![]() INVESTOR
PRESENTATION  JULY 2015 
Exhibit 99.4   | 
  ![]() PAGE  DISCLAIMER  2  FORWARD-LOOKING STATEMENTS   This Investor 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 companys 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 companys future performance;      projections of the companys results of operations or
financial condition;     
statements regarding the companys 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 companys 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 companys plants and future plans   with respect to any such projects;      expectations regarding the extension or renewal of the
companys credit facilities including changes to terms, covenants or ratios;      expectations concerning dividend payments and share buy-backs;      statements concerning the companys 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 companys
warranty provisions and estimates for future warranty-related costs;  
   statements regarding the companys 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 companys 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 companys 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 21 May 2015, 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 companys 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
companys products; reliance on a small number of   customers; a
customers 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 companys 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 companys 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 companys key management personnel; inherent limitations
on internal controls; use of accounting estimates; and   all other risks
identified in the companys 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
companys forward-looking statements. Forward-looking statements speak only   as of the date they are made and are statements of the companys 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  Investor  Presentation,  the  company  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  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$1.66b    Total assets US$2.0b     Strong cash generation    Operations in North America, Asia Pacific and   Europe    3,178 employees    Market cap US$6.3b (approx)    S&P/ASX 100 company    NYSE ADR listing      Market capitalization as at 24 June 2015. Total assets and employees as at 31 March 2015. Annual net sales for full year ended 31 March 2015.
  Total assets exclude asbestos compensation 
A GROWTH FOCUSED COMPANY 
6   | 
  ![]() PAGE  GROUP OVERVIEW  7   | 
  ![]() PAGE    Group  net  sales  increased  9%  and  11%  for  the  quarter  and  full  year,  respectively,  compared  to  pcp¹    Group  adjusted  net  operating  profit  increased  US$12.0  million  to  US$57.3  million  for  the  quarter   and  US$24.2  million  to  US$221.4  million  for  the  full  year,  when  compared  to  pcp¹    Announced   dividends  of a second half ordinary for US27.0 cents per security and a 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 by strong primary demand growth and the continued focus across our plants on  
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  FY15 AND Q4 RESULTS -  KEY THEMES   8  1     Prior corresponding period(s)   | 
  ![]() PAGE  9  WORLD LEADER IN FIBER CEMENT  USA & Europe  Asia Pacific  JHX Sales Office  JHX   Manufacturing  Operations    Production   Suspended  JHX Manufacturing Operations  1   All percentages are for the full year ended 31 March 2015  ² EBIT   excludes research and development, asbestos-related items, New Zealand weathertightness claims and non-recurring stamp duty 
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  ![]() PAGE  Research & Development: Significant and consistent investment 
  US$31.7m spent on Research & Development in FY15    US$394.8m spent on Research & Development since 2000  10  CREATING A SUSTAINABLE AND DIFFERENTIATED   ADVANTAGE  History of Fiber Cement Substrate Development   James Hardie  Siding Product   | 
  ![]() 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    2,267 employees     9 manufacturing plants¹    2 research and development   facilities  FY15  FY14  Net Sales  US$1,277m  US$1,128m  EBIT  US$286m  US$237m  EBIT Margin   (US$)  22.4%  21.0%   | 
  ![]() PAGE  Rolling 12 month average of seasonally adjusted estimate of housing starts by US Census Bureau 
AGGRESSIVELY GROWING DEMAND FOR OUR PRODUCTS 
14  USA Fiber Cement  Top Line Growth   | 
