EX-99.4

PAGE

DISCLAIMER

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.

•

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

In this Management Presentation, James Hardie may present financial measures, sales volume terms, financial ratios, and Non-US GAAP

financial measures included in the Definitions section of this document. 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” or “mmsf” and “thousand square feet” or “msf”); financial ratios

(“Gearing ratio”, “Net interest expense cover”, “Net interest paid cover”, “Net debt payback”, “Net debt (cash)”); and Non-US GAAP financial

measures (“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 second quarter and half year of the current fiscal year versus the second

quarter and half year of the prior fiscal year.

PAGE

•

Group

net

sales

increased

12%

for

both

the

quarter

and

half

year

compared

last

year

•

Group

adjusted

net

operating

profit

increased

16%

for

the

second

quarter

2015

and

for

the

half year 2015 compared to pcp

•

US housing market remains below our expectations at the beginning of the fiscal year

•

Higher

volumes

and

net

sales

prices

across

our

USA

and

Europe

and

Asia

Pacific

Fiber

Cement

segments

•

Improved

plant

performance

across

our

business

relative

fiscal

2015

•

Continuing to invest in high returning organic growth:

•

Investing in organization capability, product and marketing development activities

•

Continuing to invest in capacity expansion across our US and Australian businesses

•

continue

expect

our

full

year

USA

and

Europe

Fiber

Cement

segment

EBIT

margin

remain

within our target range of 20% to 25%

•

First

half

ordinary

dividend

US8.0

cents

per

security

announced

today

SUMMARY AND KEY THEMES

Prior corresponding period(s)

PAGE

USA

AND

EUROPE

FIBER

CEMENT

QUARTER

SUMMARY

Comparisons

are

the

quarter

the

current

fiscal

year

versus

the

quarter

the

prior

fiscal

year

Comparisons

are

the

half

the

current

fiscal

year

versus

the

half

the

prior

fiscal

year

•

Modest U.S. housing market growth

•

Higher volume driven by market penetration

•

Higher input costs and recently re-commissioned

Fontana plant driving higher production costs

•

Continuing to invest in organization capability

and product and marketing development

activities

Quarter

Results

Net Sales

12% to US$335.4 million

Sales

Volume

9% to 485.4 mmsf

Average

Price

3% to US$677 per msf

EBIT

11% to US$74.8 million

EBIT Margin

Down

20 bps to 22.3%

First Half Year Result

Net Sales

14% to US$656.9 million

Sales

Volume

9% to 948.6 mmsf

Average

Price

5% to US$679 per msf

EBIT

13% to US$142.8 million

EBIT Margin

Down

30 bps to 21.7%

•

Modest U.S. housing market growth

•

Higher volume driven by market penetration

•

Production efficiency improved in Q2 FY2015

•

Continuing to invest in organization capability

and product and marketing development

activities

PAGE

•

Favorable conditions in addressable markets

•

Higher volume and sales in AUS, NZ, and

Philippines

•

Higher production costs

•

USD results impacted by favorable changes in

AUD/USD exchange rates compared to Q2’14

Quarter

Results

Net Sales

13% to US$105.0 million

Sales

Volume

9% to 116.9 mmsf

Average

Price

3% to A$959 per msf

EBIT

16% to US$25.7 million

A$ EBIT

16% to A$27.7 million

EBIT

Margin

80 bps to 24.5%

First Half Year Result

Net Sales

7% to US$200.3 million

Sales

Volume

7% to 225.4 mmsf

Average

Price

3% to A$950 per msf

EBIT

7% to US$46.4 million

A$ EBIT

10% to A$49.9 million

EBIT

Margin

10 bps to 23.2%

•

Favorable conditions in addressable markets

•

Higher volume and sales in AUS, NZ, and

Philippines

•

Higher production costs

•

USD results impacted by favorable changes in

AUD/USD exchange rates compared to 1H’14

ASIA

PACIFIC

FIBER

CEMENT

QUARTER

SUMMARY

Excluding New Zealand Weathertightness claims

PAGE

USA and Europe Fiber Cement Outlook

•

The US housing market recovery remains uncertain in the short-term, however, our view remains

unchanged on the medium and longer-term outlook

•

Due to the slower then expected recovery, we will defer the planned commissioning of a number of our

capacity expansion programs, although we still remain committed to investing $600 million in additional

manufacturing capacity through fiscal 2017 ahead of an anticipated medium to longer-term recovery

