EX-99.4

DISCLAIMER

•

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 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.

Examples of forward-looking statements include:

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.

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 2014, 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.

•

Overview

and

Operating

Review

–

Louis

Gries,

CEO

•

Financial

Review

–

Matt

Marsh,

CFO

•

Questions and Answers

AGENDA

this

Management

Presentation,

James

Hardie

may

present

financial

measures,

sales

volume

terms,

financial

ratios,

and

Non-US

GAAP

financial

measures

included

the

Definitions

section

this

document

starting

page

46..

The

company

presents

financial

measures

that

believes

are

customarily used by its Australian investors. Specifically, these financial measures, which are equivalent to or derived from certain US GAAP

measures

explained

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”

“mmsf”

and

“thousand

square

feet”

“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

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

RCI

legal

costs”

and

“Selling,

general and administrative expenses excluding New Zealand product liability”). Unless otherwise stated, results and 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.

GROUP

OVERVIEW

Net operating profit reflects:

Comparisons

are

the

quarter

and

full

year

the

current

fiscal

year

versus

the

quarter

and

full

year

the

prior

fiscal

year

FY 2014

FY 2013

Change

FY 2014

FY 2013

Change

Net operating profit

(186.8)

(69.5)

99.5

45.5

Net operating profit excluding asbestos, ASIC

expenses, New Zealand product liability expenses

and tax adjustments

45.3

30.7

197.2

140.8

Diluted earnings per share excluding asbestos, ASIC

expenses, New Zealand product liability expenses

and tax adjustments (US cents)

US$ Millions

•

Higher sales volumes and average net sales price in local currencies in both the USA and

Europe Fibre Cement and Asia Pacific Fibre Cement segments

•

USA and Europe Fibre Cement EBIT margins of 19.8% and 21.0% for the quarter and full

year ended 31 March 2014, respectively

Comparisons

are

the

quarter

the

current

fiscal

year

versus

the

quarter

the

prior

fiscal

year

During the second quarter of FY2014, the company refined its methodology for calculating average net sales price in both the USA

and Europe Fibre Cement 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

improved

disclosure

average

net

sales

price,

line

with

the

company's

primary

fibre

cement

business,

which

key

segment

performance

indicator.

The

company

has

restated

average

net

sales

price

the

prior

periods

conform

with

the

current

quarter

and

half

year

calculation

average

net

sales

price.

Readers

are

referred

the

“Five

Year

Financial

Summary”

the

company's

Investor

Relations

website

http://www.ir.jameshardie.com.au

for

the

refined comparative average net sales price for the periods FY2010 through FY2013 using this revised methodology.

USA and Europe Fibre Cement results reflected:

•

Higher sales volume due to increased activity in new construction market and

increased market penetration

•

Higher average net sales price

•

Economies of scale achieved through an increase in volume

•

Higher input costs

•

Increased idle facility costs due to the ramp up of capacity at the company's

newly recommissioned Fontana, California location

USA

AND

EUROPE

FIBRE

CEMENT

QUARTER

SUMMARY

USA and Europe Fibre Cement

•

The company expects continued improvement in the US operating environment, though cautions,

it is predicated upon the strength of employment and consumer confidence

•

The

company

proceeding

with

its

previously

announced

plans

increase

production

capacity

•

The company anticipates that EBIT margin in FY15 will increase as contribution margin exceeds

spending on organisational costs and research and development

Asia Pacific Fibre Cement

•

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

remodel market continues to decline. Thus, business is expected to track in line with any growth

in 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

USA and Europe Fibre Cement

MANUFACTURING CAPACITY EXPANSION

Nominal

capacities

are

based

production

5/16’’

HardieZone

product,

without

regard

actual

anticipated

product

mix

•

In Q1 FY2014, James Hardie acquired the previously-leased land and buildings at its existing Carole

