Q3 FY15 MANAGEMENT PRESENTATION
20 February 2015
Exhibit 99.4

PAGE
DISCLAIMER
This Management Presentation contains forward-looking statements. James Hardie Industries plc (the “company”) may from time to time make forward-looking
statements in its periodic reports filed with or furnished to the Securities and Exchange Commission, 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:
2
•
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;
•
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 company 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 favorable 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.
3

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
third
quarter
and
nine
months
of
the
current
fiscal
year
versus
the
third
quarter
and
nine
months
of
the
prior
fiscal
year.
4

OVERVIEW AND OPERATING REVIEW
Louis Gries, CEO

PAGE
•
Group
net
sales
increased
10%
and
11%
for
the
quarter
and
nine
months,
respectively,
compared
to
pcp¹
•
Group
adjusted
net
operating
profit
increased
11%
for
the
quarter
and
8%
for
the
nine
months
compared to pcp¹
•
Higher
volumes
across
our
USA
and
Europe
and
Asia
Pacific
Fiber
Cement
segments
•
Higher
net
sales
price
across
our
USA
Fiber
Cement
segment
•
We are yet to see the anticipated accelerated growth in the US residential housing market
•
Continuing to invest in high-return organic growth by:
•
Investing in capacity expansion across our US and Australian businesses
•
Investing in organizational capability
•
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%
KEY THEMES
6
1  
Prior corresponding period(s)

PAGE
GROUP OVERVIEW
7
1  
Dividends declared per share
Q3'15
Q3'14
Change
9 Months
FY15
9 Months
FY14
Change
Adjusted EBIT (US$ millions)
66.9
55.2
21%
223.2
195.4
14%
Adjusted EBIT Margin %
17.2
15.6
1.6 pts
17.9
17.5
0.4 pts
Adjusted Net Operating Profit
48.6
43.7
11%
164.1
152.0
8%
Net operating cash flow
104.1
254.7
(59)%
Adjusted Diluted EPS (US  cents)
11
10
37
34
Ordinary dividends per share
1
(US cents)
8
8
Three and Nine Months Ended 31 December

PAGE
USA AND EUROPE FIBER CEMENT 3
rd
QUARTER SUMMARY
8
•
Higher
volume
driven
by
market
penetration
and
modest
repair
and
remodel
growth
•
Slight
US
housing
market
growth
•
Higher
production
costs
primarily
due
to
higher
input
costs.
Plants
continuing
to
run
well
and
on
a
positive
trend
compared
to
1H’15
•
Continuing
to
invest
in
organizational
capability
3
Quarter Results
Net Sales
Up
12% to US$294.5 million
Sales
Volume
Up
10% to 426.9 mmsf
Average
Price
Up
2% to US$675 per msf
EBIT
Up
20% to US$63.5 million
EBIT Margin
Up
140 bps to 21.6%
Nine Months Result
Net Sales
Up
13% to US$951.4 million
Sales
Volume
Up
9% to 1,375.6 mmsf
Average
Price
Up
4% to US$678 per msf
EBIT
Up
15% to US$206.3 million
EBIT Margin
Up
30 bps to 21.7%
•
Higher
volume
driven
by
market
penetration
and
modest
repair
and
remodel
growth
•
Modest
/
flat
growth
in
U.S.
residential
construction
•
Higher
production
costs
due
to
higher
input
costs
driven
by
market
prices,
and
1H’15
plant inefficiencies
•
Continuing
to
invest
in
organizational
capability
rd

PAGE
0
5
10
15
20
25
30
35
0
10
20
30
40
50
60
70
80
FY09
FY10
FY11
FY12
FY13
FY14
FY15
Quarterly EBIT and EBIT Margin
1
EBIT
EBIT Margin
USA AND EUROPE FIBER CEMENT
9

PAGE
Rolling 12 month average of seasonally adjusted estimate of housing starts by US Census Bureau
USA FIBER CEMENT
10
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
Top Line Growth
JH Volume
Housing Starts
JH Revenue

PAGE
USA AND EUROPE FIBER CEMENT
11
558
588
597
609
632
648
642
626
652
678
550
590
630
670
710
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
YTD FY15
Average Net Sales Price

