INVESTOR PRESENTATION
DECEMBER 2014
Exhibit 99.3

PAGE
DISCLAIMER
2
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)
3
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 pattern
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
4
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
Industry Leadership and Profitable Growth
•
Introduce differentiated products
to deliver a sustainable
competitive advantage
•
Aggressively grow demand for our
products in targeted market
segments
5
GLOBAL STRATEGY

PAGE
•
Annual net sales US$1.7+b
•
Total assets US$2.0b
•
Strong cash generation
•
Operations
in
North
America,
Asia
Pacific
and
Europe
•
3,140 employees
•
Market cap US$4.8b (approx)
•
S&P/ASX 100 company
•
NYSE ADR listing   
A GROWTH FOCUSED COMPANY
6
Market
capitalization
as
at
19
November
2014.
Total
assets
as
at
30
September
2014.
Annual
net
sales
equal
2QFY15
net
sales
annualised.
Total
assets
exclude
asbestos
compensation

PAGE
GROUP OVERVIEW
7
1  
Dividends declared per share
Q2'15
Q2'14
Change
1H'15
1H'14
Change
Adjusted EBIT (US$ millions)
85.1
72.7
17%
156.3
140.2
11%
Adjusted EBIT Margin %
19.3
18.5
0.8 pts
18.2
18.3
(0.1) pts
Adjusted Net Operating Profit
65.4
56.3
16%
115.5
108.3
7%
Net operating cash flow
34.1
175.4
(80)%
Adjusted Diluted EPS (US  cents)
15
13
15%
26
24
8%
Dividends per share
1
(US cents)
8
8
-
Three Months and Half Year ended 30 September

PAGE
•
Group net sales
increased 12% for both the quarter and half year compared to last year
•
Group
adjusted
net
operating
profit
increased
16%
for
the
second
quarter
2015
and
7%
for
the
half
year
2015
compared
to
pcp
1
•
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
US
business
in
Q2
relative
to
Q1
of
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
•
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
of
US8.0
cents
per
security
announced
Q2’15 & 1H’15 -
SUMMARY AND KEY THEMES
8
1  
Prior corresponding period(s)

PAGE
USA and Europe
76%
Asia Pacific
24%
USA and Europe
74%
Asia Pacific
26%
9
WORLD LEADER IN FIBER CEMENT
USA & Europe
Asia Pacific
JHX Sales Office
JHX
Manufacturing
Operations
–
Production
Suspended
JHX Manufacturing Operations
Geographic Mix¹
Net Sales
EBIT ²
1
All percentages are for the 2nd quarter ended 30 September 2014
²
EBIT –
excludes research and development, asbestos-related items, New Zealand weathertightness claims and general corporate costs

PAGE
Research
&
Development:
Significant
and
consistent
investment
•
US$33.1m spent on Research & Development in FY14
•
US$363.1m spent on Research & Development since 2000
10
CREATING A SUSTAINABLE AND DIFFERENTIATED ADVANTAGE
History of Fiber Cement Substrate Development
James Hardie
Siding Products

PAGE
Fiber cement is more durable than wood and engineered wood, looks and performs
better than vinyl, and is more cost effective and quicker to build with than brick
Fiber
Cement
Vinyl
Engineered
Wood
Fire resistant
Hail resistant
Resists warping
Resists buckling
Lasting color
Dimensional stability
Can be repainted
?
?
?
?
?
?
?
?
?
?
?
?
?
?
11
DELIVERING SUPERIOR PRODUCT PERFORMANCE

PAGE
Siding
Primary Products
Soffit
Trim /
Fascia
Backerboard
Commercial
Exteriors
Flooring
Interior Walls /
Ceilings
Brand Portfolio
U.S. & Europe
Asia Pacific
BUILDING A PORTFOLIO OF PRODUCTS AND BRANDS
12

PAGE
¹
Production was suspended at the Summerville plant in November 2008
USA Plant Locations
USA AND EUROPE FIBER CEMENT SEGMENT
Tacoma, WA
Reno, NV
Fontana, CA
Waxahachie,
TX
Cleburne, TX
Summerville,
SC
Plant City, FL
Pulaski, VA
Peru, IL
13
•
Largest fiber cement producer
in North America
•
2,100 employees
•
9 manufacturing plants¹
•
2 research and development
facilities
2Q FY15
2Q FY14
Net Sales
US$335.4m
US$298.7m
EBIT
US$74.8m
US$67.3m
EBIT Margin
22.3%
22.5%

