EX-99.4

PAGE

DISCLAIMER

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;

•

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.

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.

PAGE

DISCLAIMER (continued)

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 regulatory 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.

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.

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 and other terms 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 fourth quarter and full year of the current fiscal year versus the fourth quarter

and full year of the prior fiscal year.

PAGE

•

Group

net

sales

increased

and

11%

for

the

quarter

and

full

year,

respectively,

compared

pcp

•

Group

adjusted

net

operating

profit

increased

US$12.0

million

US$57.3

million

for

the

quarter

and

US$24.2

million

US$221.4

million

for

the

full

year,

when

compared

pcp

•

Announced

dividends

second

half

ordinary

for

US27.0

cents

per

security

and

fiscal

year

2015

special

dividend of US22.0 cents per security

•

Higher

volumes

and

average

net

sales

price

across

our

USA

and

Europe

and

Asia

Pacific

Fiber

Cement

segments

•

Results

driven

strong

primary

demand

growth

and

the

continued

focus

across

our

plants

operational

management and cost management across the Company

•

Our full year USA and Europe Fiber Cement segment EBIT margin came in at 22.4% compared to 21.0% in

the pcp, within our target range of 20% to 25%

•

Continuing to invest in high-return organic growth by:

•

Investing in capacity expansion across our US and Australian businesses

•

Investing in primary demand growth programs and organizational capability

KEY THEMES

Prior corresponding period(s)

PAGE

USA AND EUROPE FIBER CEMENT 4

QUARTER AND FULL YEAR SUMMARY

•

Higher volume driven by market penetration and modest

market growth

•

Higher average net sales price reflects favorable product

mix and execution of our pricing strategies

•

Improved plant performance and economies of scale,

partially offset by higher input costs

•

Higher volume driven by market penetration and modest

market growth

•

Higher average net sales price reflects favorable product

mix and execution of our pricing strategies

•

Higher input costs driven by market prices, and costs

incurred with starting up our Fontana plant in FY15

Quarter Results

Net Sales

13% to US$325.1 million

Sales

Volume

9% to 474.1 mmsf

Average

Price

3% to US$670 per msf

EBIT

39% to US$79.6 million

EBIT Margin

470 bps to 24.5%

Full Year Result

Net Sales

13% to US$1,276.5 million

Sales

Volume

9% to 1,849.7 mmsf

Average

Price

4% to US$675 per msf

EBIT

21% to US$285.9 million

EBIT Margin

140 bps to 22.4%

PAGE

•

Favorable conditions in addressable markets

•

Higher volume and sales in AUS, NZ, and Philippines

•

Higher average net sales price driven by favorable product

mix and annual price increases

•

Lower production costs driven by economies of scale,

partially offset by higher input costs, driven by the impact of

the depreciating Australian dollar on the price of pulp

Quarter Results

Net Sales

11% to A$109.2 million

Sales Volume

7% to 114.0 mmsf

Average Price

4% to A$946 per msf

US$ EBIT

8% to US$19.9 million

A$ EBIT

22% to A$25.2 million

US$ EBIT Margin

220 bps to 23.1%

Full Year Result

Net Sales

11% to A$434.5 million

Sales Volume

9% to 456.2 mmsf

Average Price

1% to A$942 per msf

US$ EBIT

8% to US$89.8 million

A$ EBIT

15% to A$102.5 million

US$ EBIT Margin

100 bps to 23.6%

•

Favorable conditions in addressable markets

•

Higher volume and sales in AUS, NZ, and Philippines

•

Higher average net sales price driven by favorable

product mix and annual price increases

•

Production costs were flat when compared to prior year,

driven by higher input costs offset by improved plant

performance and the purchase of our Rosehill site

ASIA PACIFIC FIBER CEMENT 4

QUARTER SUMMARY AND FULL YEAR

Excluding New Zealand Weathertightness claims

GROUP RESULTS

•

Earnings impacted by:

•

Higher

sales

volumes

across

all

business

units

•

Higher

average

sales

prices

across

the

USA

and

Europe

and

Asia

Pacific

Fiber

Cement

segments

•

Higher

input

costs

for

both

the

quarter

and

full

year

driven

market

prices

for

raw

materials

•

Improved

plant

performance

throughout

the

year

across

our

USA

and

Europe

and

Asia

Pacific

Fiber

Cement segments, partially offset by the start up costs for our Fontana California location

•

Higher

organizational

spend,

primarily

due

higher

compensation

expenses,

increase

discretionary expenses and higher realized losses on foreign currency transactions caused by the

strengthening of the US dollar during the quarter and full year

•

Net

operating

cash

flow

US$179.5

million

for

the

full

year

compared

US$322.8

million

the

prior

year

•

US$276.2

million

capital

expenditure

key

production

capacity

projects

across

our

business

units

•

Announced

dividends

US$120.3

million

for

second

half

ordinary

and

US$98.0

million

for

FY2015

special dividend

PAGE

PAGE

•

Higher sales volumes

•

Higher average net sales prices in local currencies in both the USA

and Europe and Asia Pacific Fiber Cement segments

•

Economies of scale through increased volume

•

Improved plant performance

•

Higher average net sales price in the USA and Europe

•

Partially offset by higher input costs

•

Higher compensation and discretionary expenses

•

Higher realized losses on foreign currency transactions caused by

the strengthening of the US dollar

•

Interest expense increased related to our debt position

•

Income tax benefit decreased primarily driven by a reduction in the

unfavorable asbestos adjustments compared to the prior

corresponding quarter

RESULTS

FOR

THE

QUARTER

US$ Millions

Q4 '15

Q4 '14

% Change

Net sales

411.3

376.4

Gross profit

152.5

125.5

SG&A expenses

(68.8)

(61.9)

(11)

Research & development expenses

(7.6)

(8.0)

Asbestos adjustments

(63.5)

(322.0)

EBIT

12.6

(266.4)

Net interest expense

(4.0)

(0.4)

Other (expense) income

(1.0)

1.2

Income tax benefit

20.1

78.8

Net operating profit

27.7

(186.8)

Three Months Ended 31 March

Summary

Net sales increased 9%, favorably impacted by:

Gross profit margin increased 380 bps impacted by:

SG&A expenses increased primarily due to:

Non-operating expenses:

PAGE

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

RESULTS

FOR

THE

QUARTER

(continued)

Summary

Asbestos adjustments reflects:

The New Zealand weathertightness benefit reflects:

•

Favorable claims settlements

•

A higher rate of claim resolution, fewer open claims and a

continued reduction in the number of new claims received

Adjusted net operating profit increased 26%, largely due to:

•

41% increase in operating segment adjusted EBIT

•

An increase in adjusted income tax expense of US$5.7 million

•

Other expense of US$2.2 million and gross interest expense of

US$4.0 million

•

A US$111.3 million unfavorable movement in the underlying

actuarial valuation

•

Offset by a US$47.8 million favorable exchange rate difference as

the AUD/USD exchange rate decreased 7% compared to a 3%

increase in the pcp

US$ Millions

Q4 '15

Q4 '14

% Change

Net operating profit (loss)

27.7

(186.8)

Asbestos:

Asbestos adjustments

63.5

322.0

Other asbestos

0.2

New Zealand weathertightness claims

(0.1)

1.1

Non-recurring stamp duty

4.2

Asbestos and other tax adjustments

(38.2)

(91.2)

Adjusted net operating profit

57.3

45.3

Three Months Ended 31 March

PAGE

RESULTS –

FULL YEAR

US$ Millions

FY15

FY14

% Change

Net sales

1,656.9

1,493.8

Gross profit

578.8

506.4

SG&A expenses

(245.5)

(224.4)

(9)

Research & development expenses

(31.7)

(33.1)

Asbestos adjustments

33.4

(195.8)

EBIT

335.0

53.1

Net interest expense

(7.5)

(1.1)

Other (expense) income

(4.9)