Park, Queensland location and is expanding production capacity at the site at a total estimated

investment of approximately A$89 million

Asia Pacific Fibre Cement

•

Plant City and Cleburne expansions are expected to be commissioned by the first half of fiscal 2016

•

A third sheet machine and ancillary facilities at the Cleburne, Texas location, with an estimated

investment

US$37

million

with

nominal

capacity

200

mmsf

•

A fourth sheet machine and ancillary facilities at the Plant City, Florida location, with an estimated

investment

US$65

million

with

nominal

capacity

300

mmsf

•

The company has completed the refurbishment of the Fontana, California location and commenced

production

the

fourth

quarter

fiscal

2014

with

nominal

capacity

250

mmsf

Earnings impacted by:

Higher volumes and average net sales prices in local currencies

Higher EBIT and EBIT margins in all major business units compared to prior corresponding periods

Unfavourable movement in asbestos adjustments of US$195.8 million during full year ended 31

Increase in net operating cash flow to US$322.8 million for the full year ended 31 March 2014,

HIGHLIGHTS

March 2014, primarily due to a change in actuarial valuation assumptions

compared to US$109.3 million in the prior year

Increase of US$54.3 million in capital expenditure to US$115.4 million for the full year ended 31

March 2014 when compared to the prior year

Ordinary dividends declared of US40 cents per security for the full year ended 31 March 2014

compared to ordinary dividends declared of US18 cents per security in the prior corresponding period

Special dividends declared of US48 cents per security for the full year ended 31 March 2014

compared to special dividends declared of US24 cents per security in the prior corresponding period

RESULTS –

US$ Millions

Q4 '14

Q4 '13

% Change

Net sales

376.4

326.8

Gross profit

125.5

101.8

SG&A expenses

(61.9)

(58.0)

(7)

Research & development expenses

(8.0)

(9.4)

Asset impairments

(11.1)

Asbestos adjustments

(322.0)

(131.6)

EBIT

(266.4)

(108.3)

Net interest (expense) income

(0.4)

0.1

Other income

1.2

0.6

Income tax benefit

78.8

38.1

Net operating profit

(186.8)

(69.5)

Highlights:

Higher sales volumes; and

Higher average net sales prices in local

currencies

Higher sales volumes and average net sales

prices in local currencies; and

Higher input costs and idle facility costs, partially

offset by volume related economics of scale

Primarily due to higher compensation expenses

Increase in legacy New Zealand product liability

Changes in the underlying actuarial valuation

assumptions

A$ exchange rate against US$ at 31 March

compared to 31 December

Gross profit margin increased 210 bps impacted by:

SG&A expenses increased:

Asbestos adjustments were unfavourable due to:

Net sales increased 15% favourably impacted by:

Includes AICF SG&A expenses and AICF interest income

RESULTS –

Q4 (CONTINUED)

Highlights:

Asbestos adjustments were

unfavourable due to:

$308.2 million change in the

underlying actuarial valuation

assumptions; and

Exchange rate difference of

$23.3 million due to the

change in the AUD spot

exchange rate against the

USD at 31 March 2014 versus

31 December 2013.

Net operating profit excluding

asbestos, asset impairments, ASIC,

and New Zealand product liability

increased 48%

Q4 '14

Q4 '13

% Change

Net operating profit

(186.8)

(69.5)

Asbestos:

Asbestos adjustments

322.0

131.6

Other asbestos

0.2

(0.9)

Asset impairment

11.1

ASIC expenses

2.1

New Zealand product liability (benefit) expenses

1.1

Asbestos and other tax adjustments

(91.2)

(43.7)

Net operating profit excluding asbestos, asset

impairments, ASIC expenses, New Zealand

product liability and tax adjustments

45.3

30.7

US$ Millions

RESULTS

–

FULL

YEAR

US$ Millions

FY 2014

FY 2013

% Change

Net sales

1,493.8

1,321.3

Gross profit

506.4

419.3

SG&A expenses

(224.4)

(218.6)