Asia Pacific Fiber Cement Outlook

•

Our expectation is that net sales across our Asia Pacific businesses will continue to deliver improved

results in line with growth in the local housing markets of the regions in which we operate

FY2015 Guidance

•

Management

expects

full

year

Adjusted

net

operating

profit

between

US$205

million

and

US$235

million

assuming,

among

other

things,

housing

industry

conditions

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 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 OUTLOOK AND GUIDANCE

PAGE

GROUP RESULTS

•

Earnings impacted by:

•

Higher

sales

volumes

and

average

sales

prices

across

all

business

units

•

Higher

input

costs

and

plant

inefficiencies

across

our

network,

which

were

partially

mitigated

during Q2

•

Higher

organizational

spend,

primarily

due

higher

compensation

expenses

and

increase

in discretionary

spend

product

and

marketing

development

activities

•

Decrease

net

operating

cash

flow

US$34.1

million

for

the

current

half

year

compared

US$175.4 million in the prior half year

•

Continued

capital

expenditure

key

production

capacity

projects

across

our

business

units

•

In the second quarter of 2015, we drew down US$380.0 million on our credit facility in line with our

financial management policies and objectives

•

The company today announced a first half ordinary dividend of US8.0 cents per security

•

The previously announced second half FY14 ordinary dividend of US32.0 cents per security and a

special

dividend

US20.0

cents

per

security,

totaling

US$231.3

million,

were

paid

August

2014

PAGE

RESULTS FOR THE 2

QUARTER

Summary

Net sales increased 12%, favorably impacted by:

•

Higher sales volumes; and

•

Higher average net sales prices in local currencies

Gross profit margin increased 30 bps impacted by:

•

Higher average net sales prices and volumes

•

Partially offset by higher market prices for raw materials and

production inefficiencies at our Fontana plant

SG&A expenses increased primarily due to:

•

Higher headcount as we invest in our organizational capability

•

Higher product and marketing development activities

Between EBIT and net operating profit:

•

Interest expense increased related to our debt position

•

Income tax expense increased on account of higher earnings

US$ Millions

Q2 '15

Q2 '14

% Change

Net sales

440.4

392.0

Gross profit

150.9

133.1

SG&A expenses

(60.8)

(53.8)

(13)

Research & development expenses

(8.0)

(7.4)

(8)

Asbestos adjustments

63.5

(4.1)

EBIT

145.6

67.8

Net interest expense

(0.9)

(0.4)

Other income

0.1

Income tax expense

(17.5)

(15.6)

(12)

Net operating profit

127.2

51.9

Three Months ended 30 September

PAGE

US$ Millions

Q2 '15

Q2 '14

% Change

Net operating profit

127.2

51.9

Asbestos:

Asbestos adjustments

(63.5)

4.1

Other asbestos

(0.2)

New Zealand weathertightness claims

2.3

0.3

Tax adjustments

(0.6)

0.2

Adjusted net operating profit

65.4

56.3

Three Months ended 30 September

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

RESULTS FOR THE 2 QUARTER (continued)

Summary

Asbestos adjustments were favorable due to:

•

The New Zealand weathertightness liability increased due to

a change in the circumstances of an existing claim, leading

to an unfavorable movement in our reserve.

Adjusted net operating profit increased 16%, largely due to a

17% increase in operating segment adjusted EBIT.