2.6

Income tax (expense) benefit

(31.3)

44.9

Net operating profit

291.3

99.5

Full Year Ended 31 March

Summary

Net sales increased 11%, favorably impacted by:

•

Higher sales volumes; and

•

Higher average net sales prices in the USA and Europe and

Asia Pacific Fiber Cement segments

Gross profit margin increased 100 bps impacted by:

•

Higher volumes and average net sales prices

•

Partially offset by higher input cots

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 reflect the impact of unrealized foreign

exchange and interest rate swap losses

•

Income tax expense increased primarily due to a reduction in the

unfavorable asbestos adjustments and a non-recurring favorable

tax adjustment in the prior period.

PAGE

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

RESULTS

–

FULL

YEAR

(continued)

Summary

Asbestos adjustments reflect:

•

New Zealand weathertightness moved from an expense to a benefit

due to:

•

Adjusted net operating profit increased 12%, largely due to:

•

US$ Millions

FY15

FY14

% Change

Net operating profit

291.3

99.5

Asbestos:

Asbestos adjustments

(33.4)

195.8

Other asbestos

1.1

(0.8)

New Zealand weathertightness claims

(4.3)

1.8

Non-recurring stamp duty

4.2

Asbestos and other tax adjustments

(37.5)

(99.1)

Adjusted net operating profit

221.4

197.2

Full Year Ended 31 March

•

A US$144.7 million favorable exchange rate difference as the

AUD/USD exchange rate decreased 17% compared to a 12%

decrease in the pcp.

A US$111.3 million unfavorable movement in the underlying

actuarial valuation

Favorable claims settlements

Higher rate of claim resolution, fewer open claims and a

continued reduction in the number of new claims received

20% increase in operating segment adjusted EBIT

US$14.6 million increase in adjusted tax expense

Other expense of US$7.5 million and gross interest expense of

US$5.8 million

PAGE

US INPUT COSTS

Discussion:

•

200

600

800

1,000

1,200

PULP

GAS

ELECTRIC

CEMENT

Quarterly US Input Costs

Input costs have generally trended higher than

the prior year

The price of NBSK pulp reached its peak during

the year, but has trended down slightly during

the fourth quarter

The cost of gas and electric for industrial users

increased above their historical four year

average in the current year

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:

400

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

USA Fiber Cement EBIT excludes asset impairments in Q4 FY13 and Full year 2013

Asia Pacific Fiber Cement EBIT excludes New Zealand weathertightness claims

SEGMENT

EBIT

–

QUARTER

and

FULL

YEAR

PAGE

USA and Europe Fiber Cement EBIT summary:

•

Quarter and full year EBIT increased by 39% and 21%,

respectively, when compared to pcp

•

The increase for the quarter was driven by favorable volume,

price and plant performance; partially offset by higher SG&A

•

The increase for the full year was driven by volume and price;

partially offset by higher production costs and SG&A

Asia Pacific Fiber Cement EBIT summary:

•

For both the quarter and full year EBIT increased 8% compared

to pcp

•

EBIT in local currency for the quarter and full year increased

22% and 15%, respectively, compared to pcp

162.5

237.0

285.9

100

150

200

250

300

350

FY13

FY14

FY15

Q4 EBIT

Full Year

37.8

57.2

79.6

USA and Europe Fiber Cement

16.7

18.4

19.9

74.9

82.9

89.8

100

FY13

FY14

FY15

Q4 EBIT

Full Year

Asia Pacific Fiber Cement

PAGE

Excludes Asbestos related expenses and adjustments, ASIC expenses and non-recurring stamp duty

SEGMENT

EBIT

–

QUARTER

and

FULL

YEAR

R&D summary:

General corporate costs:

(6.9)

(6.4)

(6.3)

(26.0)

(24.4)

(26.0)

(30)

(25)

(20)

(15)

(10)

(5)

FY13

FY14

FY15

Research and Development

Q4 EBIT

Full Year

(10.6)

(11.8)

(12.4)

(30.4)

(42.7)