(3)

Research & development

expenses

(33.1)

(37.2)

Asset impairments

(16.9)

Asbestos adjustments

(195.8)

(117.1)

(67)

EBIT

53.1

29.5

Net interest (expense)

income

(1.1)

2.4

Other income

2.6

1.8

Income tax benefit

44.9

11.8

Net operating profit

99.5

45.5

Highlights:

Higher sales volumes; and

Higher average net sales prices in local

currencies

Higher sales volumes and average net sales

prices in local currencies; and

Higher input costs and idle facility costs,

partially offset by volume related economics

of scale

Changes in the underlying actuarial

valuation assumptions;

offset by favourable foreign exchange rate at

31 March 2014 compared to 31 March 2013

Net sales increased 13% favourably impacted by:

Gross profit margin increased 220 bps impacted by:

R&D expenses decreased during the full year

primarily as a result of timing for the completion of

certain core projects and start of new projects

Unfavourable asbestos adjustments driven by:

Includes AICF SG&A expenses and AICF interest income

RESULTS –

FULL YEAR (CONTINUED)

Highlights:

Improved headline net operating profit

driven by higher net sales and gross profit

Unfavourable asbestos adjustments

driven by changes in the underlying

actuarial valuation assumptions, offset by

favourable foreign exchange rate at

31 March 2014 compared to 31 March

2013

Legacy New Zealand product liability

expenses for the full year decreased

compared to the prior year due to:

Substantial reductions in value of

new claims received

Fewer new claims received

Excluding asbestos, asset impairments,

ASIC expenses, and New Zealand

product liability, net operating profit

increased 40%

FY 2014

FY 2013

% Change

Net operating profit

99.5

45.5

Asbestos:

Asbestos adjustments

195.8

117.1

Other asbestos

(0.8)

(5.3)

Asset impairments

16.9

ASIC expenses

2.6

New Zealand product liability expenses

1.8

13.2

(86)

Asbestos and other tax adjustments

(99.1)

(49.2)

Net operating profit excluding asbestos,

asset impairments, ASIC expenses,

New Zealand product liability and tax

adjustments

197.2

140.8

Diluted earnings per share excluding

asbestos, asset imparments, ASIC expenses,

New Zealand product liability and tax

adjustments (US cents)

US$ Millions

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

Excludes

ASIC

expenses

US$2.1

million

the

quarter

the

prior

fiscal

year

Highlights:

Adjusted USA and Europe Fibre

Cement EBIT margin increased

3.8 percentage points to 19.8%

Adjusted Asia Pacific Fibre

Cement EBIT margin increased

2.3 percentage points to 20.9%

General corporate costs

excluding ASIC expenses were

higher compared to the prior

corresponding quarter primarily

due to an increase in salary and

compensation expenses

US$ Millions

Q4 '14

Q4 '13

% Change

USA and Europe Fibre Cement exluding asset

impairments

57.2

37.8

Asia Pacific Fibre Cement, excluding New Zealand

product liability expenses

18.4

16.7

Research

Development

(6.4)

(6.9)

Total segment EBIT excluding asset

imparments and New Zealand product liability

69.2

47.6

General

corporate

costs

excluding

ASIC

expenses

(11.8)

(10.6)

(11)

Total EBIT excluding asbestos, asset

impairments, ASIC expenses and New Zealand

product liability

57.4

37.0

Asbestos adjustments

(322.0)

(131.6)

AICF SG&A expenses

(0.7)

(0.5)

(40)

Asset impairments

(11.1)

ASIC expenses

(2.1)

New Zealand product liability expenses

(1.1)

Total EBIT

(266.4)

(108.3)

SEGMENT EBIT –

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

Excludes ASIC expenses of US$2.6 million in the prior fiscal year

SEGMENT EBIT –

FULL YEAR

Highlights:

Adjusted USA and Europe Fibre

Cement EBIT margin increased 3.9

percentage points to 21.0%

Adjusted Asia Pacific Fibre Cement

EBIT margin increased 2.3

percentage points to 22.6%

General corporate costs were

higher compared to the prior

corresponding period primarily due:

Prior year included non-

recurring ASIC expenses of

US$2.6M; foreign exchange

gain of US$5.5M; and US$2.7M

non-recurring recovery of legal

costs

Compensation expenses

increased

US$ Millions

FY 2014

FY 2013

% Change

USA and Europe Fibre Cement excluding asset

impairments

237.0

162.5

Asia Pacific Fibre Cement excluding New Zealand

product liability

82.9

74.9

Research & Development

(24.4)

(26.0)

Total segment EBIT excluding asset

impairments and New Zealand product liability

295.5

211.4

General corporate costs excluding ASIC expenses

(42.7)

(30.4)

(41)

Total EBIT excluding asbestos, asset

impairments, ASIC expenses and New Zealand

product liability

252.8

181.0

Asbestos adjustments

(195.8)

(117.1)

(67)

AICF SG&A expenses

(2.1)

(1.7)

(24)

ASIC expenses

(2.6)

New Zealand product liaiblity expenses

(1.8)

(13.2)

Total EBIT

53.1

29.5

Includes AICF SG&A expenses and AICF interest income

INCOME TAX EXPENSE –

US$ Millions

Operating profit before income taxes

(265.6)

(107.6)

Asbestos:

Asbestos adjustments

322.0

131.6

Other asbestos

0.2

(0.9)

Asset impairments

11.1

New Zealand product liability expenses

1.1

Operating profit before income taxes excluding asbestos,

asset imparments and New Zealand product liability

57.7

34.2

Income tax expense

78.8

38.1

Asbestos related and other tax adjustments

(91.2)

(43.7)

Income tax expense excluding tax adjustments

(12.4)

(5.6)

Effective tax rate excluding asbestos, asset impairments,

New Zealand product liability and tax adjustments

21.5%

16.4%

Q4 '14

Q4 '13

Highlights:

Income tax expense excluding

asbestos-related and other tax

adjustments for the quarter

increased due to higher taxable

earnings.

Effective tax rate excluding

asbestos, asset impairments,

New Zealand product liability,

and tax adjustments increased

compared to the prior

corresponding quarter

Asbestos related and other tax

adjustments increased due to

increase in asbestos adjustments

caused by changes in actuarial

valuation assumptions

Includes AICF SG&A expenses and AICF interest income

INCOME TAX EXPENSE –

FULL YEAR

Highlights:

Effective tax rate excluding

asbestos related and other tax

adjustments remained consistent

year over year due to an increase

in taxable earnings relative to

recurring tax adjustments

In FY14, the asbestos related and

other tax adjustments includes an

interest refund from the ATO of

US$15.4m in connection with

finalization of the RCI 1999

Amended Assessment

FY 2014

FY 2013

Operating profit before income taxes

54.6

33.7

Asbestos:

Asbestos adjustments

195.8

117.1

Other asbestos

(0.8)

(5.3)

Asset impairments

16.9

New Zealand product liability expenses

1.8

13.2

Operating profit before income taxes excluding asbestos

asset impairments and New Zealand product liability

251.4

175.6

Income tax expense

44.9

11.8

Asbestos related and other tax adjustments

(99.1)

(49.2)

Income tax expense excluding tax adjustments

(54.2)

(37.4)

Effective tax rate excluding asbestos, asset impairments,

New Zealand product liability and tax adjustments

21.6%

21.3%

US$ Millions

Certain reclassifications have been reflected in the prior period to conform with current period presentation

CASHFLOW

FY 2014

FY 2013

EBIT

53.1

29.5

Non-cash items:

Asbestos adjustments

195.8

117.1

Asset impairments

16.9

Other non-cash items

65.0

64.7

Net working capital movements

19.0

(34.0)