7% favorable change in the AUD / USD exchange rate

from beginning to ending balance sheet date for the

period

Compared to a relatively flat change in spot rates in the

prior corresponding quarter

PAGE

RESULTS -

HALF YEAR 2015

Summary

Net sales increased 12%, favorably impacted by:

•

Higher sales volumes; and

•

Higher average net sales prices in local currencies

Gross profit margin increased 10 bps impacted by:

•

Higher average net sales prices and volumes

•

Partially offset by higher market prices of raw materials, and

production inefficiencies which occurred largely in Q1’15

SG&A expenses increased primarily due to:

•

Higher headcount as we invest in organizational capability

•

Higher product and marketing development expenses

Between EBIT and net operating profit:

•

Interest expense increased related to our debt position

•

Other expenses reflects the impact of realized and unrealized

foreign exchange losses, largely in Q1’15

•

Income tax expense increased on account of higher earnings

US$ Millions

1H'15

1H'14

% Change

Net sales

857.2

764.2

Gross profit

291.1

259.4

SG&A expenses

(120.7)

(108.7)

(11)

Research & development expenses

(16.4)

Asbestos adjustments

42.0

90.4

(54)

EBIT

196.0

224.7

(13)

Net interest expense

(2.0)

(0.3)

Other (expense) income

(3.7)

0.2

Income tax expense

(34.2)

(30.5)

(12)

Net operating profit

156.1

194.1

(20)

Half Year ended 30 September

PAGE

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

RESULTS –

HALF YEAR 2015 (continued)

Summary

Asbestos adjustments were favorable due to:

•

The New Zealand weathertightness liability decreased:

•

Adjusted net operating profit increased 7%, largely due to:

•

5% favorable change in the AUD / USD exchange rate from

the beginning to the ending balance sheet date

Compared to an 11% favorable change in spot rates in the

prior corresponding quarter

Fewer open claims due to a higher rate of claim resolution

Continued reduction in the number of new claims received

11% increase in operating segment adjusted EBIT

Partially offset by higher net interest expense, higher other

expense and a higher adjusted income tax expense

US$ Millions

1H'15

1H'14

% Change

Net operating profit

156.1

194.1

(20)

Asbestos:

Asbestos adjustments

(42.0)

(90.4)

(54)

Other asbestos

0.8

(0.8)

New Zealand weathertightness claims

1.0

4.9

(80)

Asbestos and other tax adjustments

(0.4)

0.5

Adjusted net operating profit

115.5

108.3

Half Year ended 30 September

PAGE

US INPUT COSTS

Discussion:

•

Input costs are up significantly over

the prior year

•

The price of NBSK pulp is at a three-

year peak

•

The cost of gas for industrial users

has nearly doubled since 2013

•

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

•

Electric

–

Cost

per

thousand

kilowatt

hour

for

industrial

users

–

from

Energy

Information

Administration

•

Cement –

Relative index from the Bureau of Labor Statistics

200

400

600

800

1,000

1,200

Quarterly US Input Costs

PULP

GAS

ELECTRIC

CEMENT

PAGE

Asia Pacific Fiber Cement EBIT excludes New Zealand weathertightness claims

US and Europe Fiber Cement EBIT summary:

SEGMENT EBIT –

QUARTER and HALF YEAR

44.0

67.3

74.8

94.3

126.7

142.8

100

120

140

160

FY13

FY14

FY15

US & Europe Fiber Cement

Q2 EBIT

1H EBIT

21.3

22.1

25.7

39.0

43.2

46.4

FY13

FY14

FY15

Asia Pacific Fiber Cement

Q2 EBIT

1H EBIT

•

Quarter and half year EBIT increased 16% and 7%,

respectively compared to the same periods last year

•

EBIT in local currency for the quarter and half year EBIT

increased 16% and 10%, respectively compared to the same

periods last year

Asia Pacific Fiber Cement EBIT summary:

•

Quarter and half year EBIT increased by 11% and 13%,

respectively, when compared to the same periods last year

•

The increase was driven by volume and price, partially offset

by higher input costs and SG&A

PAGE

R&D summary:

SEGMENT EBIT –

QUARTER and HALF YEAR

(6.3)

(5.5)

(6.8)

(12.3)

(11.6)

(13.6)

(16)

(14)

(12)

(10)

(8)

(6)

(4)

(2)