PAGE
12
•
Favorable conditions in addressable markets
•
Higher volume and sales in AUS, NZ, and Philippines
•
Higher production costs:  primarily due to higher input costs,
driven by the depreciating A$ on the price of pulp.
•
EBIT in local currency grew
20% compare to pcp
•
EBIT in local currency grew 6% excluding land related
purchases
•
3Q15 includes A$3.1 million benefit related to Rosehill
land purchase
3   Quarter Results
Net Sales
Up
4% to US$93.9 million
Sales Volume
Up
16% to 116.8 mmsf
Average Price
Down
4% to A$929 per msf
EBIT
1
Up
10% to US$23.5 million
A$ EBIT
1
Up
20% to A$27.4 million
EBIT Margin
1
Up
150 bps to 25.0%
Nine Months Result
Net Sales
Up
6% to US$294.2 million
Sales Volume
Up
10% to 342.2 mmsf
Average Price
FLAT
At  A$940 per msf
EBIT
1
Up
8% to US$69.9 million
A$ EBIT
1
Up
14% to A$77.3 million
EBIT Margin
1
Up
60 bps to 23.8%
•
Favorable conditions in addressable markets
•
Higher volume and sales in AUS, NZ, and Philippines
•
EBIT in local currency grew 14% compared to pcp
•
EBIT in local currency grew 13% excluding land related
purchase benefits at Rosehill (3Q15) and Carole Park
(1Q14)
•
Higher production costs due to higher input costs and plant
inefficiencies that were largely recorded in 1H’15
ASIA PACIFIC FIBER CEMENT 3
rd
QUARTER SUMMARY
1
Excluding New Zealand Weathertightness claims
rd

PAGE
FY15 GLOBAL CAPEX SPEND AND KEY PROJECTS
13
Project Description
Nine Months FY15
Spend
Plant City, Florida -
4
th
sheet machine and ancillary facilities
US$38.5 million
Cleburne, Texas -
3
rd
sheet machine and ancillary facilities
US$19.9 million
Carole
Park,
Queensland
-
Capacity
expansion
project
US$30.5 million
Tacoma,
Washington
-
Land
and
buildings
US$27.9 million
Rosehill,
New
South
Wales
-
Land
and
buildings
US$37.5 million
Total capacity expansion spend
US$154.3 million

PAGE
USA and Europe Fiber Cement Outlook
•
The
Company
expects
our
performance
in
the
fourth
quarter
of
fiscal
2015
to
be
consistent
with
our
results
for
the
first
nine
months
of
fiscal
2015
•
However,
there
is
uncertainty
due
to
the
continued
variability
in
the
short
term
economic
outlook,
housing
activity
and
changes
in
the
prices
of
our
raw
material
inputs
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
to
be
between
US$210
million
and
US$222
million
assuming,
among
other
things,
housing
industry
conditions
in
the
United
States
continuing
to
improve
and
that
an
exchange
rate
at
or
near
current
levels
is
applicable
for
the
remainder
of
the
fiscal
year
FY2015 OUTLOOK AND GUIDANCE
14
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

FINANCIAL REVIEW
Matt Marsh, CFO

PAGE
GROUP RESULTS
•
Earnings impacted by:
•
Higher
sales
volumes
across
all
business
units
•
Higher
average
sales
prices
across
the
USA
and
Europe
Fiber
Cement
segment
•
Higher
input
costs
for
both
the
quarter
and
nine
months
•
Higher
production
costs
for
the
nine
months
across
our
network,
partially
mitigated
during
the
current
quarter
•
Higher
organizational
spend,
primarily
due
to
higher
compensation
expenses,
an
increase
in
discretionary expenses and higher realized losses on foreign currency transactions caused by the
strengthening of the US dollar during the quarter and nine months
•
Decrease
in
net
operating
cash
flow
to
US$104.1
million
for
the
nine
months
compared
to
US$254.7
million in the prior corresponding period
•
Continued
capital
expenditure
on
key
production
capacity
projects
across
our
business
units
16

PAGE
US$ Millions 
Q3 '15
Q3 '14
% Change
Net sales 
388.4
353.2
10
Gross profit 
135.2
121.5
11
SG&A expenses 
(56.0)
(53.8)
(4)
Research & development expenses 
(7.7)
(8.7)
11
Asbestos adjustments 
54.9
35.8
53
EBIT 
126.4
94.8
33
Net interest expense
(1.5)
(0.4)
Other income 
(0.2)
1.2
Income tax expense
(17.2)
(3.4)
Net operating profit
107.5
92.2
17
Three Months Ended 31 December
Summary
Net sales increased 10%, favorably impacted by:
•
Higher sales volumes; and
•
Higher average net sales price in the USA and Europe Fiber
Cement segment
Gross profit margin increased 40 bps impacted by:
•
Higher average net sales price in the USA and Europe Fiber
Cement segment
•
Partially offset  primarily by higher market prices for raw materials
SG&A expenses increased primarily due to:
•
Higher compensation and discretionary expenses
•
Higher realized losses on foreign currency transactions caused by
the strengthening of the US dollar
Between EBIT and net operating profit:
•
Interest expense increased related to our debt position
•
Income tax expense increased on account of higher earnings and
a non-recurring favorable tax adjustment of US$10.7 million in the
prior period relating to a final receipt from the ATO
RESULTS FOR THE 3
rd
QUARTER
17