Cash Generated By Trading Activities

332.9

194.2

Tax payments, net

(11.6)

(83.3)

Change in other non-trading assets and liabilities

4.9

187.9

Change in asbestos-related assets & liabilities

(3.4)

(5.3)

Payment to the AICF

(184.1)

Interest paid

(0.1)

Net Operating Cash Flow

322.8

109.3

Purchases of property, plant & equipment

(115.4)

(61.1)

Proceeds from sale of property, plant & equipment

0.7

1.4

Acquisition of business

(4.1)

Common stock repurchased and retired

(22.1)

Dividends paid

(199.1)

(188.5)

Proceeds from issuance of shares

29.3

26.3

Tax benefit from stock options exercised

5.6

3.5

Effect of exchange rate on cash

(3.9)

(2.6)

Movement In Net Cash

13.8

(111.7)

Beginning Net Cash

153.7

265.4

Ending Net Cash

167.5

153.7

US$ Millions

•

In Q1 FY14, the company completed the purchase of the previously-leased land and buildings at

Carole Park, Brisbane plant and commenced projects to increase the plant’s production capacity

•

The company completed the refurbishment of the Fontana, California location. Production

commenced during Q4 FY14.

•

Capital expenditures for the capacity expansion in Plant City, Florida and Cleburne, Texas

commenced in Q4 FY14

•

Total capital expenditures in the USA and Europe Fibre Cement segment exclude capital assets

of US$4.8 million related to the fibre glass window business acquisition

CAPITAL EXPENDITURE

US$ Millions

FY 2014

FY 2013

% Change

USA and Europe Fibre Cement (including

Research and Development)

76.5

50.4

Asia Pacific Fibre Cement

38.9

10.7

Total

115.4

61.1

CAPITAL MANAGEMENT FRAMEWORK

Adjusted EBITDA is defined as EBITDA excluding asbestos

Objectives

•

Strategy

•

Reinvest

R&D

and

capacity

expansion

projects

required

for

growth;

•

Provide consistent dividend payments within the ordinary dividend payout ratio of 50-70% of net

operating profit excluding asbestos; and

•

Continue to execute the share buy back program and to consider further payment of special

dividends

Framework

•

Manage capital efficiency within a prudent and rigorous financial policy

•

Strong cash flow generation expected to continue, and grow

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

times Adjusted EBITDA

Ensure sufficient liquidity to support financial obligations and execute strategy

Minimize

cost

capital

while

taking

into

consideration

current

and

future

industry,

market and economic risks and conditions

Fund capital expenditure and reinvestment in the Company

Maintain flexibility to capitalize on market and strategic opportunities

CAPITAL MANAGEMENT AND DIVIDENDS

•

For the share buyback plan announced in May 2013, the Company repurchased a total of 2,610,214 shares of

its common stock, with an aggregate cost of A$34.3 million (US$31.2 million), at an average market price of

A$13.14 (US$11.94)

•

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

the following 12 months

Share Buybacks

•

Special dividends declared of US48 cents per security for the full year ended 31 March 2014 compared to

special dividends declared of US24 cents per security in the prior corresponding period

•

Ordinary dividends declared of US40 cents per security for the full year ended 31 March 2014 compared to

ordinary dividends declared of US18 cents per security in the prior corresponding period

•

As previously announced and including FY2014, dividend payout ratio increased from between 30% and 50%

to between 50% and 70% of annual NOPAT excluding asbestos adjustments

•

Declared in US currency and will be paid on 08 August 2014 with a record date of 12 June 2014

•

The company announced today a FY2014 special dividend of US20.0 cents per security and a second half

ordinary dividend of US32.0 cents per security

Dividends

New Zealand Product Liability claims:

•

Since FY02 James Hardie NZ subsidiaries have been joined to product liability claims that relate

to buildings primarily constructed from 1998 to 2004

•

These claims often involve multiple parties and allege losses due to excessive moisture

penetration

•

At 31 March 2014 and 31 March 2013, the total provision for these matters collectively, net of

estimated third-party recoveries was US$12.7 million and US$15.2 million, respectively