FY13

FY14

FY15

Research and Development

Q2 EBIT

1H EBIT

(7.7)

(11.2)

(8.6)

(12.1)

(18.1)

(19.3)

(25)

(20)

(15)

(10)

(5)

FY13

FY14

FY15

General

Corporate

Costs

Q2 EBIT

1H EBIT

•

Discretionary spend compared to the same period last year

•

Stock compensation expenses relatively unchanged

•

For the half year, increased due to higher:

•

Results for the quarter were lower primarily due to stock

compensation

expenses

driven

changes

our

price

General corporate cost, excluding asbestos:

•

Fluctuations reflect normal variation and timing in number of

R&D projects in process at any given period

•

Continued broadly inline with historic trend

Excludes Asbestos

Stock compensation expense for Q2’15 was US$2.5 million compared to Q2’ 14, driven by a 20% depreciation in our stock price during the current quarter, compared to a 14%

appreciation in our stock price during Q2’ 14.

PAGE

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

•

23.1% estimated adjusted effective tax rate (ETR)

•

Adjusted income tax expense and adjusted ETR

increased due to changes in geographical mix of earnings

•

Income taxes are paid and payable in Ireland, the U.S.,

Canada, New Zealand and the Philippines

•

Income taxes are not currently paid or payable in Europe

(excluding Ireland) or Australia due to tax losses which

are available to offset future taxable income.

•

Australian tax losses primarily result from deductions

relating to contributions to AICF

INCOME TAX

Q2’15

Q2’14

1H’15

1H’14

Operating profit before taxes

144.7

67.5

190.3

224.6

Asbestos:

Asbestos adjustment

(63.5)

3.9

(41.2)

(91.2)

NZ weathertightness claims

2.3

0.3

1.0

4.9

Adjusted net operating

profit before taxes

83.5

71.7

150.1

138.3

Adjusted income tax expense

(18.1)

(15.4)

(34.6)

(30.0)

Adjusted effective tax rate

21.7%

21.5%

23.1%

21.7%

Income tax expense

(17.5)

(15.6)

(34.2)

(30.5)

Income taxes paid

16.0

12.3

Income taxes payable

5.5

7.4

Three Months and Half Year ended 30 September

PAGE

CASHFLOW

•

First half cash flow from operations

reflect our US$113.0 million

contribution to AICF

•

Higher working capital

•

Inventory increase since year end

•

Receipt in the prior year of

significant other receivables

•

Higher capital expenditure for capacity

expansion projects

•

US$380 million debt position as of

Q2’15

Includes Asbestos Adjustments and changes in asbestos-related assets and liabilities

(US$ Millions)

1H'15

1H'14

Change (%)

EBIT

196.0

224.7

(13)

Asbestos related

(42.5)

(92.9)

(54)

Annual AICF contribution

(113.0)

Depreciation & Amortization

34.1

30.6

Working Capital

14.3

36.8

(61)

Other non-cash items

(54.8)

(23.8)

Cash Flow from Operations

34.1

175.4

(81)

Capital Expenditures

(159.5)

(44.5)

Free Cash Flow

(125.4)

130.9

Dividends Paid

(355.9)

(163.6)

Net proceeds from long-term debt

380.0

Free Cash Flow after Financing Activities

(101.3)

(32.7)

Financial management consistent with an investment grade credit.

Ability to withstand market cycles and other unanticipated events.

PAGE

Disciplined Capital

Allocation

FINANCIAL MANAGEMENT SUPPORTING GROWTH

Strong Financial

Management

Strong margins and

operating cash flows

Strong governance and

transparency

Investment-grade

financial management

Liquidity and

Funding

Investing in R&D and

capacity expansion to

support organic growth

Maintain ordinary

dividends within the

defined payout ratio

Consider other

shareholder returns when

appropriate

Maintain flexibility for

accretive and strategic

inorganic opportunities

~$500 million of bank

facilities, 37% liquidity as

of Q2’15

2.75 year weighted

average debt maturity

Executing strategy to

extend maturities

Conservative leveraging of

balance sheet within 1-2

times adjusted EBITDA

target

PAGE

Liquidity Profile

•

Strong balance sheet position:

•

$60.5 million of cash

•

$505 million of debt facilities

•

37% liquidity as of Q2’15

•

As of Q2’15, we had net bank debt of US$319.5

million compared to net cash of US$167.5 million

at Q4’14

•

Net Debt within target range of 1-2 times EBITDA

excluding asbestos

•

We remain in compliance with all restrictive debt

covenants contained within our credit facility

agreements

Debt maturities as follows: US$50 million in Q4’16, US$190 million in Q1’17, US$100 million in Q1’18, US$40 million in Q4’19 and US$120 million in

Q1’20.

$50

$190

$100

$40

$125

FY'15

FY'16

FY'17

FY'18

FY'19

FY'20

Debt Maturity Profile

Liquidity Profile

HY FY15

Cash

US$60.5 million

Total Combined Facilities

US$505.0 million

Drawn Facilities

US$380.0 million

Undrawn Facilities

US$125.0 million

Weighted Average Interest Rate of Bank Facilities

1.5%

Fixed / Floating Interest Ratio

33% fixed

Weighted Average Term

2.75 years

PAGE

ASBESTOS

FUND

–

PROFORMA

(unaudited)

Claims Data

•

Claims received during Q2’15 and 1H’15 were 19%

and 10% above actuarial estimates, respectively

•

Claims received during Q2’15 and 1H’15 were 12%

and 5% higher than the prior corresponding periods,

respectively

•

The higher reported mesothelioma claims experience

noted during FY’14 has continued into 1H’15

•

Average claim settlement for the half year is down

6% versus the prior corresponding period and down

16% versus actuarial estimates

•

On 15 September 2014, the Company and the NSW

Government were notified by AICF that it would enter into

discussions concerning an approved payment scheme

(“APS”)

•

For the quarter and half year ended 30 September 2014, we

note the following related to asbestos claims:

A$ millions

AICF

cash

and

investments

March

2014

65.5

Contribution to AFFA by James Hardie

119.9

Insurance recoveries

23.4

Loan Repayments

(51.0)

Interest expense, net

0.6

Claims paid

(68.0)

Operating costs

(2.3)

Other

1.5

89.6

AICF

cash

and

investments

September

2014

PAGE

SUMMARY AND KEY THEMES

•

Investing in organization capability, product and marketing development activities

•

Continuing to invest in capacity expansion across our US and Australian businesses

•

Group

net

sales

increased

12%

for

both

the

quarter

and

half

year

compared

last

year

•

Group

adjusted

net

operating

profit

increased

16%

for

the

second

quarter

2015

and

for

the

half year 2015 compared to prior corresponding periods

•

US housing market remains below our expectations at the beginning of the fiscal year

•

Higher

volumes

and

net

sales

prices

across

our

USA

and

Europe

and

Asia

Pacific

Fiber

Cement

segments

•

Improved

plant

performance

across

our

business

relative

fiscal

2015

•

Continuing to invest in high returning organic growth:

•

We continue to expect our full year USA and Europe Fiber Cement segment EBIT margin to

remain within our target range of 20% to 25%

•

First

half

ordinary

dividend

US8.0

cents

per

security

announced

today

PAGE

FINANCIAL SUMMARY

Asia Pacific Fiber Cement EBIT excludes New Zealand weathertightness claims expense of US$2.3 million and US$0.3 million in Q2 ‘15 and Q2’14, respectively

and US$1.0 million and US$4.9 million in 1H’15 and 1H’14, respectively

Three Months ended and Half Year ended 30 September

US$ Millions

Net Sales

USA and Europe Fiber Cement

Asia Pacific Fiber Cement

335.4

298.7

656.9

576.8

105.0

93.3

200.3

187.4

Q2 '15

Q2 '14

% Change

1H'15

1H'14

Total Net Sales

440.4

392.0

857.2

764.2

EBIT -

US$ Millions

USA and Europe Fiber Cement

74.8

67.3

142.8

126.7

Asia Pacific Fiber Cement

25.7

22.1

46.4

43.2

Research & Development

(6.8)

