EX-99.3

PAGE

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 its 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 concerning the costs associated with the significant capital expenditure projects at any of the company’s plants and future plans with respect

to any such projects;

•

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 and/or potential outcome of the legal proceedings brought against two of the company’s subsidiaries by

the New Zealand Ministry of Education and the potential product liabilities, if any, associated with such proceedings;

•

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.

PAGE

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 26 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 in 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.

PAGE

AGENDA

•

Overview and Operating Review –

Louis Gries, CEO

•

Financial Review –

Matt Marsh, CFO

•

Questions and Answers

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. 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

volume

(“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 (“Adjusted EBIT”,

“Adjusted EBIT margin”, “Adjusted net operating profit”, “Adjusted diluted earnings per share”, “Adjusted operating profit before income taxes”,

“Adjusted effective tax rate on earnings”, “Adjusted EBITDA”, and “Adjusted selling, general and administrative expenses”. Unless otherwise stated,

results and comparisons are of the first quarter of the current fiscal year versus the first quarter of the prior fiscal year.

PAGE

Comparisons

are

the

quarter

the

current

fiscal

year

versus

the

quarter

the

prior

fiscal

year

FY 2015

FY 2014

Change

Net operating profit

28.9

142.2

(80)

Adjusted net operating profit

50.1

52.0

(4)

Adjusted diluted earnings per share (US cents)

US$ Millions

GROUP OVERVIEW

Net operating profit reflects:

•

Higher sales volumes and average net sales prices in both the USA and Europe Fiber Cement and Asia Pacific Fiber

Cement Segments

•

USA and Europe Fiber Cement EBIT margin of 21.2%

•

Asia Pacific Fiber Cement Segment EBIT margin excluding New Zealand weathertightness claims of 21.7%

•

Increase in Adjusted effective tax rate, changes in the fair value of interest rate swaps, and foreign currency losses

PAGE

USA and Europe Fiber Cement

•

The

operating

environment

continues

recover,

but

modest

pace

than

expected

earlier

this

year

•

The recent flattening in housing activity has created some uncertainty about the pace of the recovery in the

short-term

•

Our medium-term view on the recovery is unchanged. To capitalize on the growing market demand and

anticipated market penetration, we continue to invest in additional manufacturing capacity across the US

•

EBIT

revenue

margin

expected

remain

within

our

target

range

20%

25%

for

fiscal

2015,

absent

any major external factors

Asia Pacific Fiber Cement

•

In Australia, net sales from the Australian business are expected to improve, tracking in line with expected

growth in the detached housing market and an expected positive movement in the repair and remodel

market

•

The

New

Zealand

business

expected

deliver

improved

results

supported

stronger

local

housing

market,

particularly

Auckland

and

Christchurch,

although

moderate

rate

growth

than

prior

year

•

The

Philippines

business

expected

grow,

driven

increased

penetration

relatively

flat

repair

and

remodel

market,

together

with

increased

penetration

into

the

growing

Residential

High

Rise

market

GROUP OUTLOOK

PAGE

GROUP RESULTS

•

Earnings impacted by:

•

Higher sales volumes and average sales prices across all business units;

•

Higher production costs, primarily due to higher market prices for input costs and plant

inefficiencies; and

•

Higher organizational spend, primarily due to an increase in stock compensation expense

and an increase in discretionary spend

•

Continued capital expenditure on key production capacity projects across our business units

•

Decrease in cash generated by trading activities to US$83.6 million for the current three

month period compared to US$87.9 million in the prior corresponding period

•

During the quarter we repurchased and cancelled 715,000 shares of our common stock, at a

total cost A$9.8 million (US$9.1 million) and an average market price of A$13.69 (US$12.73)

•

An ordinary dividend of US32.0 cents per security and a special dividend of US20.0 cents per

security, totaling US$230.3 million, was paid on 08 August 2014 from FY14 earnings