PAGE
US$ Millions 
Q3 '15
Q3 '14
% Change
Net operating profit
107.5
92.2
17
Asbestos: 
Asbestos adjustments 
(54.9)
(35.8)
(53)
Other asbestos
1 
0.1
(0.2)
New Zealand weathertightness claims
(5.2)
(4.2)
(24)
Tax adjustments
1.1
(8.3)
Adjusted net operating profit
48.6
43.7
11
Three Months Ended 31 December
1  
Includes AICF SG&A expenses and AICF interest income, net
RESULTS FOR THE 3
rd
QUARTER (continued)
18
Summary
Asbestos adjustments were due to:
•
7% change in the AUD / USD exchange rate from beginning to
ending balance sheet date for the period compared to a 4% change
in spot rates in the prior corresponding period
The New Zealand weathertightness benefit increased:
•
Due to favorable claims settlements
•
Higher rate of claim resolution, fewer open claims and a continued
reduction in the number of new claims received
•
Adjusted net operating profit increased 11%, largely due to a 21%
increase in operating segment adjusted EBIT, partially offset by
an
increase in adjusted income tax expense of US$4.4 million, other
expense of US$1.4 million and gross interest expense of US$1.1
million.

PAGE
US$ Millions 
9 Months
FY15
9 Months
FY14
% Change
Net sales 
1,245.6
1,117.4
11
Gross profit 
426.3
380.9
12
SG&A expenses 
(176.7)
(162.5)
(9)
Research & development expenses 
(24.1)
(25.1)
4
Asbestos adjustments 
96.9
126.2
(23)
EBIT 
322.4
319.5
1
Net interest expense
(3.5)
(0.7)
Other (expense) income
(3.9)
1.4
Income tax expense
(51.4)
(33.9)
(52)
Net operating profit 
263.6
286.3
(8)
Nine Months Ended 31 December
RESULTS –
NINE MONTHS
19
Summary
Net sales increased 11%, 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
•
Partially offset by higher market prices of raw materials, and
production inefficiencies largely experienced during 1H’15
SG&A expenses increased primarily due to:
•
Higher compensation and  discretionary expenses
•
Higher realized losses on foreign currency transactions caused by
the strengthening of the US dollar
Non-operating expenses:
•
Interest expense increased due to the use of our debt  facilities
•
Other expenses reflects the impact of unrealized foreign
exchange and interest rate swap losses, largely in Q1’15
•
Income tax expense increased  due to higher pre-tax earnings 
and a non-recurring favorable tax adjustment in the prior period.

PAGE
1  
Includes AICF SG&A expenses and AICF interest income, net
RESULTS –
NINE MONTHS (continued)
20
US$ Millions 
9 Months
FY15
9 Months
FY14
% Change
Net operating profit
263.6
286.3
(8)
Asbestos: 
Asbestos adjustments
(96.9)
(126.2)
(23)
Other asbestos
1
0.9
(1.0)
New Zealand weathertightness claims
(4.2)
0.7
Asbestos and other tax adjustments
0.7
(7.8)
Adjusted net operating profit
164.1
152.0
8
Nine Months Ended 31 December
Summary
Asbestos adjustments were due to:
•
11% change in the AUD / USD exchange rate from the beginning
to the ending balance sheet date compared to a 14% change in
spot rates in the prior corresponding period
The New Zealand weathertightness moved from an expense to a benefit
due to:
•
Favorable claims settlements
•
Higher rate of claim resolution, fewer open claims and a
continued reduction in the number of new claims received
Adjusted net operating profit increased 8%, largely due to:
•
14% increase in operating segment adjusted EBIT
•
Partially offset by higher net interest expense, higher other
expense and a higher adjusted income tax expense

PAGE
GROSS PROFIT -
GROUP
21
•
Gross profit continues to remain strong, and consistent with the
prior three year trend
•
Price has improved as we continue to execute on pricing strategies and reduce pricing inefficiencies
•
Production costs are higher as a result of the higher market prices for pulp, gas and silica raw materials
•
Plant performance remains on a positive trend line
$96.2
$135.2
30.0%
34.8%
27.0
28.0
29.0
30.0
31.0
32.0
33.0
34.0
35.0
36.0
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
Q3 FY13
Q3 FY14
Q3 FY15

PAGE
US INPUT COSTS
Discussion:
•
Input costs are up significantly over the prior
year, and beginning to flatten out or decrease
•
The price of NBSK pulp remains near a three-
year peak
•
The cost of gas and electric for industrial
users decreased to slightly above its
historical four year average
•
We are engaged in effective sourcing
strategies to reduce the impact of increasing
market prices
22
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
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
1
Asia Pacific Fiber Cement EBIT excludes New Zealand weathertightness claims
US and Europe Fiber Cement EBIT summary:
•
Quarter and nine month EBIT increased by 20% and 15%,
respectively, when compared to pcp
•
The increase was driven by volume and price, partially
offset by higher production costs and SG&A
Asia Pacific Fiber Cement EBIT summary:
•
Quarter and nine months EBIT increased 10% and 8%,
respectively compared to pcp
•
EBIT in local currency for the quarter and nine months
increased 20% and 14%, respectively, compared to pcp
SEGMENT EBIT –
3
rd
QUARTER and NINE MONTHS
23
19.2
21.3
23.5
58.2
64.5
69.9
0
10
20
30
40
50
60
70
80
FY13
FY14
FY15
Asia Pacific Fiber Cement
1
Q3 EBIT
9 Months
30.4
53.1
63.5
124.7
179.8
206.3
0
50
100
150
200
250
FY13
FY14
FY15
US & Europe Fiber Cement
Q3 EBIT
9 Months