(5.5)

(24)

(13.6)

(11.6)

(17)

General corporate costs excluding asbestos

(8.6)

(11.2)

(19.3)

(18.1)

(7)

Adjusted EBIT

85.1

72.7

156.3

140.2

(1.6)

(1.1)

(45)

(2.5)

(2.1)

(19)

Other income

0.1

(3.7)

0.2

Income tax expense excluding tax adjustments

(18.1)

(15.4)

(18)

(34.6)

(30.0)

(15)

Adjusted net operating profit

65.4

115.5

108.3

56.3

% Change

Net interest expense excluding AICF interest income

PAGE

Asia Pacific Fibre Cement EBIT excludes New Zealand weathertightness expense of US$2.3 million and US$0.3 million in Q2’15 and Q2’14, respectively

EBITDA excluding Asbestos Adjustments and New Zealand weathertightness

EBITDA –

QUARTER

US$ Millions

Q2'15

Q2'14

% Change

EBIT

USA and Europe Fiber Cement

$ 74.8

$ 67.3

Asia Pacific Fiber Cement

25.7

22.1

Research & Development

(6.8)

(5.5)

(24)

General corporate excluding asbestos and ASIC expenses

(8.6)

(11.2)

Depreciation and Amortisation

USA and Europe Fiber Cement

15.2

13.2

Asia Pacific Fiber Cement

2.3

2.0

EBITDA

102.6

87.9

Asbestos adjustments

63.5

(4.1)

AICF SG&A expenses

(0.7)

(0.5)

(40)

New Zealand weathertightness claims

(2.3)

(0.3)

Total EBITDA

$ 163.1

$ 83.0

Three Months ended 30 September

PAGE

EBITDA –

Half Year

Asia Pacific Fibre Cement EBIT excludes New Zealand weathertightness expense of US$1.0 million and US$4.9 million in Q2’15 and Q2’14, respectively

EBITDA excluding Asbestos Adjustments and New Zealand weathertightness

US$ Millions

1H'15

1H'14

% Change

EBIT

USA and Europe Fiber Cement

$ 142.8

$ 126.7

Asia Pacific Fiber Cement

46.4

43.2

Research & Development

(13.6)

(11.6)

(17)

General corporate excluding asbestos and ASIC expenses

(19.3)

(18.1)

(7)

Depreciation and Amortisation

USA and Europe Fiber Cement

29.6

26.6

Asia Pacific Fiber Cement

4.5

4.0

EBITDA

190.4

170.8

Asbestos adjustments

42.0

90.4

AICF SG&A expenses

(1.3)

(1.0)

(30)

New Zealand weathertightness claims

(1.0)

(4.9)

Total EBITDA

$ 230.1

$ 255.3

(10)

Half Year ended 30 September

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

defined

EBIT

percentage

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

adjusted

for

asbestos

and

AICF

items

Net interest expense cover

–

EBIT

divided

net

interest

expense

(excluding

loan

establishment

fees)

Net interest paid cover

–

EBIT

divided

cash

paid

during

the

period

for

interest,

net

amounts

capitalised

Net debt payback

–

Net

debt

(cash)

divided

cash

flow

from

operations

Net debt

(cash)

–

Short-term

and

long-term

debt

less

cash

and

cash

equivalents

Return

capital

employed

–

EBIT

divided

gross

capital

employed

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 to provide investors with an 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 of operations. Management uses these non-US GAAP measures for the same

purposes.

NON-US GAAP FINANCIAL MEASURES

US$ Millions

Q2'15

Q2'14

1H'15

1H'14

EBIT

145.6

67.8

196.0

224.7

Asbestos:

Asbestos adjustments

(63.5)

4.1

(42.0)

(90.4)

AICF SG&A expenses

0.7

0.5

1.3

1.0

New Zealand weathertightness claims

2.3

0.3

1.0

4.9

Adjusted EBIT

85.1

72.7

156.3

140.2

Net sales

440.4

392.0

857.2

764.2

Adjusted EBIT margin

19.3%

18.5%

18.2%

18.3%

Three Months and Half Year Ended 30 September

PAGE

Adjusted

Net

operating

profit

–

Adjusted

net

operating

profit

not

measure

financial

performance

under

GAAP

and

should

not

considered

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

focused

the

performance

its

ongoing

operations.