PAGE

RESULTS FOR THE 1

QUARTER

US$ Millions

Q1 '15

Q1 '14

% Change

Net sales

416.8

372.2

Gross profit

140.2

126.3

SG&A expenses

(59.9)

(54.9)

(9)

R&D expense

(8.4)

(9.0)

Asbestos adjustments

(21.5)

94.5

EBIT

50.4

156.9

(68)

Net interest (expense) income

(1.1)

0.1

Other (expense) income

(3.7)

0.1

Income tax expense

(16.7)

(14.9)

(12)

Net operating profit

28.9

142.2

(80)

Highlights:

•

Net sales increased 12% favorably impacted by:

•

Higher sales volumes; and

•

Higher average net sales prices in local currencies

•

Gross profit margin decreased 30 bps impacted by:

•

Higher production costs; primarily higher market

prices of input costs and plant inefficiencies

•

SG&A expenses increased:

•

Higher stock compensation expenses caused by a

47% appreciation in our stock price versus prior year

•

Higher discretionary spend related to product and

market development activities

•

Between EBIT and net operating profit:

•

Interest expense increased due to changes in the net

debt position of AICF

•

Other expense increased largely as a result of

realized and unrealized foreign exchange losses

•

Income tax expense increased 12% due to a higher

effective tax rate

PAGE

Includes AICF SG&A expenses and AICF interest expense, net

RESULTS

FOR

THE

QUARTER

(continued)

•

5% increases in operating segment

EBIT

•

Higher general corporate costs, net

interest and other income, and tax

expenses

•

Asbestos adjustments were favorable due to

a 2% favorable change in the Australian

dollar spot exchange rate against the US

dollar from the beginning balance sheet date

to the ending balance sheet date for the

period. In the prior corresponding quarter

the change in spot rates was 11%

unfavorable.

•

The New Zealand weathertightness liability

decreased as a result of higher rate of claim

resolution, fewer open claims at the end of

the quarter and continued reduction in the

number of new claims received

•

Adjusted net operating profit decreased 4%

due to:

Summary:

US$ Millions

Q1 '15

Q1 '14

% Change

Net operating profit

28.9

142.2

(80)

Asbestos:

Asbestos adjustments

21.5

(94.5)

Other asbestos

0.8

(0.6)

New Zealand weathertightness claims

(benefit) expense

(1.3)

4.6

Asbestos and other tax adjustments

0.2

0.3

(33)

Adjusted net operating profit

50.1

52.0

(4)

PAGE

Summary:

SEGMENT EBIT –

QUARTER

An increase in stock

compensation expenses due

to a 40% appreciation in our

stock price versus the prior

year

An increase in discretionary

spend related to product and

market development activities

US$ Millions

Q1 ’15

Q1 ’14 % Change

USA and Europe Fiber Cement

68.0

59.4

Asia Pacific Fiber Cement

20.7

21.1

(2)

Research & Development

(6.8)

(6.1)

(11)

General corporate costs excluding asbestos

(10.7)

(6.9)

(55)

Adjusted EBIT

71.2

67.5

Asbestos adjustments

(21.5)

94.5

AICF SG&A expenses

(0.6)

(0.5)

(20)

New Zealand weathertightness claims benefit (expense)

1.3

(4.6)

Total EBIT

50.4

156.9

(68)

Net interest (expense) income

(1.1)

0.1

Other (expense) income

(3.7)

0.1

Income tax expense

(16.7)

(14.9)

(12)

Net operating profit

28.9

142.2

(80)

US and Europe FC EBIT +14% driven

by volume and price, partially offset by

higher input costs and SG&A

APAC Fiber Cement EBIT in local

currency up 4% versus the prior year

General corporate costs excluding

asbestos higher primarily due to:

Asia

Pacific

Fiber

Cement

EBIT

excludes

New

Zealand

weathertightness

claims

US$1.3

million

benefit

and

US$4.6

million

expense

Q1’FY15

and Q1’FY14, respectively

Research and development expenses include costs associated with core 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