(45.7)

(50)

(40)

(30)

(20)

(10)

FY13

FY14

FY15

General Corporate Costs

Q4 EBIT

Full Year

•

Results

for

both

the

quarter

and

full

year

results

increased

due

higher :

•

Continued broadly in line with historic trend

•

Fluctuations reflect normal variation and timing in number of R&D

projects in process in any given period

•

Compensation related expenses

•

Discretionary expenses

•

Foreign exchange losses

PAGE

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

Excludes tax effects of Asbestos and other tax adjustments

•

23.7% adjusted effective tax rate (ETR) for the year

•

Adjusted income tax expense and adjusted ETR increased

due to a higher proportion of taxable earnings in jurisdiction

with higher tax rates

•

The difference between adjusted income tax expense and

income tax expense decreased primarily due to lower

asbestos and other tax adjustments

•

Income taxes are paid and payable in Ireland, the US,

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

Q4’15

Q4’14

FY15

FY14

Operating profit (loss) before taxes

7.6

(265.6)

322.6

54.6

Asbestos:

Asbestos adjustments

63.7

322.2

(32.3)

195.0

NZ weathertightness claims

(0.1)

1.1

(4.3)

1.8

Non-recurring stamp duty

4.2

Adjusted net operating profit

before taxes

75.4

57.7

290.2

251.4

Adjusted income tax expense

(18.1)

(12.4)

(68.8)

(54.2)

Adjusted effective tax rate

24.0%

23.7%

21.6%

Income tax benefit (expense)

20.1

78.8

(31.3)

44.9

Income taxes paid

35.6

11.6

Income taxes payable

1.8

5.4

Three Months and Full Year Ended 31 March

21.5%

PAGE

CASHFLOW

•

Net income increased US$191.8 million compared

to prior year

•

Cash flow from operations includes US$113.0

million contribution to AICF paid in Q2’15

•

Higher use of working capital primarily driven by

accounts payable and inventory:

•

Interest payable on senior unsecured notes

•

Inventory as the result of:

•

FY15 Fontana plant commissioning

•

Inventory build for the anticipated

demand in FY16

•

Capital expenditures include plant capacity

expansions and land and building purchases at

Tacoma and Rosehill facilities

•

US$397.5 million gross debt position as of Q4’15

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

Includes capitalized interest and proceeds from sale of property, plant and equipment

(US$ Millions)

FY 2015

FY 2014

Change (%)

Net Income

291.3

99.5

Asbestos related

(33.0)

194.1

Annual AICF contribution

(113.0)

Depreciation & Amortization

70.9

61.4

Working Capital

(12.8)

31.3

Other non-cash items

(23.9)

(63.5)

(62)

Cash Flow from Operations

179.5

322.8

(44)

Capital Expenditures

(277.9)

(114.7)

Acquisition of a business

(4.1)

Free Cash Flow

(98.4)

204.0

Dividends Paid

(390.1)

(199.1)

(96)

Net proceeds from long-term debt

389.1

Share related activities

(3.6)

12.8

Free Cash Flow after Financing Activities

(103.0)

17.7

PAGE

FINANCIAL MANAGEMENT SUPPORTING GROWTH

Strong Financial

Management

Disciplined Capital

Allocation

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

Liquidity and

Funding

~$590 million of bank

facilities, 64% liquidity as of

Q4’15

2.4 year weighted average

maturity of bank facilities

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

•

Strong balance sheet position:

•

US$67.0 million of cash

•

US$590 million of bank debt facilities

•

US$325

million

year

unsecured

notes

•

64% liquidity as of Q4’15

•

As of Q4’15, we had net debt of US$330.5 million

compared to net cash of US$167.5 million at Q4’14

•

In Q4’15 we 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

Debt maturities as at Q4’15 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, US$125 million in Q1’20 and US$325 million in Q4’23