PAGE
Fiber Cement Share: 17%
North America External Cladding Market Share
35/90 Plan
•
Grow fiber cement share to 35% of the exterior cladding market against other wood-looking siding alternatives
•
Maintain JHX’s category share at 90%
Currently:
•
JHX wins ~90% of the fiber cement category, while fiber cement used in ~17% of the total market
•
Current estimate is wood-look siding (Wood, Vinyl and Fiber Cement) is 60-65% of total market.
North America Wood-Look Market Size
Source: Internal estimates based on NAHB product usage data adjusted for
regional market intelligence
Source: Internal estimates based on NAHB product usage data adjusted for
regional market intelligence
4.7BSF
DRIVING CATEGORY AND MARKET SHARE GAINS
14

PAGE
Rolling 12 month average of seasonally adjusted estimate of housing starts by US Census Bureau
AGGRESSIVELY GROWING DEMAND FOR OUR PRODUCTS
15
USA Fiber Cement
Top Line Growth

PAGE
USA and Europe Fiber Cement
ACHIEVING THE RIGHT VALUE FOR OUR PRODUCTS
16
635
679
550
590
630
670
710
FY10
FY11
FY12
FY13
FY14
1H'15
Average Net Sales Price

PAGE
USA AND EUROPE: DELIVERING STRONG RETURNS
17
1
Excludes
asset
impairment
charges
of
US$14.3
million
in
4
th
quarter
FY12,
US$5.8
million
in
3
rd
quarter
FY13
and
US$11.1
million
in
4
th
quarter
FY13
Quarterly EBIT and EBIT Margin
1

PAGE
•
985 employees
•
5 manufacturing plants across
Australia, New Zealand and the
Philippines
•
1 research and development facility
EBIT and EBIT margin excludes New Zealand weathertightness claims
18
ASIA PACIFIC FIBER CEMENT SEGMENT
2Q FY15
2Q FY14
Net Sales
US$105.0m
US$93.3m
EBIT
US$25.7m
US$22.1m
EBIT Margin
24.5%
23.7%
Asia Pacific Plant Locations

PAGE
1 
EBIT and EBIT margin excludes New Zealand weathertightness claims
Quarterly
EBIT
and
EBIT
Margin
1
ASIA PACIFIC: DELIVERING STRONG RETURNS
19
Asia Pacific Fiber Cement Segment
Average Net Sales Price

PAGE
Ceilings and partitions
Philippines
Exterior cladding
Australia
General purpose flooring
Australia
New Zealand
Interior walls
20
TARGETTING THE RIGHT PRODUCT INTO THE RIGHT MARKET
Asia Pacific Core Markets

PAGE
FINANCIAL MANAGEMENT SUPPORTING GROWTH
21
1
2
3
Strong Financial
Management
Disciplined Capital
Allocation
Liquidity and
Funding
Strong margins and
operating cash flows
Strong governance and
transparency
Investment-grade financial
management
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
Financial management consistent with an investment grade credit.
Ability to withstand market cycles and other unanticipated events.

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
1
•
Management
expects
full
year
Adjusted
net
operating
profit
to
be
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
FY2015 OUTLOOK AND GUIDANCE
22
1
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

APPENDIX

PAGE
1
Excludes asbestos adjustments, AICF SG&A expenses, AICF interest
income, New Zealand weathertightness claims and tax adjustments
2
Excludes asbestos adjustments, AICF SG&A expenses, and New Zealand weathertightness claims
JHX KEY RATIOS
24
1H'15
1H'14
1H'13
EPS (Diluted)
1
(US Cents)
26c
24c
19c
EBIT/ Sales (EBIT margin)
2
28.1%
18.3%
16.2%
Gearing Ratio
1
21.5%
(9.5)%
(6.4)%
Net Interest Expense Cover
2
96.3x
66.8x
54.7x
Net Interest Paid Cover
2
200.7x
77.9x
109.3x
Net Debt Payback
1.1yrs
-
-
Half Year ended 30 September

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$m
¹
209
160
163
163
237
EBIT Margin %
¹
25
20
19
17
21
25
USA
AND
EUROPE
FIBER
CEMENT
–
5
YEAR
RESULTS
OVERVIEW
1
Excludes asset impairment charges of US$14.3 million and US$16.9 million in FY12 and FY13, respectively
2
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.

PAGE
FY10
FY11
FY12
FY13
FY14
Net Sales
US$m
297
353
376
370
366
Sales Volume
mmsf
390
408
392
394
417
Average Price
A$ per msf ²
886
906
906
901
930
EBIT US$m
¹
59
79
86
75
83
EBIT Margin %
¹
20
23
23
20
23
26
ASIA
PACIFIC
FIBER
CEMENT
–
5
YEAR
RESULTS
OVERVIEW
1
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
2
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.