US INPUT COSTS

Quarterly US Input Costs

200

400

600

800

1,000

1,200

PULP

GAS

ELECTRIC

PAGE

•

Input costs are significantly up over the

prior year, primarily driven by pulp, silica

and cement

•

Many of our input costs fluctuate in-line

with commodity prices tracked by

external indices; the chart to the left

trends some of these external sources

Discussion:

•

The price of NBSK pulp is at a three-

year peak

•

The cost of gas for industrial users has

nearly doubled over the last 2 years

•

We are engaged in effective sourcing

strategies to reduce the impact of

increasing market prices

•

Pulp –

Cost per ton –

from RISI

•

Gas

–

Cost

per

thousand

cubic

feet

for

industrial

users

–

from

Energy

Information

Administration

(May

2014

monthly

data)

•

Electric

–

Cost

per

hundred

kilowatt

hour

for

industrial

users

–

from

Energy

Information

Administration

(May

2014

monthly

data)

The information underlying the table above is sourced as follows:

Includes AICF SG&A expenses and AICF interest expense, net

INCOME TAX EXPENSE –

QUARTER

US$ Millions

Q1 ’15

Q1 ’14

Operating profit before income taxes

45.6

157.1

Asbestos:

Asbestos adjustments

21.5

(94.5)

Other asbestos

0.8

(0.6)

NZ weathertightness claims (benefit) expense

(1.3)

4.6

Adjusted operating profit before income taxes

66.6

Income tax expense

(16.7)

(14.9)

Asbestos and other tax adjustments

0.2

0.3

Income tax expense excluding tax adjustments

(16.5)

(14.6)

Adjusted effective tax rate

24.8%

21.9%

Adjusted effective tax rate increased compared to the

prior corresponding quarter due to a shift in the

geographic mix of earnings.

Income tax expense excluding tax adjustments

increased compared to the prior corresponding

quarter due to the higher adjusted effective tax rate

applied to flat adjusted operating profit before

income taxes

Summary:

PAGE

PAGE

CASHFLOW

US$ Millions

Q1 ’15

Q1 ’14

EBIT

50.4

156.9

Non-cash items:

Asbestos adjustments

21.5

(94.5)

Other non-cash items

18.4

16.0

Net working capital movements

(6.7)

9.5

Cash Generated By Trading Activities

83.6

87.9

Tax payments, net

(1.9)

(1.7)

Change in other non-trading assets and liabilities

(39.5)

(16.7)

Change in asbestos-related assets & liabilities

(0.5)

(0.9)

Interest paid

0.8

(1.0)

Net Operating Cash Flow

42.5

67.6

Purchases of property, plant & equipment

(48.6)

(26.1)

Proceeds from sale of property, plant & equipment

0.4

Common stock repurchased and retired

(9.1)

Dividends paid

(124.6)

Proceeds from issuance of shares

2.2

2.5

Tax benefit from stock options exercised

0.3

0.2

Effect of exchange rate on cash

1.9

(0.2)

Movement In Net Cash

(135.4)

44.4

Beginning Net Cash

167.5

153.7

Ending Net Cash

32.1

198.1

PAGE

CAPITAL MANAGEMENT FRAMEWORK

Objectives

•

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

EBITDA excluding asbestos

Strategy

•

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

•

Provide consistent dividend payments within the payout ratio of 50-70% of Adjusted Net Operating Profit;

and

•

A continued commitment to share buy back program together with possible use of special dividends.

Framework

•

Manage capital efficiency within a prudent and rigorous financial policy

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

•

Strong cash flow generation expected to continue, and grow

Fund CAPEX and reinvestment in our capacity and capability

Maintain flexibility to capitalize on market and strategic opportunities

PAGE

LIQUIDITY AND CAPITAL ALLOCATION

Dividends

•

An ordinary dividend of US32.0 cents per security and a special dividend of US20.0 cents per security,

totaling US$230.3 million, was paid on 08 August 2014 from FY14 earnings.