PAGE
1
Excludes Asbestos
2
The stock price appreciated 3.1% in Q3’15 compared to 16.3% in Q3’14. For the nine months ending 31 December 2014 the stock price depreciated 18.1% when compared to an
appreciation
of
10.9%
in
the
nine
months
ending
31
December
2013
R&D summary:
•
Continued broadly inline with historic trend
•
Fluctuations reflect normal variation and timing in number of
R&D
projects
in
process
at
any
given
period
General corporate cost, excluding asbestos:
•
Results
for
the
both
the
quarter
and
nine
months
results
increased
due
to
higher
:
•
Discretionary
expenses
•
Foreign
exchange
losses,
partially
offset
by;
•
A
decrease
in
stock
compensation
expenses
driven
by
changes
in
our
share
price²
SEGMENT EBIT –
3
rd
QUARTER and NINE MONTHS
24
(6.8)
(6.4)
(6.1)
(19.1)
(18.0)
(19.7)
(25)
(20)
(15)
(10)
(5)
0
FY13
FY14
FY15
Research and Development
Q3 EBIT
9 Months
(8.2)
(12.8)
(14.0)
(20.3)
(30.9)
(33.3)
(35)
(30)
(25)
(20)
(15)
(10)
(5)
0
FY13
FY14
FY15
General Corporate Costs
1
Q3 EBIT
9 Months

PAGE
•
Unfavorable impact from translation of Asia Pacific results
•
Favorable impact on corporate costs incurred in Australian dollars
•
Favorable impact from translation of asbestos liability balance
25
CHANGES IN AUD vs. USD
Earnings
Balance Sheet
N/A
N/A

PAGE
1
Includes Asbestos adjustments, AICF SG&A expenses and AICF interest expense, net
2  Excludes  tax effects of Asbestos related adjustments New Zealand weathertightness and other tax adjustments
•
23.6%
estimated
adjusted
effective
tax
rate
(ETR)
for
the
year
•
Adjusted
income
tax
expense
and
adjusted
ETR
increased
due
to
changes
in
geographical
mix
of
earnings
•
The
difference
between
adjusted
income
tax
expense
and
income
tax
expense
decreased
primarily
due
to
a
non-recurring
receipt
from
the
ATO,
relating
to
finalization
of
a
disputed
amended
assessment,
in
the
previous
period
•
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.
Australian
tax
losses
primarily
result
from
deductions
relating
to
contributions
to
AICF
INCOME TAX
26
Q3’15
Q3’14
9 Months
FY15
9 Months
FY14
Operating profit before taxes
124.7
95.6
315.0
320.2
Asbestos:
Asbestos adjustment
1
(54.8)
(36.0)
(96.0)
(127.2)
NZ weathertightness claims
(5.2)
(4.2)
(4.2)
0.7
Adjusted net operating profit
before taxes
64.7
55.4
214.8
193.7
Adjusted income tax expense
2
(16.1)
(11.7)
(50.7)
(41.7)
Adjusted effective tax rate
24.9%
21.1%
23.6%
21.5%
Income tax expense
(17.2)
(3.4)
(51.4)
(33.9)
Income taxes paid
24.2
16.0
Income taxes payable
3.3
4.7
Three and Nine Months ended 31 December

PAGE
1
CASHFLOW
27
1
Includes Asbestos Adjustments and changes in asbestos-related assets and liabilities
(US$ Millions)
9 Months FY
2015
9 Months FY
2014
Change (%)
EBIT
263.6
286.3
(8)
Asbestos related
1
(94.8)
(129.5)
(27)
Annual AICF contribution
(113.0)
-
Depreciation & Amortization
52.0
46.2
13
Working Capital
4.7
31.1
(85)
Other non-cash items
(8.4)
20.6
Cash Flow from Operations
104.1
254.7
(59)
Capital Expenditures
(241.0)
(67.9)
Acquisition of a business
-
(4.1)
Free Cash Flow
(136.9)
182.7
Dividends Paid
(355.9)
(163.6)
Net proceeds from long-term debt
390.0
-
Share related activities
(5.6)
11.1
Free Cash Flow after Financing Activities 
(108.4)
30.2
•
Adjusted
EBIT
increased
US$27.8
million
compared
to
pcp
•
Cash
flow
from
operations
includes
US$113.0
million
contribution
to
AICF
paid
in
2Q15
•
Higher
use
of
working
capital
primarily
driven
by
inventory:
•
Raw
materials
•
Inventory
at
the
Fontana
plant
commissioned
during
nine
month
FY15
•
Traditional
seasonality
•
Capital
expenditure
includes
plant
capacity
expansions
and
land
purchases
at
Tacoma
and
Rosehill
facilities
•
US$390
million
gross
debt
position
as
of
Q3’15

