EX-99.1

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

furnished

the

SEC,

Forms

20-F

and

6-K,

its

annual

reports

shareholders,

offering

circulars,

invitation

memoranda

and

prospectuses,

media

releases

and

other

written

materials

and

oral

statements

made

the

company’s

officers,

directors

employees

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

closure

operations

any

the

company’s

plants

and

future

plans

with

respect

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

changes

the

economic

housing

recovery

changes

the

market

conditions

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

•

Global Strategy and Business Overview

•

USA & Europe Fiber Cement

•

Asia Pacific Fiber Cement

•

Capital Management Framework

•

Group Outlook and Guidance

•

Appendix

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

FY 2015

FY 2014

Change

Adjusted net operating profit ²

50.1

52.0

(4)

Adjusted diluted earnings per share (US cents)

US$ Millions

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 of 21.7%³

•

Increase in adjusted effective tax rate, changes in the fair value of interest rate swaps, and foreign

currency losses

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

quarter of the prior fiscal year

Adjusted net operating profit excludes asbestos adjustments, New Zealand weathertightness claims and tax adjustments

Asia Pacific EBIT margin excludes New Zealand weathertightness claims

Q1 FY15 GROUP NET OPERATING PROFIT

PAGE

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

R&D

and

capacity

expansion

required

for

growth;

•

Provide

consistent

dividend

payments

within

the

payout

ratio

50-70%

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

•

Strong cash flow generation expected to continue and grow

JHX APPROACH TO CAPITAL MANAGEMENT

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

Fund CAPEX and reinvestment in our capacity and capability

Maintain flexibility to capitalize on market and strategic opportunities

PAGE

JHX FY15 LIQUIDITY AND CAPITAL ALLOCATION

Liquidity

•

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

this

facility,

have

US$505.0

million

combined

credit

facilities

available

with a combined average tenor of 3.0 years

Buybacks

•

May

2014,

announced

new

buy

back

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)

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

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

•

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 in Auckland and Christchurch, although at a more moderate rate of growth

than prior year

•

The Philippines business is expected to grow, driven by increased penetration in to a relatively flat

repair and remodel market, together with increased penetration into the growing residential high rise

market

JHX FY15 GROUP OUTLOOK

PAGE

•

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

the

year,

and

that

exchange

rate

near

current

levels

applicable

for

the

remainder

of the fiscal year

•

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

pace of the recovery in 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

JHX FY15 GUIDANCE

PAGE

FY10

FY11

FY12

FY13

FY14

Net Sales

US$m

828

814

862

951

1,128

Sales Volume

mmsf

1,304

1,248

1,332

1,489

1,697

Average Price

US$ per msf ²

632

648

642

626

652

EBIT US$m¹

209

160

163

237

EBIT Margin %¹

Excludes

asset

impairment

charges

US$14.3

million

and

US$16.9

million

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 Fiber

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

As the revenue contribution of these ancillary products 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 calculation of average net sales price.

USA AND EUROPE FIBER CEMENT –

5 YEAR RESULTS

OVERVIEW

PAGE

Excludes New Zealand product liability expenses of US$5.4 million , US$13.2 million and US$1.8 million in FY12, FY13 and FY14, 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 Fiber

Cement segments to exclude ancillary products that have no impact on fiber 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 fiber 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 calculation of average net sales price.

FY10

FY11

FY12

FY13

FY14

297

353

376

370

366

390

408

392

394

417

886

906

901

930

ASIA PACIFIC FIBER CEMENT –

5 YEAR RESULTS OVERVIEW

Net Sales

US$m

Sales Volume

mmsf

Average Price

A$ per msf ²

EBIT US$m¹

EBIT Margin %¹

PAGE

JHX 1

QUARTER FY15 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

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

JHX 1

QUARTER FY15 RESULTS

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)

PAGE

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

JHX 1

QUARTER FY15 RESULTS (continued)

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)

Summary

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:

5% increases in operating segment

EBIT

Higher general corporate costs, net

interest and other income, and tax

expenses

PAGE

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

JHX 1

QUARTER FY15 -

SEGMENT EBIT

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)

Summary

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 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:

PAGE

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

Summary

JHX 1

QUARTER FY15 -

INCOME TAX EXPENSE

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%

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

Adjusted effective tax rate increased

compared to the prior corresponding quarter

due to a shift in the geographic mix of

earnings.

PAGE

JHX 1

QUARTER FY15 -

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

•

We continued to spend on previously announced capital expansion projects at our Plant City, Florida,

Cleburne, Texas and Carole Park, Queensland facilities

•

We continue to assess greenfield and brownfield projects across the US

•

In Q1 FY14, we completed the purchase of the previously-leased land and buildings at Carole Park,

Brisbane plant and commenced investments to increase the plant’s production capacity

•

We are tracking in line with our plans to invest approximately US$200 million per year in capital

expenditure over the next three years

US$ Millions

Q1 ’15

Q1 ’14

% Change

USA and Europe Fiber Cement (including

Research and Development)

38.5

11.6

Asia Pacific Fiber Cement

10.1

14.5

(30)

Total

48.6

26.1

JHX 1

QUARTER FY15 -

CAPITAL EXPENDITURE

PAGE

USA AND EUROPE INPUT COSTS

Discussion

•

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

•

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

The information underlying the table above is sourced as follows:

•

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)

Quarterly US Input Costs

200

400

600

800

1,000

1,200

PULP

GAS

ELECTRIC

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