•

The company recognized an expense of US$1.1 million in the current quarter and US$1.8 million

for

the

full

year

reflect

the

movements

the

provisions

for

new

and

existing

claims

•

During the full year of the current fiscal year, the company noted an increased rate of claim

resolution resulting in fewer open claims at year end, substantial reductions in the value of new

claims received and fewer new claims being received than in prior years

NZ PRODUCT LIABILITY CLAIMS

ASBESTOS COMPENSATION

•

The company anticipates it will make a further contribution of approximately US$113

million to AICF on 1 July 2014. This amount represents 35% of the company’s free

cash flow for financial year 2014, as defined by the AFFA

•

From

the

time

AICF

was

established

February

2007,

the

company

has

contributed

A$599.2 million to the fund

•

Total

contributions

US$184.1

million

were

made

AICF

during

FY2013

from

the

company’s FY2012 free cashflow. No contributions were made from FY2013 free

cashflow in accordance with the terms of the AFFA, and the arrangements agreed with

the NSW Government and AICF

•

Undiscounted and uninflated central estimate increased to A$1.547 billion from A$1.345

billion

•

Updated actuarial report completed as at 31 March 2014

Summary

FUNDING ARRANGEMENTS

Large mesothelioma claims increased

frequency relative to prior year

Claims average awards tracking

considerably better than expectations

Claims reporting for mesothelioma –

20% higher than previous year, 23%

higher than expectation. Other

disease types in line with

expectations.

The A$176M increase reflects $294M

increase arising from actuarial valuation

assumption changes, and A$117M

reduction from roll-forward and higher

discount rates

Change in estimate –

NPV is now

A$1,870M. Increased from A$1,694M at

31 March 2014

Summary

A$ millions (except where stated)

31-Mar-14

31-Mar-13

Central Estimate –

Undiscounted and Uninflated

1,546.6

1,345.0

35.2

36.2

23.3

21.8

(15.4)

(128.1)

1.8

(529.5)

(459.3)

1,062.1

817.4

0.9220

1.0420

979.2

851.6

Net post-tax unfunded accounting liability in A$

Exchange rate US$ per A$1.00

Net post-tax unfunded accounting liability in US$ millions

Provision for claims handling costs of AICF

Other US GAAP adjustments

Net assets of AICF

Contributions for asbestos research and education

Effect of tax

•

Net

operating

profit

excluding

asbestos,

asset

impairments,

ASIC

expenses,

New

Zealand

product

liability and tax adjustments was US$45.3 million and US$197.2 million, for the quarter and full year

ended 31 March 2014, respectively

•

The full year results reflected:

•

Higher sales volumes and average net sales price in local currencies in both the USA and

Europe Fibre Cement and Asia Pacific Fibre Cement segments

•

Higher EBIT margins, with USA and Europe Fibre Cement excluding asset impairments, up

3.9 percentage points to 21.0% and Asia Pacific Fibre Cement EBIT margin excluding New

Zealand product liability up 2.3 percentage points to 22.6%

•

The commencement of production at the Fontana, California plant and ongoing investment in

production capacity expansion at the Cleburne, Texas and Plant City, Florida plants

•

Second half ordinary dividends declared of US32.0 cents per security and FY2014 special dividend

declared of US20.0 cents per security.