PAGE
CAPEX
28
•
Continuing
to
invest
in
capacity
expansion
in
the
U.S.
and
Australia
•
Construction
on
brownfield
capacity
projects
nearing
completion:
•
Plant
City,
FL
•
Cleburne,
TX
•
Carole
Park,
Australia
•
Opportunistic
land
purchases
completed
at
Tacoma
(US)
and
Rosehill
(Australia)
sites.
•
Maintenance
and
other
CAPEX
consistent
with
historical
trend
$65.4
$88.9
$86.7
CAPEX Spend -
9 Months FY15
Land
Capacity
Maintenance & Other

PAGE
FINANCIAL MANAGEMENT SUPPORTING GROWTH
29
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
Flexibility for:
•
Accretive and strategic
inorganic opportunities
•
Withstand market cycles
•
Consider further
shareholder returns
when appropriate
~$590 million of bank
facilities, 44% liquidity as
of Q3’15
2.7 year weighted average
debt maturity
Completed the sale of
US$325 million 8 year
5.875% senior unsecured
notes
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
Liquidity Profile
30
•
Strong
balance
sheet
position:
•
$62.3
million
of
cash
•
$590
million
of
bank
debt
facilities
•
44%
liquidity
as
of
Q3’15
•
As
of
Q3’15,
we
had
net
debt
of
US$327.7
million
compared
to
net
cash
of
US$167.5
million
at
Q4’14
•
Subsequent
to
3Q’15,
completed
the
sale
of
US$325
million
senior
unsecured
notes
in
the
U.S.
high
yield
market
•
8
year
maturity,
interest
at
5.875%
p.a.
•
Net
Debt
within
target
range
of
1-2
times
EBITDA
excluding
asbestos
•
We
remain
in
compliance
with
all
debt
covenants
1
Debt maturities as at 3Q’15 were as follows: US$50 million in Q4’16, US$150 million in Q1’17, US$100 million in Q1’18, US$125 million Q3’18,
US$40 million in Q4’19 and US$125 million in Q1’20.
Liquidity Profile
Nine Months FY15
Cash
US$62.3 million
Total Combined Bank Facilities
US$590.0 million
Drawn Babk Facilities
US$390.0 million
Undrawn Bank Facilities
US$200.0 million
Weighted Average Interest Rate of Drawn Facilities
1.5%
Fixed / Floating Interest Ratio
32% fixed
Weighted Average Term
2.7 years
$0
$50
$150
$225
$40
$125
FY'15
FY'16
FY'17
FY'18
FY'19
FY'20
Debt Maturity Profile
1

PAGE
•
For
the
nine
months,
New
Zealand
weathertightness
moved
from
an
expense
of
US$0.7
million
to
a
benefit
of
US$4.2
million.
The
benefit
was
largely
due
to:
•
Favorable
claims
settlements
•
Fewer
open
claims
at
the
end
of
the
period
and
a
continued
reduction
in
the
number
of
new claims
•
Higher
rate
of
claim
resolution
•
A
continued
reduction
in
the
number
of
new
claims
received
•
At
31
December
2014
and
31
March
2014,
the
provision
for
NZ
weathertightness,
net
of
anticipated third-
party
recoveries
was
US$2.4
million
and
US$12.7
million,
respectively
NEW ZEALAND WEATHERTIGHTNESS CLAIMS
31
-
5.0
10.0
15.0
20.0
25.0
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
NZ Weathertightness Provision

PAGE
ASBESTOS FUND –
PROFORMA (unaudited)
32
Claims Data
•
For
the
quarter
and
nine
months
ended
31
December
2014,
we
note
the
following
related
to
asbestos
claims:
•
Claims
received
during
both
Q3’15
and
nine
months
were
11%
above
actuarial
estimates
•
Claims
received
during
Q3’15
and
nine
months
were
10%
and
7%
higher
than
the
pcp,
respectively
•
The
higher
reported
mesothelioma
claims
experience
noted
during
FY’14
has
continued
for
the
nine
months
ending
31
December
2014
•
Average
claim
settlement
for
the
nine
months
is
down
5%
versus
the
pcp
and
down
15%
versus
actuarial
estimates.
Average
claim
settlement
sizes
are
generally
lower
across
all
disease
types
compared
to
actuarial
expectations
for
fiscal
2015
•
Actual
dollars
paid
in
compensation
was
1%
above
the
pro-rated
nine
month
actuarial
estimate
A$ millions
AICF cash and investments -
31 March 2014
65.5
Contribution to AFFA by James Hardie
119.9
Insurance recoveries
27.8
Loan Repayments
(51.0)
Interest income, net
1.2
Claims paid
(112.9)
Operating costs
(3.4)
Other
1.7
AICF cash and investments -
31 December 2014
48.8