Callable from February 2018

Liquidity Profile

Full Year FY15

Cash

US$67.0 million

Total Combined Bank Facilities

US$590.0 million

Drawn Bank Facilities

US$75.0 million

Undrawn Bank Facilities

US$515.0 million

Weighted Average Interest Rate of drawn Bank Facilities

1.4%

Fixed / Floating Interest Ratio

106% fixed

Weighted Average Term (Bank Facilities)

2.4 years

Weighted Average Term (Total Facilities)

6.8 years

$50

$150

$225

$40

$125

$325

FY'16

FY'17

FY'18

FY'19

FY'20

FY'23

Debt

Maturity

Profile

PAGE

FUNDING ARRANGEMENTS

FY15

FY14

Central Estimate – Undiscounted and Uninflated

1,565.9

1,546.6

Provision for claims handling costs of AICF

33.7

35.2

Other US GAAP adjustments

28.3

23.3

Net assets of AICF

(11.1)

(15.4)

Contributions for asbestos research and education

2.1

1.8

Effect of tax

(555.8)

(529.5)

Net post-tax unfunded liability in A$

1,063.1

1,062.0

Exchange rate US$ per A$1.00

0.7636

0.9220

Net post-tax unfunded liability in US$ millions

811.7

979.2

A$ millions (except where stated)

Change in estimate –

NPV is now A$2,143 million.

Increased from A$1,870 million at 31 March 2014

The A$273 million increase reflects A$205 million

increase due to lower discount rates and A$68

million arising from actuarial valuation assumption

changes

Claims reporting for mesothelioma –

11% higher

than previous year, 11% higher than actuarial

estimates. Other disease types in line with

actuarial expectations in aggregate

Average claim settlement sizes are lower than

actuarial estimates across all disease types

Large mesothelioma claims are lower in number

and average claim size than actuarial estimates

ASBESTOS

FUND

–

PRO

FORMA

Claims Data

For the quarter and full year ended 31 March 2015,

we note the following related to asbestos claims:

•

Claims received during the full year were 9%

above actuarial estimates and the prior period

corresponding period

•

The higher reported mesothelioma claims

experience noted during FY’14 has continued for

the current full year

•

Average claim settlement is flat for the full year,

compared to the prior corresponding period

•

Actual dollars paid in compensation was 4%

above the full year actuarial estimate

1 Average claim settlement is derived as the total amount paid divided by the number of non-nil claim

2 This actuarial estimate is a function of the assumed experience by disease type and the relative mix of settlements assumed by disease type. Any variances in the assumed mix of

settlements by disease type will have an impact on the average claim settlement experience.

FY15

FY14

% Change

Claims received

665

608

(9)

Actuarial estimate for the period

610

540

(13)

Difference in claims received to actuarial

estimate

(55)

(68)

Average claim settlement

(A$)

254,000

253,000

Actuarial estimate for the period

(A$)

289,000

262,000

(10)

Difference in claims paid to actuarial estimate

35,000

9,000

Full Year Ended 31 March

PAGE

PAGE

Europe

Fiber

Cement

•

Fiscal

year

2016

addressable

markets

broadly

line

with

fiscal

year

2015

growth

rates,

with

some

improvement

the

new

construction

compared

fiscal

year

2015

•

McGraw

Hill

Construction

Residential

Starts

forecasted

between

1.1

million

and

1.2

million

•

Repair

and

Remodel

Market

continues

grow

between

and

compared

prior

corresponding

period

•

Input

costs

expected

broadly

flat

fiscal

year

2016,

though

commodity

prices

remain

highly

variable

•

Average

sales

price

expected

rise

between

and

3%,

subject

changes

product

mix

•

Segment

EBIT

margins

within

target

range

20%

25%

Asia

Pacific

Fiber

Cement

•

Asia

Pacific

businesses

will

continue

deliver

improved

results

line

with

growth

the

local

housing

and

alterations

and

additions

markets

the

regions

which

operate

Balance

Sheet

•

Conservative

leveraging

balance

sheet.

Gearing

within

1-2

times

adjusted

EBITDA,

with

corresponding

interest

expense

FY2016 KEY PLANNING ASSUMPTIONS

Addressable

starts

reflect

multi-family

low

and

single

family

homes.

excludes

multi-family

high.