  ![]() PAGE  USA and Europe Fiber Cement  ACHIEVING THE RIGHT VALUE FOR OUR PRODUCTS  15  Executing on pricing strategy 
 ~4% increase realized in FY15   | 
  ![]() PAGE  USA AND EUROPE: DELIVERING STRONG RETURNS  16  EBIT Margins remain within our 20% to 25% target range  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   | 
  ![]() PAGE    941 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  17  ASIA PACIFIC FIBER CEMENT SEGMENT  Asia Pacific Plant Locations  FY15  FY14  Net Sales  A$435m  A$392m  EBIT  A$103m  A$89m  EBIT Margin  (A$)  23.6%  22.6%   | 
  ![]() 1 
  EBIT  and  EBIT  margin  excludes  New  Zealand  weathertightness  claims  ASIA PACIFIC: DELIVERING STRONG RETURNS  Asia Pacific Fiber Cement Segment  18  PAGE   | 
  ![]() PAGE  Ceilings and partitions  Philippines  Exterior cladding  Australia  General purpose flooring  Australia  New Zealand  Interior walls  19  TARGETTING THE RIGHT PRODUCT INTO THE RIGHT   MARKET  Asia Pacific Core Markets   | 
  ![]() PAGE  FINANCIAL MANAGEMENT SUPPORTING GROWTH  20  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, 64% liquidity as   of Q415  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  US  &  Europe  Fiber  Cement    Fiscal  year  2016  addressable  markets  broadly  in  line  with  fiscal  year  2015  growth  rates,  with  some  improvement  in  the  US  new  construction  compared  to  fiscal  year  2015  1    McGraw  Hill  Construction  US  Residential  Starts  forecasted  to  be  between  1.1  million  and  1.2  million  2    Repair  and  Remodel  Market  continues  to  grow  between  3%  and  4%  compared  to  prior  corresponding  period    Input  costs  expected  to  be  broadly  flat  in  fiscal  year  2016,  though  commodity  prices  remain  highly  variable    Average  sales  price  expected  to  rise  between  2%  and  3%,  subject  to  changes  in  product  mix    Segment  EBIT  margins  within  target  range  of  20%  to  25%  Asia  Pacific  Fiber  Cement    Asia  Pacific  businesses  will  continue  to  deliver  improved  results  in  line  with  growth  in  the  local  housing  and  alterations  and  additions  markets  of  the  regions  in  which  we  operate  Balance  Sheet    Conservative  leveraging  of  balance  sheet.  Gearing  to  be  within  1-2  times  adjusted  EBITDA,  with  corresponding  interest  expense  FY16 KEY PLANNING ASSUMPTIONS  21  1  Addressable starts reflect multi-family low and single family homes. It excludes multi-family high. 
2  FY15 new construction starts were 1.0 million.   | 
  ![]() APPENDIX   | 
  ![]() PAGE  1  Excludes asbestos adjustments, AICF SG&A expenses, AICF interest income, New Zealand weathertightness claims, tax adjustments and
non-recurring stamp duty  2 
Excludes asbestos adjustments, AICF SG&A expenses,  New Zealand
weathertightness claims and non-recurring stamp duty  KEY
RATIOS  23 
2015  2014  2013  EPS (Diluted)  1  (US Cents)  50c   44c  32c  Dividend Paid per share   88c  45c  43c  Return on Shareholders Funds  1  14.6%  48.1%  34.9%  Return on Capital Employed  2  28.6%  23.8%  17.2%  EBIT/ Sales (Adjusted EBIT margin)  2  18.3%  16.9%  13.7%  Gearing Ratio  1  20.5%  (19.4%)  (12.9%)  Net Interest Expense Cover  2  34.2x  63.2x  39.3x  Net Interest Paid Cover  2  66.1x  -  -  Net Debt Payback  1.0x  -  -  Full Year Ended 31 March     | 
  ![]() PAGE  FY11  FY12  FY13  FY14  FY15  Net Sales  US$m  814  862  951  1,128  1,277  Sales Volume  mmsf  1,248  1,332  1,489  1,697  1,850  Average  Price  US$ per msf ²  648  642  626  652  675  EBIT  US$m¹  160  163  163  237  286  EBIT Margin %¹  20  19  17  21  22  24  1  Excludes asset impairment charges of US$14.3 million and US$16.9 million in FY12 and FY13, respectively 
2  During the second quarter of FY14, the company refined its methodology for calculating average net sales price in both the USA and Europe and
Asia Pacific Fiber   Cement segments to exclude ancillary products that
have no impact on fiber cement sales volume, which is measured and reported in mmsf. As the revenue   contribution of these ancillary products   has been increasing, the company believes the refined methodology provides an improved disclosure of average net sales  
price, in line with the companys primary fibre cement business, which is a key
segment performance indicator. The company has restated average net sales price in   the prior periods to conform with the current calculation of average net sales price. 