PAGE
•
Group
net
sales
increased
10%
and
11%
for
the
quarter
and
nine
months
respectively,
when
compared
to
the
prior
corresponding periods
•
Group
adjusted
net
operating
profit
increased
11%
for
the
quarter
and
8%
for
the
nine
months
when
compared
to
the
prior corresponding periods
•
Higher
volumes
and
net
sales
for
the
nine
months
across
our
USA
and
Europe
and
Asia
Pacific
Fiber
Cement
segments
•
We
are
yet
to
see
the
anticipated
accelerated
growth
in
the
US
residential
market
•
Continuing
to
invest
in
high
return
organic
growth:
•
Investing in organizational capability
•
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%
SUMMARY 
33

QUESTIONS

APPENDIX

PAGE
FINANCIAL SUMMARY
1
Asia Pacific Fiber Cement EBIT excludes New Zealand weathertightness claims  benefit of US$5.2 million and  US$4.2 million in Q3
‘15 and Q3’14, respectively and
US$4.2
million
benefit
and
US$0.7
million
in
expense,
in
the
nine
months
of
the
current
fiscal
year
and
nine
months
of
the
prior
fiscal
year,
respectively
36
US$ Millions
Q3 '15
Q3 '14
% Change
9 Months
FY15
9 Months
FY14
% Change 
Net Sales
USA and Europe Fiber Cement
294.5
$    
262.6
$    
12
951.4
$    
839.4
$    
13
Asia Pacific Fiber Cement
93.9
90.6
4
294.2
278.0
6
Total Net Sales
388.4
$    
353.2
$    
10
1,245.6
$ 
1,117.4
$ 
11
EBIT -
US$ Millions
USA and Europe Fiber Cement
63.5
$      
53.1
$      
20
206.3
$    
179.8
$    
15
Asia Pacific Fiber Cement
1
23.5
21.3
10
69.9
64.5
8
Research & Development
(6.1)
(6.4)
5
(19.7)
(18.0)
(9)
General corporate costs excluding asbestos
(14.0)
(12.8)
(9)
(33.3)
(30.9)
(8)
Adjusted EBIT
66.9
$      
55.2
$      
21
223.2
$    
195.4
$    
14
Net interest expense excluding AICF interest income
(2.0)
(1.0)
-
(4.5)
(3.1)
(45)
Other (expense) income
(0.2)
1.2
(3.9)
1.4
Adjusted income tax expense
(16.1)
(11.7)
(38)
(50.7)
(41.7)
(22)
Adjusted net operating profit
48.6
$      
43.7
$      
11
164.1
$    
152.0
$    
8
Three and Nine Months ended 31 December

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
KEY RATIOS
37
9 Months FY15
9 Months FY14
9 Months FY13
EPS (Diluted)
1
(US Cents)
37c
34c
25c
EBIT/ Sales (EBIT margin)
2
17.9%
17.5%
14.5%
Gearing Ratio
1
20.3%
(13.4)%
(13.9)%
Net Interest Expense Cover
2
49.6x
63.0x
43.6x
Net Interest Paid Cover
2
106.3x
65.1x
110.8x
Net Debt Payback
0.8yrs
-
-
9 Months Ended 31 December

PAGE
1
Asia Pacific Fibre Cement EBIT excludes New Zealand weathertightness benefit of US$5.2 million and  US$4.2 million in Q3’15 and Q3’14, respectively
2
EBITDA excluding Asbestos Adjustments and New Zealand weathertightness
EBITDA –
3
rd
QUARTER
38
US$ Millions
Q3'15
Q3'14
% Change
EBIT
USA and Europe Fiber Cement
$             63.5
$                53.1
20
Asia Pacific Fiber Cement
1
23.5
21.3
10
Research & Development
(6.1)
(6.4)
5
General corporate excluding asbestos and ASIC expenses
(14.0)
(12.8)
(9)
Depreciation and Amortisation
USA and Europe Fiber Cement
15.6
13.5
16
Asia Pacific Fiber Cement
2.3
2.1
10
EBITDA
2
84.8
70.8
20
Asbestos adjustments
54.9
35.8
53
AICF SG&A expenses
(0.6)
(0.4)
(50)
New Zealand weathertightness claims
5.2
4.2
24
Total EBITDA
$            144.3
$             110.4
31
Three Months ended 31 December