Management

uses

this

non-US

GAAP

measure

for

the

same

purposes.

NON-US GAAP FINANCIAL MEASURES

US$ Millions

Q2'15

Q2'14

1H'15

1H'14

Net operating profit

127.2

51.9

156.1

194.1

Asbestos:

Asbestos adjustments

(63.5)

4.1

(42.0)

(90.4)

AICF SG&A expenses

0.7

0.5

1.3

1.0

AICF interest income, net

(0.7)

(0.5)

(1.8)

New Zealand weathertightness claims

2.3

0.3

1.0

4.9

Asbestos and other tax adjustments

(0.6)

0.2

(0.4)

0.5

Adjusted net operating profit

65.4

56.3

115.5

108.3

Three Months and Half Year Ended 30 September

PAGE

Adjusted Diluted earnings per share

–

Adjusted diluted earnings per share is not a measure of financial performance

under

GAAP

and

should

not

considered

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 focused on the performance of its ongoing operations. Management uses this non-US GAAP measure for

the same purposes.

NON-US GAAP FINANCIAL MEASURES

Q2'15

Q2'14

1H'15

1H'14

Adjusted net operating profit (US$ millions)

65.4

56.3

115.5

$ 108.3

Weighted average common shares outstanding -

Diluted (millions)

445.8

443.5

445.7

443.2

Adjusted diluted earnings per share (US cents)

Three Months and Half Year Ended 30 September

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

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 FINANCIAL MEASURES

US$ Millions

Q2'15

Q2'14

1H'15

1H'14

Operating profit before income taxes

144.7

67.5

190.3

224.6

Asbestos:

Asbestos adjustments

(63.5)

4.1

(42.0)

(90.4)

AICF SG&A expenses

0.7

0.5

1.3

1.0

AICF interest expense, net

(0.7)

(0.5)

(1.8)

New Zealand weathertightness claims

2.3

0.3

1.0

4.9

Adjusted operating profit before income taxes

83.5

71.7

150.1

138.3

Income tax expense

(17.5)

(15.6)

(34.2)

(30.5)

Asbestos-related and other tax adjustments

(0.6)

0.2

(0.4)

0.5

Adjusted Income tax expense

(18.1)

(15.4)

(34.6)

(30.0)

Effective tax rate

12.1%

23.1%

18.0%

13.6%

Adjusted effective tax rate

21.7%

21.5%

23.1%

21.7%

Three Months and Half Year Ended 30 September

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

as a

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 FINANCIAL MEASURES

US$ Millions

Q2'15

Q2'14

1H'15

1H'14

EBIT

145.6

67.8

196.0

224.7

Depreciation and amortization

17.5

15.2

34.1

30.6

Adjusted EBITDA

163.1

83.0

230.1

255.3

Three Months and Half Year Ended 30 September

PAGE

Adjusted

selling,

general

and

administrative

expenses

–

Adjusted

selling,

general

and

administrative

expenses

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 FINANCIAL MEASURES

US$ Millions

Q2'15

Q2'14

1H'15

1H'14

Selling, general and administrative expenses

60.8

53.8

120.7

108.7

Excluding:

New Zealand weathertightness claims benefit (expense)

(2.3)

(0.3)

(1.0)

(4.9)

Adjusted selling, general and administrative expenses

58.5

53.5

119.7

103.8

Net Sales

440.4

392.0

857.2

764.2

Selling, general and administrative expenses as a

percentage of net sales

13.8%

13.7%

14.1%

14.2%

Adjusted selling, general and administrative expenses

as a percentage of net sales

13.3%

13.6%

14.0%

13.6%

Three Months and Half Year Ended 30 September