FY15

new

construction

starts

were

1.0

million.

PAGE

•

Group

net

sales

increased

and

11%

for

the

quarter

and

full

year

respectively,

when

compared

the

prior

corresponding

periods

•

Group

adjusted

net

operating

profit

increased

26%

for

the

quarter

and

12%

for

the

full

year

when

compared

the

prior

corresponding

periods

•

Results

driven

strong

primary

demand

growth

and

the

continued

focus

across

our

plants

operational

management

and

cost

management

across

the

Company

•

Strong

financial

management

and

disciplined

capital

allocation

driven

by:

•

Investing

high

return

organic

growth

including

organizational

capability

•

Investing

our

manufacturing

network

and

capacity

expansion

across

our

and

Australian

businesses

•

Declared

second

half

ordinary

and

FY2015

special

dividend

SUMMARY

PAGE

FINANCIAL SUMMARY

Asia

Pacific

Fiber

Cement

EBIT

excludes

New

Zealand

weathertightness

claims

benefit

US$0.1

million

and

US$1.1

million

expense

‘15

and

Q4’14,

respectively

and

US$4.3

million

benefit

and

US$1.8

million

expense,

FY15

and

FY14,

respectively

Excludes

Asbestos

expenses

and

adjustments

and

non-recurring

stamp

duty

US$ Millions

Q4 '15

Q4 '14

% Change

FY15

FY14

% Change

Net Sales

USA and Europe Fiber Cement

325.1

288.2

1,276.5

1,127.6

Asia Pacific Fiber Cement

86.2

88.2

(2)

380.4

366.2

Total Net Sales

411.3

376.4

1,656.9

1,493.8

EBIT -

US$ Millions

USA and Europe Fiber Cement

79.6

57.2

285.9

237.0

Asia Pacific Fiber Cement

19.9

18.4

89.8

82.9

Research & Development

(6.3)

(6.4)

(26.0)

(24.4)

(7)

General Corporate

(12.4)

(11.8)

(5)

(45.7)

(42.7)

(7)

Adjusted EBIT

80.8

57.4

304.0

252.8

Net interest expense excluding AICF interest income

(4.4)

(0.9)

(8.9)

(4.0)

Other (expense) income

(1.0)

1.2

(4.9)

2.6

Adjusted income tax expense

(18.1)

(12.4)

(46)

(68.8)

(54.2)

(27)

Adjusted net operating profit

57.3

45.3

221.4

197.2

Three Months and Full Year Ended 31 March

PAGE

EBITDA –

FULL YEAR

Asia Pacific Fibre Cement EBIT excludes New Zealand weathertightness benefit of US$4.3 million in fiscal year 2015 and expense of US$1.8 million in fiscal year 2014.

EBITDA excluding Asbestos Adjustments, New Zealand weathertightness and non-recurring stamp duty

US$ Millions

FY15

FY14

% Change

EBIT

USA and Europe Fiber Cement

$ 285.9

$ 237.0

Asia Pacific Fiber Cement

89.8

82.9

Research & Development

(26.0)

(24.4)

(7)

General Corporate excluding asbestos and non-recurring stamp duty

(45.7)

(42.7)

(7)

Depreciation and Amortisation

USA and Europe Fiber Cement

60.9

53.1

Asia Pacific Fiber Cement

10.0

8.3

EBITDA

374.9

314.2

Asbestos adjustments

33.4

(195.8)

AICF SG&A expenses

(2.5)

(2.1)

(19)

New Zealand weathertightness claims

4.3

(1.8)

Non-recurring stamp duty

(4.2)

Total EBITDA

$ 405.9

$ 114.5

Full Year Ended 31 March

PAGE

DEFINITIONS AND OTHER TERMS

This

Management

Presentation

forms

part

package

information

about

the

company’s

results.