PAGE
EBITDA –
NINE MONTHS
39
1
Asia
Pacific
Fibre
Cement
EBIT
excludes
New
Zealand
weathertightness
benefit
of
US$4.2
million
and
expense
of
US$0.7
million
in
the
nine
months
of
the
current fiscal year and the nine months of the prior fiscal year, respectively
2
EBITDA excluding Asbestos Adjustments and New Zealand weathertightness
US$ Millions
9 Months
FY15
9 Months
FY14
% Change
EBIT
USA and Europe Fiber Cement
$            206.3
$             179.8
15
Asia Pacific Fiber Cement
1
69.9
64.5
8
Research & Development
(19.7)
(18.0)
(9)
General corporate excluding asbestos and ASIC expenses
(33.3)
(30.9)
(8)
Depreciation and Amortisation
USA and Europe Fiber Cement
45.2
40.1
13
Asia Pacific Fiber Cement
6.8
6.1
11
EBITDA
2
275.2
241.6
14
Asbestos adjustments
96.9
126.2
(23)
AICF SG&A expenses
(1.9)
(1.4)
(36)
New Zealand weathertightness claims
4.2
(0.7)
Total EBITDA
$            374.4
$             365.7
2
Nine Months ended 31 December

PAGE
NET INTEREST (EXPENSE) INCOME
40
US$ Millions
Q3 FY15
Q3 FY14
9 Months
FY15
9 Months
FY14
Gross interest expense
$             (2.1)
$              (1.0)
$             (4.8)
$              (3.0)
Capitalised interest
0.4
0.6
Interest income
0.1
0.2
0.4
0.4
Realised loss on interest rate swaps
(0.4)
(0.2)
(0.7)
(0.5)
Net interest expense excluding AICF interest
income
(2.0)
(1.0)
(4.5)
(3.1)
AICF net interest income 
0.5
0.6
1.0
2.4
Net interest (expense) income
$             (1.5)
$              (0.4)
$             (3.5)
$              (0.7)
Three and Nine Months Ended 31 December

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.
41

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:
42
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-US 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
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
43

PAGE
Adjusted
EBIT
and
Adjusted
EBIT
margin
–
Adjusted
EBIT
and
Adjusted
EBIT
margin
are
not
measures
of
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
in
a
manner
that
is
focused
on
the
performance
of
its
ongoing
operations
and
provides
useful
information
regarding
its
financial
condition
and
results
of
operations.
Management
uses
these
non-US
GAAP
measures
for
the
same
purposes.
NON-US GAAP FINANICAL MEASURES
44
US$ Millions
Q3 FY15
Q3 FY14
9 Months
FY15
9 Months
FY14
EBIT
126.4
$         
94.8
$           
322.4
$         
319.5
$         
Asbestos:
Asbestos adjustments
(54.9)
(35.8)
(96.9)
(126.2)
AICF SG&A expenses
0.6
0.4
1.9
1.4
New Zealand weathertightness claims
(5.2)
(4.2)
(4.2)
0.7
Adjusted EBIT
66.9
55.2
223.2
195.4
Net sales
388.4
$         
353.2
$         
1,245.6
$      
1,117.4
$      
Adjusted EBIT margin
17.2%
15.6%
17.9%
17.5%
Three and Nine Months Ended 31 December

PAGE
Adjusted
Net
operating
profit
–
Adjusted
net
operating
profit
is
not
a
measure
of
financial
performance
under
US
GAAP
and
should
not
be
considered
to
be
more
meaningful
than
net
operating
profit.
Management
has
included
this
financial
measure
to
provide
investors
with
an
alternative
method
for
assessing
its
operating
results
in
a
manner
that
is
focused
on
the
performance
of
its
ongoing
operations.
Management
uses
this
non-US
GAAP
measure
for
the
same
purposes.
NON-US GAAP FINANICAL MEASURES
45
US$ Millions
Q3 FY15
Q3 FY14
9 Months
FY15
9 Months
FY14
Net operating profit
107.5
$          
92.2
$            
263.6
$          
286.3
$          
Asbestos:
Asbestos adjustments
(54.9)
(35.8)
(96.9)
(126.2)
AICF SG&A expenses
0.6
0.4
1.9
1.4
AICF interest income, net
(0.5)
(0.6)
(1.0)
(2.4)
New Zealand weathertightness claims
(5.2)
(4.2)
(4.2)
0.7
Asbestos and other tax adjustments
1.1
(8.3)
0.7
(7.8)
Adjusted net operating profit
48.6
$            
43.7
$            
164.1
$          
152.0
$          
Three and Nine Months Ended 31 December

PAGE
Adjusted
Diluted
earnings
per
share
–
Adjusted
diluted
earnings
per
share
is
not
a
measure
of
financial
performance
under
US
GAAP
and
should
not
be
considered
to
be
more
meaningful
than
diluted
earnings
per
share.
Management
has
included
this
financial
measure
to
provide
investors
with
an
alternative
method
for
assessing
its
operating
results
in
a
manner
that
is
focused
on
the
performance
of
its
ongoing
operations.
Management
uses
this
non-US
GAAP
measure
for
the
same
purposes.
46
NON-US GAAP FINANICAL MEASURES
Q3 FY15
Q3 FY14
9 Months
FY15
9 Months
FY14
Adjusted net operating profit (US$ millions)
48.6
$           
43.7
$           
164.1
$         
152.0
$         
Weighted average common shares outstanding -
Diluted (millions)
445.9
445.2
445.9
444.2
Adjusted diluted earnings per share (US cents)
11
10
37
34
Three and Nine Months Ended 31 December