•

Announced a new share buyback program to acquire up to 5% of issued capital during the FY 2015

•

line

with

previously

announced

capital

management

objectives,

increased

total

credit

facilities

$505

million

fund

capital

expenditures

and

FY2015

shareholder

returns

SUMMARY

FINANCIAL SUMMARY

US$ Millions

% Change

Net Sales

USA and Europe Fibre Cement

288.2

236.8

1,127.6

951.4

Asia Pacific Fibre Cement

88.2

90.0

(2)

366.2

369.9

(1)

Total Net Sales

376.4

326.8

1,493.8

1,321.3

EBIT -

US$ Millions

USA and Europe Fibre Cement

57.2

37.8

237.0

162.5

Asia Pacific Fibre Cement

18.4

16.7

82.9

74.9

Research & Development

(6.4)

(6.9)

(24.4)

(26.0)

General corporate costs excluding

asbestos and ASIC expenses

(11.8)

(10.6)

(11)

(42.7)

(30.4)

(41)

Total EBIT excluding asbestos, asset

imparments, ASIC expenses and

New Zealand product liability

57.4

37.0

252.8

181.0

Net interest expense excluding AICF

interest income

(0.9)

(1.3)

(4.0)

(4.6)

Other income

1.2

0.6

2.6

1.8

Income tax expense excluding tax

adjustments

(12.4)

(5.6)

(54.2)

(37.4)

(45)

Net operating profit excluding

asbestos, asset impairments, ASIC

expenses, New Zealand product

liability and tax adjustments

45.3

30.7

197.2

140.8

Q4 '14

Q4 '13

FY 2014

FY 2013

1 Excludes asset impairments charges of US$11.1 million and US$16.9 million in the 4

quarter and full year of the prior fiscal year, respectively.

2 Asia Pacific Fibre Cement EBIT excludes New Zealand product liability expenses of US$1.1 million and expense of nil in Q4 ‘14 and Q4 ‘13,

respectively and US$1.8 million and US$13.2 million in FY 2014 and FY 2013, respectively.

Excludes asset impairments charges of US$16.9 million in the prior fiscal year

Excludes New Zealand product expenses of US$1.8 million and expense US$13.2 million in FY2014 and FY2013, respectively

USA

and

Europe

Fibre

Cement

depreciation

and

amortisation

Quarter

2013

includes

favourable

accounting

adjustment

which

not

expected

recur

the

future,

the

company’s

estimated

useful

life

for

certain

production

assets

EBITDA –

FULL YEAR

US$ Millions

FY 2014

FY 2013

% Change

EBIT

USA and Europe Fibre Cement

237.0

162.5

Asia Pacific Fibre Cement

82.9

74.9

Research & Development

(24.4)

(26.0)

General corporate excluding asbestos and ASIC expenses

(42.7)

(30.4)

(41)

Depreciation and Amortisation

USA and Europe Fibre Cement

53.1

51.4

Asia

Pacific

Fibre

Cement

8.3

9.8

(15)

Total EBITDA excluding asbestos, asset imparments,

ASIC expenses and New Zealand product liability

314.2

242.2

Asbestos adjustments

(195.8)

(117.1)

(67)

AICF SG&A expenses

(2.1)

(1.7)

(24)

Asset impairments

(16.9)

ASIC expenses

(2.6)

New Zealand product liability expenses

(1.8)

(13.2)

Total EBITDA

114.5

90.7

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

–

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 of Results and Media Release, to the equivalent US GAAP financial statement line item

description used in the company's condensed consolidated financial statements:

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.

ENDNOTES (CONTINUED)

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

–

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

financial

performance

under

GAAP

and

should

not

considered

meaningful

than

EBIT

and

EBIT

margin.

Management

has

included

these

financial

measures

provide

investors

with

alternative

method

for

assessing

its

operating

results

manner

that

focussed

the

performance

its

ongoing

operations

and

provides

useful

information

regarding

its

financial

condition

and

results

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)

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

Net operating (loss) profit

$ (186.8)

$ (69.5)

$ 99.5

$ 45.5

Asbestos:

Asbestos adjustments

322.0

131.6

195.8

117.1

AICF SG&A expenses

0.7

0.5

2.1

1.7

AICF interest income

(0.5)

(1.4)

(2.9)

(7.0)