Liquidity

•

Buybacks

•

In May 2014, we added US$150.0 million of credit facilities intended to replace and augment an

existing US$50.0 million credit facility which expired on 14 February 2014

With the addition of this facility, we have US$505.0 million of combined credit facilities available to us

with a combined average tenor of 3.0 years

May

2014,

announced

new

buyback

program

acquire

our

issued

capital

during the following 12 months

During the quarter, we repurchased and cancelled 715,000 shares of our common stock under the May

2013

program,

total

cost

A$9.8

million

(US$9.1

million)

and

average

market

price

A$13.69

(US$12.73)

PAGE

•

Improved sales volumes and higher average net sales prices in both the USA and Europe and the

Asia Pacific Fiber Cement segments

•

Higher production costs due to higher input costs and plant inefficiencies across all business units

•

increase

Adjusted

EBIT

driven

14%

increase

USA

and

Europe

Fiber

Cement

Segment EBIT

•

The

unfavorable

impact

higher

adjusted

tax

rate,

changes

the

fair

value

interest

rate

swaps and foreign currency losses

SUMMARY

•

Continuing

investment

capacity

expansion

projects

the

U.S.

and

Australia

•

FY14 Ordinary and Special Dividends of US$230.3 million paid August 2014

•

Continuing on strategy and executing towards capital management objectives

•

Adjusted net operating profit of US$50.1 million, reflects:

PAGE

•

Management

notes

the

range

analysts’

forecasts

for

net

operating

profit

excluding

asbestos

for the year ending 31 March 2015 is between US$226 million and US$261 million

•

Management

expects

full

year

Adjusted

net

operating

profit

between

US$205

million

and

US$235 million assuming, among other things, housing industry conditions in the United States

continue to improve at a more moderate level than originally assumed at the beginning of the

year, and that an exchange rate at or near current levels is applicable for the remainder of the

fiscal year

•

Management cautions that although the US market is recovering, uncertainties about the pace of

the

recovery

the

short

term

remain.

Further

the

market

price

for

input

costs

remain

volatile

and continue to impact earnings

•

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

FY2015 GUIDANCE

PAGE

FINANCIAL SUMMARY

Asia Pacific Fiber Cement EBIT excludes New Zealand weathertightness claims benefit of US$1.3 million and expense of US$4.6 million in Q1 ‘15 and Q1 ‘14,

respectively

US$ Millions

Q1 '15

Q1 '14

% Change

Net Sales

USA and Europe Fiber Cement

321.5

278.1

Asia Pacific Fiber Cement

95.3

94.1

Total Net Sales

416.8

372.2

EBIT -

US$ Millions

USA and Europe Fiber Cement

68.0

59.4

Asia Pacific Fiber Cement

20.7

21.1

(2)

Research & Development

(6.8)

(6.1)

(11)

General corporate costs excluding asbestos

(10.7)

(6.9)

(55)

EBIT

71.2

67.5

Net interest expense excluding AICF interest

income

(0.9)

(1.0)

Other income

(3.7)

0.1

Income tax expense excluding tax adjustments

(16.5)

(14.6)

(13)

Adjusted net operating profit

50.1

52.0

(4)

PAGE

DEFINITIONS AND OTHER TERMS

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

Legacy

New

Zealand

weathertightness

claims

(“New

Zealand

weathertightness

claims”)

–

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.

PAGE

DEFINITIONS AND OTHER TERMS

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 Condensed 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:

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.

PAGE

DEFINITIONS AND OTHER TERMS

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

PAGE

Adjusted

EBIT

and

Adjusted

EBIT

margin

–

Adjusted

EBIT

and

Adjusted

EBIT

margin

are

not

measures

financial

performance under US GAAP and should not be considered to be more meaningful than EBIT and EBIT margin.