should

read

conjunction

with

the

other

parts

this

package,

including

the

Management’s

Analysis

Results,

Media

Release

and

Consolidated

Financial

Statements

Definitions

Non-financial Terms

AFFA

–

Amended and Restated Final Funding Agreement

AICF

–

Asbestos Injuries Compensation Fund Ltd

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

New

Zealand

that

allege

poor

building

design,

inadequate

certification

plans,

inadequate

construction

review

and

compliance

certification

and

deficient

work

sub-contractors

PAGE

DEFINITIONS AND OTHER TERMS

Financial Measures –

US GAAP equivalents

This

document

contains

financial

statement

line

item

descriptions

that

are

considered

non-US

GAAP,

but

are

consistent

with

those

used

Australian

companies.

Because

the

company

prepares

its

Consolidated

Financial

Statements

under

GAAP,

the

following

table

cross-references

each

non-US

GAAP

line

item

description,

used

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 Discussion and Analysis of Results

and Media Release

Consolidated Statements of Operations 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-US 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

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

GAAP

and

should

not

considered

meaningful

than

EBIT

and

EBIT

margin.

Management

has

included

these

financial

measures

provide

investors

with

alternative

method

for

assessing

its

operating

results

manner

that

focused

the

performance

its

ongoing

operations

and

provides

useful

information

regarding

its

financial

condition

and

results

operations.

Management

uses

these

non-US

GAAP

measures

for

the

same

purposes.

NON-US GAAP FINANCIAL MEASURES

US$ Millions

Q4 FY15

Q4 FY14

FY15

FY14

EBIT

12.6

(266.4)

335.0

53.1

Asbestos:

Asbestos adjustments

63.5

322.0

(33.4)

195.8

AICF SG&A expenses

0.6

0.7

2.5

2.1

New Zealand weathertightness claims

(0.1)

1.1

(4.3)

1.8

Non-recurring stamp duty

4.2

Adjusted EBIT

80.8

57.4

304.0

252.8

Net sales

411.3

376.4

1,656.9

1,493.8

Adjusted EBIT margin

19.6%

15.3%

18.3%

16.9%

Three Months and Full Year Ended 31 March

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

provide

investors

with

alternative

method

for

assessing

its

operating

results

manner

that

focused

the

performance

its

ongoing

operations.

Management

uses

this

non-US

GAAP

measure

for

the

same

purposes.

NON-US GAAP FINANCIAL MEASURES

US$ Millions

Q4 FY15

Q4 FY14

FY15

FY14

Net operating profit

27.7

(186.8)

291.3

99.5

Asbestos:

Asbestos adjustments

63.5

322.0

(33.4)

195.8

AICF SG&A expenses

0.6

0.7

2.5

2.1

AICF interest income, net

(0.4)

(0.5)

(1.4)

(2.9)

New Zealand weathertightness claims

(0.1)

1.1

(4.3)

1.8

Non-recurring stamp duty

4.2

Asbestos and other tax adjustments

(38.2)

(91.2)

(37.5)

(99.1)

Adjusted net operating profit

57.3

45.3

221.4

197.2

Three Months and Full Year Ended 31 March

PAGE

Adjusted

diluted

earnings

per

–

Adjusted

diluted

earnings

per

not

measure

financial

performance

under

GAAP

and

should

not

considered

meaningful

than

diluted

earnings

per

share.

Management

has

included

this

financial

measure

provide

investors

with

alternative

method

for

assessing

its

operating

results

manner

that

focused

the

performance

its

ongoing

operations.

Management

uses

this

non-US

GAAP

measure

for

the

same

purposes.

NON-US GAAP FINANCIAL MEASURES

Q4 FY15

Q4 FY14

FY15

FY14

Adjusted net operating profit (US$ millions)

57.3

45.3

221.4

197.2

Weighted average common shares outstanding -

Diluted (millions)

446.4

445.8

446.4

444.6

Adjusted diluted earnings per share (US cents)

Three Months and Full Year Ended 31 March

PAGE

Adjusted

effective

tax

rate

earnings

–

Adjusted

effective

tax

rate

earnings

not

measure

financial

performance

under

GAAP

and

should

not

considered

meaningful

than

effective

tax

rate.