USA AND EUROPE FIBER CEMENT  
5 YEAR RESULTS   OVERVIEW   | 
  ![]() PAGE  FY11  FY12  FY13  FY14  FY15  Net Sales  US$m  353  376  370  366  380  Sales Volume  mmsf  408  392  394  417  456  Average  Price  A$ per msf  1  906  906  901  930  942  EBIT  US$m  2  79  86  75  83  90  EBIT Margin  %  2  23  23  20  23  24  25  ASIA  PACIFIC  FIBER  CEMENT    5  YEAR  RESULTS  OVERVIEW  1  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 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
companys 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.       Excludes New Zealand weathertightness claims of US$5.4 million , US$13.2 million , US$1.8 million and US$4.3 million in FY12, FY13,
FY14 and   FY15, respectively
   | 
  ![]() PAGE  Summary  Net sales increased 9%, favorably impacted by:    Higher sales volumes     Higher average net sales prices in local currencies in both the   USA and Europe and Asia Pacific Fiber Cement segments  Gross profit margin increased 380 bps impacted by:    Economies of scale through increased volume    Improved plant performance    Higher average net sales price in the USA and Europe    Partially offset  by higher input costs  SG&A expenses increased primarily due to:    Higher compensation and discretionary expenses    Higher realized losses on foreign currency transactions caused   by the strengthening of the US dollar  Non-operating expenses:    Interest expense increased related to our debt position    Income tax benefit decreased primarily driven by a reduction in   the unfavorable asbestos adjustments compared to the prior   corresponding quarter  RESULTS FOR THE 4   QUARTER  26  th  US$ Millions    Q4 '15   Q4 '14   % Change   Net sales    411.3   376.4   9   Gross profit    152.5   125.5   22   SG&A expenses    (68.8)  (61.9)  (11)  Research & development expenses    (7.6)  (8.0)  5   Asbestos adjustments    (63.5)  (322.0)  80   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     | 
  ![]() PAGE  1     Includes AICF SG&A expenses and AICF interest income, net  RESULTS FOR THE 4   QUARTER (continued)  27  Summary  Asbestos adjustments reflects:    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  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$4.0 million  US$ Millions    Q4 '15   Q4 '14   % Change   Net operating profit (loss)   27.7   (186.8)  Asbestos:    Asbestos adjustments    63.5   322.0   80   Other asbestos  ¹  0.2   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   26   th  Three Months Ended 31 March     | 
  ![]() PAGE  RESULTS   FULL YEAR  28  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.  .  US$ Millions    FY15   % Change   Net sales    1,656.9   1,493.8   11   Gross profit    578.8   506.4   14   SG&A expenses    (245.5)  (224.4)  (9)  Research & development expenses    (31.7)  (33.1)  4   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    FY14    | 
  ![]() PAGE  1     Includes AICF SG&A expenses and AICF interest income, net  RESULTS   FULL YEAR (continued)  29  Summary  Asbestos adjustments reflect:    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  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 12%, largely due to:     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$5.8 million  US$ Millions    FY15   FY14   % Change   Net operating profit   291.3   99.5   Asbestos:    Asbestos adjustments   (33.4)  195.8   Other asbestos  1  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)  62   Adjusted net operating profit   221.4   197.2   12   Full Year Ended 31 March     | 
  ![]() PAGE  GROSS PROFIT -  GROUP  30    Gross  profit  margins  remain  strong,  expanding  above  primary  demand  growth  rates    Price  improvements  continue  as  we  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,  however,  as  we  continue  to  focus  on  cost  management  and  operational  excellence,  plant  performance  remains  on  a  positive  trend  line  $101.8  $152.5   31.2%   37.1%   28.0  29.0  30.0  31.0  32.0  33.0  34.0  35.0  36.0  37.0  38.0  -  20.0  40.0  60.0  80.0  100.0  120.0  140.0  160.0  180.0  Q4 FY13  Q4 FY14  Q4 FY15   | 
  ![]() PAGE  1  Includes Asbestos adjustments, AICF SG&A expenses and AICF interest expense, net 
2  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   31  Q415   Q414   FY15   FY14   Operating profit (loss) before taxes   7.6   (265.6)  322.6   54.6   Asbestos:   Asbestos adjustments  1  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   -  4.2   -  Adjusted net operating profit   before taxes   75.4   57.7   290.2   251.4   Adjusted income tax expense  2  (18.1)  (12.4)  (68.8)  (54.2)  Adjusted effective tax rate   24.0%  21.5%  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    | 
  ![]() PAGE  1  CASHFLOW  32    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 Q215    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$397.5 million gross debt position as of   Q415  1  Includes Asbestos Adjustments and changes in asbestos-related assets and liabilities 
2  Includes capitalized interest and proceeds from sale of property, plant and equipment 
(US$ Millions)  