PAGE
Adjusted
effective
tax
rate
on
earnings
–
Adjusted
effective
tax
rate
on
earnings
is
not
a
measure
of
financial
performance
under
US
GAAP
and
should
not
be
considered
to
be
more
meaningful
than
effective
tax
rate.
Management
has
included
this
financial
measure
to
provide
investors
with
an
alternative
method
for
assessing
its
operating
results
in
a
manner
that
is
focused
on
the
performance
of
its
ongoing
operations.
Management
uses
this
non-US
GAAP
measure
for
the
same
purposes.
47
NON-US GAAP FINANICAL MEASURES
US$ Millions
Q3 FY15
Q3 FY14
9 Months
FY15
9 Months
FY14
Operating profit before income taxes
124.7
$         
95.6
$           
315.0
$         
320.2
$         
Asbestos:
Asbestos adjustments
(54.9)
(35.8)
(96.9)
(126.2)
AICF SG&A expenses
0.6
0.4
1.9
1.4
AICF interest expense, net
(0.5)
(0.6)
(1.0)
(2.4)
New Zealand weathertightness claims
(5.2)
(4.2)
(4.2)
0.7
Adjusted operating profit before income
taxes
64.7
$           
55.4
$           
214.8
$         
193.7
$         
Income tax expense 
(17.2)
$          
(3.4)
$            
(51.4)
$          
(33.9)
$          
Asbestos-related and other tax adjustments
1.1
(8.3)
0.7
(7.8)
Adjusted Income tax expense
(16.1)
$          
(11.7)
$          
(50.7)
$          
(41.7)
$          
Effective tax rate  
13.8%
3.6%
16.3%
10.6%
Adjusted effective tax rate
24.9%
21.1%
23.6%
21.5%
Three and Nine Months Ended 31 December

PAGE
Adjusted
EBITDA
–
is
not
a
measure
of
financial
performance
under
US
GAAP
and
should
not
be
considered
an
alternative
to,
or
more
meaningful
than,
income
from
operations,
net
income
or
cash
flows
as
defined
by
US
GAAP
or
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
be
comparable
with
other
companies.
Management
has
included
information
concerning
Adjusted
EBITDA
because
it
believes
that
this
data
is
commonly
used
by
investors
to
evaluate
the
ability
of
a
company’s
earnings
from
its
core
business
operations
to
satisfy
its
debt,
capital
expenditure
and
working
capital
requirements
NON-US GAAP FINANICAL MEASURES
48
US$ Millions
Q3 FY15
Q3 FY14
9 Months
FY15
9 Months
FY14
EBIT
126.4
$          
94.8
$            
322.4
$          
319.5
$          
Depreciation and amortization
17.9
15.6
52.0
46.2
Adjusted EBITDA
144.3
$          
110.4
$          
374.4
$          
365.7
$          
Three and Nine Months Ended 31 December

PAGE
Adjusted
selling,
general
and
administrative
expenses
–
Adjusted
selling,
general
and
administrative
expenses
is
not
a
measure
of
financial
performance
under
US
GAAP
and
should
not
be
considered
to
be
more
meaningful
than
selling,
general
and
administrative
expenses.
Management
has
included
these
financial
measures
to
provide
investors
with
an
alternative
method
for
assessing
its
operating
results
in
a
manner
that
is
focused
on
the
performance
of
its
ongoing
operations
and
provides
useful
information
regarding
its
financial
condition
and
results
of
operations.
Management
uses
these
non-US
GAAP
measures
for
the
same
purposes.
NON-US GAAP FINANICAL MEASURES
49
US$ Millions
Q3 FY15
Q3 FY14
9 Months
FY15
9 Months
FY14
Selling, general and administrative expenses
56.0
$             
53.8
$             
176.7
$         
162.5
$        
Excluding:
New Zealand weathertightness claims benefit (expense)
5.2
4.2
4.2
(0.7)
Adjusted selling, general and administrative expenses 
61.2
$             
58.0
$             
180.9
$         
161.8
$        
Net Sales
388.4
$           
353.2
$           
1,245.6
$      
1,117.4
$     
Selling, general and administrative expenses as a
percentage  of net sales
14.4%
15.2%
14.2%
14.5%
Adjusted selling, general and administrative expenses 
as a percentage of net sales
15.8%
16.4%
14.5%
14.5%
Three and Nine Months Ended 31 December

Q3 FY15 MANAGEMENT PRESENTATION
20 February 2015