Management

has

included

this

financial

measure

provide

investors

with

alternative

method

for

assessing

its

operating

results

manner

that

focused

the

performance

its

ongoing

operations.

Management

uses

this

non-US

GAAP

measure

for

the

same

purposes.

NON-US GAAP FINANCIAL MEASURES

US$ Millions

Q4 FY15

Q4 FY14

FY15

FY14

Operating profit before income taxes

7.6

(265.6)

322.6

54.6

Asbestos:

Asbestos adjustments

63.5

322.0

(33.4)

195.8

AICF SG&A expenses

0.6

0.7

2.5

2.1

AICF interest expense, net

(0.4)

(0.5)

(1.4)

(2.9)

New Zealand weathertightness claims

(0.1)

1.1

(4.3)

1.8

Non-recurring stamp duty

4.2

Adjusted operating profit before income taxes

75.4

57.7

290.2

251.4

Income tax benefit (expense)

20.1

78.8

(31.3)

44.9

Asbestos-related and other tax adjustments

(38.2)

(91.2)

(37.5)

(99.1)

Adjusted income tax (expense)

(18.1)

(12.4)

(68.8)

(54.2)

Effective tax rate

(264.5%)

29.7%

9.7%

(82.2%)

Adjusted effective tax rate

24.0%

21.5%

23.7%

21.6%

Three Months and Full Year Ended March

PAGE

Adjusted

EBITDA

–

not

measure

financial

performance

under

GAAP

and

should

not

considered

alternative

to,

meaningful

than,

income

from

operations,

net

income

cash

flows

defined

GAAP

measure

profitability

liquidity.

Not

all

companies

calculate

Adjusted

EBITDA

the

same

manner

James

Hardie

has

and,

accordingly,

Adjusted

EBITDA

may

not

comparable

with

other

companies.

Management

has

included

information

concerning

Adjusted

EBITDA

because

believes

that

this

data

commonly

used

investors

evaluate

the

ability

company’s

earnings

from

its

core

business

operations

satisfy

its

debt,

capital

expenditure

and

working

capital

requirements

NON-US GAAP FINANCIAL MEASURES

US$ Millions

Q4 FY15

Q4 FY14

FY15

FY14

EBIT

12.6

(266.4)

335.0

53.1

Depreciation and amortization

18.9

15.2

70.9

61.4

Adjusted EBITDA

31.5

(251.2)

405.9

114.5

Three Months and Full Year Ended 31 March

PAGE

Adjusted

selling,

general

and

administrative

expenses

–

Adjusted

selling,

general

and

administrative

expenses

not

measure

financial

performance

under

GAAP

and

should

not

considered

meaningful

than

selling,

general

and

administrative

expenses.

Management

has

included

these

financial

measures

provide

investors

with

alternative

method

for

assessing

its

operating

results

manner

that

focused

the

performance

its

ongoing

operations

and

provides

useful

information

regarding

its

financial

condition

and

results

operations.

Management

uses

these

non-US

GAAP

measures

for

the

same

purposes.

NON-US GAAP FINANCIAL MEASURES

US$ Millions

Q4 FY15

Q4 FY14

FY15

FY14

Selling, general and administrative expenses

68.8

61.9

245.5

224.4

Excluding:

New Zealand weathertightness claims benefit (expense)

0.1

(1.1)

4.3

(1.8)

AICF SG&A expenses

(0.6)

(0.7)

(2.5)

(2.1)

Non-recurring stamp duty

(4.2)

Adjusted selling, general and administrative expenses

64.1

60.1

243.1

220.5

Net Sales

411.3

376.4

1,656.9

1,493.8

Selling, general and administrative expenses as a percentage

of net sales

16.7%

16.4%

14.8%

15.0%

Adjusted selling, general and administrative expenses

as a percentage of net sales

15.6%

16.0%

14.7%

14.8%

Three Months and Full Year Ended 31 March