PAGE
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
RESULTS
FOR
THE
2
nd
QUARTER
27
US$ Millions 
Q2 '15
Q2 '14
% Change
Net sales 
440.4
392.0
12
Gross profit 
150.9
133.1
13
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
GROSS
PROFIT
-
GROUP
28
•
Gross profit has remained strong throughout the past three years
•
Price has improved as we continue to execute on pricing strategies and the reduction of pricing inefficiencies
•
Production costs continue to increase in line with the higher market prices for pulp, gas and silica raw materials

PAGE
1
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
29

PAGE
(US$ Millions)
1H'15
1H'14
Change (%)
EBIT
196.0
224.7
(13)
Asbestos related
1
(42.5)
(92.9)
(54)
Annual AICF contribution
(113.0)
-
Depreciation & Amortization
34.1
30.6
11
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)
1
CASHFLOW
30
•
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
1
Includes Asbestos Adjustments and changes in asbestos-related assets and liabilities

PAGE
LIQUIDITY PROFILE
31
•
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
1
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.
$0
$50
$190
$100
$40
$125
FY'15
FY'16
FY'17
FY'18
FY'19
FY'20
Debt Maturity Profile1
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
HY FY15 GLOBAL CAPEX SPEND AND KEY PROJECTS
32
Project
Capital Budget
Progress during 1H'15
Plant City, Florida -
4
th
sheet machine and ancillary facilities
US$65.0 million
Key engineering work on track
Expected to complete construction FY'16
Cleburne, Texas -
3
rd
sheet machine and ancillary facilities
US$37.0 million
Key engineering work on track
Expected to complete construction FY'16
Carole Park, Queensland -
Capacity expansion project
A$89.0 million
Expansion is on track
Equipment installation underway
Expected to complete construction FY'16
Tacoma, Washington -
Land purchase for future expansion
US$27.9 million
Purchase completed September 2014
Design
of
facility
and
assessment
of
capabilities
underway

PAGE
¹
Production was suspended at the Summerville plant in November 2008, it is anticipated the plant will be re-commissioned during the current cycle. 
Flat Sheet Plant
Capacity (mmsf)
Plants operating
Cleburne, Texas
466
Additional capacity by mid  calendar year 2015
200
Peru, Illinois
560
Plant City, Florida
300
Additional capacity by mid calendar year 2015
300
Pulaski, Virginia
600
Reno, Nevada
300
Tacoma, Washington
200
Waxahachie, Texas
360
Fontana, California
1
250
Plant suspended
Summerville, South Carolina
1
190
Flat Sheet Total
3,726
Plant Capacity
USA AND EUROPE FIBER CEMENT –
PLANT CAPACITY
33

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
34
The information underlying the table above is sourced as follows:
Quarterly US Input Costs
•
Pulp
–
Cost
per
ton
–
from
RISI
•
Gas
–
Cost
per
thousand
cubic
feet
for
industrial
users
–
from
US
Energy
Information
Administration
•
Electric
–
Cost
per
thousand
kilowatt
hour
for
industrial
users
–
from
US
Energy
Information
Administration
•
Cement
–
Relative
index
from
the
Bureau
of
Labor
Statistics

PAGE
ASBESTOS FUND –
PROFORMA (unaudited)
35
Claims Data
•
For the quarter a nd half year ended 30 September 2014, we
note the following related to asbestos claims:
•
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”)
A$ millions
AICF cash and investments - 31 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
AICF cash and investments - 30 September 2014
89.6

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.
36

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
of
Results
and
Media
Release,
to
the
equivalent
US
GAAP
financial
statement
line
item
description
used
in
the
company’s
Condensed
Consolidated
Financial
Statements:
Management's Analysis of Results and
Consolidated Statements of Operations
Media Release
and Other Comprehensive Income (Loss)
(US GAAP)
Net sales
Net sales
Cost of goods sold
Cost of goods sold
Gross profit
Gross profit
Selling, general and administrative expenses
Selling, general and administrative expenses
Research and development expenses
Research and development expenses
Asbestos adjustments
Asbestos adjustments
EBIT
*
Operating income (loss)
Net interest income (expense)*
Sum of interest expense and interest income
Other income (expense)
Other income (expense)
Operating profit (loss) before income taxes*
Income (loss) before income taxes
Income tax (expense) benefit
Income tax (expense) benefit
Net operating  profit (loss)*
Net income (loss)
*- Represents non-U.S. GAAP descriptions used by Australian companies.
37

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
a
square
foot
is
defined
as
a
standard
square
foot
of
5/16”
thickness
msf
–
thousand
square
feet,
where
a
square
foot
is
defined
as
a
standard
square
foot
of
5/16”
thickness
Financial Ratios
Gearing
Ratio
–
Net
debt
(cash)
divided
by
net
debt
(cash)
plus
shareholders’
equity
adjusted
for
asbestos
and
AICF
related
items
Net interest expense cover
–
EBIT divided by net interest expense (excluding loan establishment fees)
Net
interest
paid
cover
–
EBIT
divided
by
cash
paid
during
the
period
for
interest,
net
of
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
38

INVESTOR PRESENTATION
DECEMBER 2014