Management

has

included

these

financial

measures

provide

investors

with

alternative

method

for

assessing its

operating

results

manner

that

focused

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.

NON-US GAAP FINANICAL MEASURES

US$ Millions

FY15

FY14

EBIT

50.4

156.9

Asbestos:

Asbestos adjustments

21.5

(94.5)

AICF SG&A expenses

0.6

0.5

New Zealand weathertightness claims

(1.3)

4.6

Adjusted EBIT

71.2

67.5

Net sales

416.8

372.2

Adjusted EBIT margin

17.1%

18.1%

Three Months Ended 30 June

PAGE

Adjusted

Net

operating

profit

–

Adjusted

net

operating

profit

not

measure

financial

performance

under US

GAAP

and

should

not

considered

meaningful

than

net

operating

profit.

Management

has

included

this

financial

measure

provide

investors

with

alternative

method

for

assessing

its

operating

results

manner

that is

focused

the

performance

its

ongoing

operations.

Management

uses

this

non-US

GAAP

measure

for

the

same

purposes.

NON-US GAAP FINANICAL MEASURES

US$ Millions

FY15

FY14

Net operating profit

28.9

142.2

Asbestos:

Asbestos adjustments

21.5

(94.5)

AICF SG&A expenses

0.6

0.5

AICF interest expense, net

0.2

(1.1)

New Zealand weathertightness claims

(1.3)

4.6

Asbestos and other tax adjustments

0.2

0.3

Adjusted net operating profit

50.1

52.0

Three Months Ended 30 June

PAGE

Adjusted

effective

tax

rate

earnings

–

Adjusted

effective

tax

rate

earnings

not

measure

financial

performance under US GAAP and should not be considered to be more meaningful than effective tax rate. Management

has

included

this

financial

measure

provide

investors

with

alternative

method

for

assessing

its

operating

results in

a manner that is focused on the performance of its ongoing operations. Management uses this non-US GAAP measure

for the same purposes.

NON-US GAAP FINANICAL MEASURES

US$ Millions

FY15

FY14

Operating profit before income taxes

45.6

157.1

Asbestos:

Asbestos adjustments

21.5

(94.5)

AICF SG&A expenses

0.6

0.5

AICF interest expense, net

0.2

(1.1)

New Zealand weathertightness claims

(1.3)

4.6

Adjusted operating profit before income taxes

66.6

Income tax expense excluding tax adjustments

(16.7)

(14.9)

Asbestos-related and other tax adjustments

0.2

0.3

Income tax expense excluding tax adjustments

(16.5)

(14.6)

Effective tax rate

36.6%

9.5%

Adjusted effective tax rate

24.8%

21.9%

Three Months Ended 30 June

PAGE

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 of profitability or liquidity. Not all companies calculate Adjusted EBITDA in the same manner as James Hardie

has

and,

accordingly,

Adjusted

EBITDA

may

not

comparable

with

other

companies.

Management

has

included

information concerning Adjusted 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

NON-US GAAP FINANICAL MEASURES

US$ Millions

FY15

FY14

EBIT

50.4

156.9

Depreciation and amortization

16.6

15.4

Adjusted EBITDA

67.0

172.3

Three Months Ended 30 June

PAGE

Adjusted

selling,

general

and

administrative

expenses

–

Adjusted

selling,

general

and

administrative

expenses 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 focused on the performance of 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.

NON-US GAAP FINANICAL MEASURES

US$ Millions

FY15

FY14

Selling, general and administrative expenses

59.9

54.9

Excluding:

New Zealand weathertightness claims benefit (expense)

1.3

(4.6)

Adjusted selling, general and administrative

expenses

61.2

50.3

Net Sales

416.8

372.2

Selling, general and administrative expenses as a

percentage of net sales

14.4%

14.8%

Adjusted selling, general and administrative

expenses as a percentage of net sales

14.7%

13.5%

Three Months Ended 30 June