange

gain

and

recovery

RCI

legal

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

provide

investors

with

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

9 Months

US$ Millions

FY 2013

General corporate costs

$ 12.8

$ 8.2

$ 30.9

$ 20.3

Excluding:

ASIC expenses

(0.1)

(0.5)

Intercompany foreign exchange gain

5.5

Recovery of RCI legal costs

2.7

General corporate costs excluding ASIC

expenses, intercompany foreign exchange

gain and recovery of RCI legal costs

$ 12.8

$ 8.1

$ 30.9

$ 28.0

FY 2014

Selling,

general

and

administrative

expenses

excluding

New

Zealand

product

liability

–

Selling,

general

and

administrative expenses excluding New Zealand product liability is not a measure of financial performance under US GAAP

and

should

not

considered

meaningful

than

selling,

general

and

administrative

expenses.

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 (CONTINUED)

9 Months

US$ Millions

FY 2013

Selling, general and administrative expenses

$ 53.8

$ 59.7

$ 162.5

$ 160.6

Excluding:

New Zealand product liability benefit (expenses)

4.2

(7.5)

(0.7)

(13.2)

Selling, general and administrative expenses

excluding New Zealand product liability

$ 58.0

$ 52.2

$ 161.8

$ 147.4

Net Sales

$ 353.2

$ 320.4

$ 1,117.4

$ 994.5

Selling, general and administrative expenses as a

percentage of net sales

15.2%

18.6%

14.5%

16.1%

Selling, general and administrative expenses

excluding New Zealand product liability as a

percentage of net sales

16.4%

16.3%

14.5%

14.8%

FY 2014