Asset impairments

11.1

16.9

ASIC expenses

2.1

2.6

New Zealand product liability expenses

1.1

1.8

13.2

Asbestos and other tax adjustments

(91.2)

(43.7)

(99.1)

(49.2)

Net operating profit excluding asbestos, asset

impairments, ASIC expenses, New Zealand

product liability and tax adjustments

$ 45.3

$ 30.7

$ 197.2

$ 140.8

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)

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

$ 45.3

$ 30.7

$ 197.2

$ 140.8

Weighted average common shares outstanding -

Diluted (millions)

445.8

442.6

444.6

440.6

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 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

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

Operating (loss) profit before income taxes

$ (265.6)

$ (107.6)

$ 54.6

$ 33.7

Asbestos:

Asbestos adjustments

322.0

131.6

195.8

117.1

AICF SG&A expenses

0.7

0.5

2.1

1.7

AICF interest income

(0.5)

(1.4)

(2.9)

(7.0)

Asset impairments

11.1

16.9

New Zealand product liability expenses

1.1

1.8

13.2

Operating profit before income taxes excluding asbestos,

asset impairments and New Zealand product liability

$ 57.7

$ 34.2

$ 251.4

$ 175.6

Income tax benefit

78.8

38.1

44.9

11.8

Asbestos-related and other tax adjustments

(91.2)

(43.7)

(99.1)

(49.2)

Income tax expense excluding tax adjustments

(12.4)

(5.6)

(54.2)

(37.4)

Effective tax rate

29.7%

35.4%

82.2%

35.0%

Effective tax rate excluding asbestos, asset impairments,

New Zealand product liability, and tax adjustments

21.5%

16.4%

21.6%

21.3%

Adjusted

EBITDA

–

not

measure

financial

performance

under

GAAP

and

should

not

considered

alternative

to,

meaningful

than,

income

from

operations,

net

income

cash

flows

defined

GAAP

measure

profitability

liquidity.

Not

all

companies

calculate

Adjusted

EBITDA

the

same

manner

James

Hardie

has

and,

accordingly,

Adjusted

EBITDA

may

not

comparable

with

other

companies.

Management

has

included

information

concerning

Adjusted

EBITDA

because

believes

that

this

data

commonly

used

investors

evaluate

the

ability

company's

earnings

from

its

core

business

operations

satisfy

its

debt,

capital

expenditure

and

working

capital

requirements

NON-US GAAP FINANCIAL MEASURES (CONTINUED)

US$ Millions

FY 2014

FY 2013

FY 2014

FY 2013

EBIT

$ (266.4)

$ (108.3)

$ 53.1

$ 29.5

Depreciation and amortisation

15.2

13.2

61.4

61.2

Adjusted EBITDA

$ (251.2)

$ (95.1)

$ 114.5

$ 90.7

General

corporate

costs

excluding

ASIC

expenses,

intercompany

foreign

exchange

gain

and

recovery

RCI

legal costs

–

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

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

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)

US$ Millions

FY 2013

General corporate costs

$ 11.8

$ 12.7

$ 42.7

$ 33.0

Excluding:

ASIC expenses

(2.1)

(2.6)

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

$ 11.8

$ 10.6

$ 42.7

$ 38.6

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 be considered to be more 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)

US$ Millions

FY 2013

Selling, general and administrative expenses

$ 61.9

$ 58.0

$ 224.4

$ 218.6

Excluding:

New Zealand product liability expenses

(1.1)

(1.8)

(13.2)

Selling, general and administrative expenses

excluding New Zealand product liability

$ 60.8

$ 58.0

$ 222.6

$ 205.4

Net Sales

$ 376.4

$ 326.8

$ 1,493.8

$ 1,321.3

Selling, general and administrative expenses

as a percentage of net sales

16.4%

17.7%

15.0%

16.5%

Selling, general and administrative expenses

excluding New Zealand product liability as a

percentage of net sales

16.2%

17.7%

14.9%

15.5%

FY 2014