FY 2015   FY 2014   Change (%)   Net Income   291.3   99.5   Asbestos related  1  (33.0)  194.1   Annual AICF contribution   (113.0)  -  Depreciation & Amortization   70.9   61.4   15   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  2  (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  FY15 KEY GLOBAL CAPEX PROJECTS  33  Project Description  Full Year FY15   Plant  City,  Florida  -  4  sheet  machine  and  ancillary  facilities   th  US$46.4 million  Cleburne, Texas -  3  rd  sheet machine and ancillary facilities   US$24.7 million  Carole Park, Queensland -  Capacity expansion project   US$36.2 million  Tacoma, Washington -  Land and buildings  US$28.3 million  Rosehill, New South Wales -  Land and buildings  US$37.5 million  Total capacity expansion spend  US$173.1 million   | 
  ![]() PAGE  CAPEX  34    Continuing to invest in capacity expansion in   the US 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  $65.8   $107.3   $103.1   Land and Buildings  Capacity  Maintenance & Other  CAPEX  Spend  -  Full  Year  FY15   | 
  ![]() PAGE  US INPUT COSTS  Discussion:    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  35  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  Quarterly US Input Costs  0  200  400  600  800  1,000  1,200  0  1  2  3  4  5  6  7  8  9  10  PULP  GAS  ELECTRIC  CEMENT   | 
  ![]() PAGE  ASBESTOS COMPENSATION  SUMMARY    Updated actuarial report completed as at 31 March 2015    Undiscounted and uninflated central estimate increased to US$1.566 billion from US$1.547 billion 
  Total contributions of US$113.0 million were made to AICF during FY2015 from our FY2014 free  
cash flow    From the time AICF was established in February 2007, we have contributed A$718.1 million to the  
fund*  *As at 31 March 2015  36   | 
  ![]() PAGE  ASBESTOS FUND   PRO FORMA   37  Claims Data  For the quarter and full year ended 31 March 2015,   we note the following related to asbestos claims:    Claims received during the full year were 9%   above actuarial estimates and the prior period   corresponding period    The higher reported mesothelioma claims   experience noted during FY14 has continued   for the current full year    Average claim settlement is flat for the full   year, compared to the prior corresponding   period    Actual dollars paid in compensation was 4%   above the full year actuarial estimate  1       Average claim settlement is derived as the total amount paid divided by the number of non-nil
claim  2       This actuarial estimate is a
function of the assumed experience by disease type and the relative mix of settlements assumed by disease type. Any variances in the assumed mix of   settlements by disease type will have an impact on the average claim settlement experience. 
FY15   FY14   % Change   Claims received  665   608   (9)  Actuarial estimate for the period  610   540   (13)  Difference in claims received to actuarial   estimate  (55)  (68)  19   Average claim settlement  (A$)  254,000   253,000   Actuarial estimate for the period  (A$)  289,000   262,000   (10)  Difference in claims paid to actuarial estimate  35,000   9,000   Full Year Ended 31 March    1  2   | 
  ![]() PAGE  ASBESTOS CASH MOVEMENTS FOR FULL YEAR ENDED 31 MARCH  A$ millions   AICF cash and investments - 31 March 2014   65.5   Contribution to AFFA by James Hardie   119.9   Insurance recoveries   33.2   Loan Drawdowns   17.7   Loan Repayments   (51.0)  Interest income, net   1.6   Claims paid   (154.3)  Operating costs   (4.7)  Other   1.0   AICF cash and investments - 31 March 2015   28.9   On 1 July 2015, James Hardie contributed A$81.1m to AICF in accordance with the AFFA. 
38   | 
  ![]() PAGE  DEFINITIONS AND OTHER TERMS  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  in  New  Zealand  that  allege  poor  building  design,  inadequate  certification  of  plans,  inadequate  construction  review  and  compliance  certification  and  deficient  work  by  sub-contractors  39   | 
  ![]() 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  Consolidated  Financial  Statements  under  US  GAAP,  the  following  table  cross-references  each  non-US  GAAP  line  item  description,  to  the  equivalent  US  GAAP  financial  statement  line  item  description  used  in  the  companys  Condensed  Consolidated  Financial  Statements:  40  Management's Discussion and Analysis   of Results and Media Release  Consolidated Statements of Operations 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   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  41   | 
  ![]() 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 FINANCIAL MEASURES 
42  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  -  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  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 FINANCIAL MEASURES  43  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  -  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  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.  44  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)   13  10  50  44  Three Months and Full Year Ended 31 March   | 
  ![]() 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.  45  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  -  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    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  companys  earnings  from  its  core  business  operations  to  satisfy  its  debt,  capital  expenditure  and  working  capital  requirements  NON-US GAAP FINANCIAL MEASURES  46  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  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 FINANCIAL MEASURES  47  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)  -  (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   | 
  ![]() INVESTOR
PRESENTATION  JULY 2015   |