EX-99.1 2 d804079dex991.htm EX-99.1

INVESTOR PRESENTATION OCTOBER 2014 Exhibit 99.1

PAGE DISCLAIMER 2 This Management Presentation contains forward-looking statements. James Hardie may from time to time make forward-looking statements in its periodic reports filed with or furnished to the SEC, on Forms 20-F and 6-K, in its annual reports to shareholders, in offering circulars, invitation memoranda and prospectuses, in media releases and other written materials and in oral statements made by the company’s officers, directors or employees to analysts, institutional investors, existing and potential lenders, representatives of the media and others. Statements that are not historical facts are forward-looking statements and such forward- looking statements are statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include: • statements about the company’s future performance; • projections of the company’s results of operations or financial condition; • statements regarding the company’s plans, objectives or goals, including those relating to strategies, initiatives, competition, acquisitions, dispositions and/or its products; • expectations concerning the costs associated with the suspension or closure of operations at any of the company’s plants and future plans with respect to any such plants; • expectations concerning the costs associated with the significant capital expenditure projects at any of the company’s plants and future plans with respect to any such projects; • expectations regarding the extension or renewal of the company’s credit facilities including changes to terms, covenants or ratios; • expectations concerning dividend payments and share buy-backs; • statements concerning the company’s corporate and tax domiciles and structures and potential changes to them, including potential tax charges; • statements regarding tax liabilities and related audits, reviews and proceedings; • statements regarding the possible consequences and/or potential outcome of the legal proceedings brought against two of the company’s subsidiaries by the New Zealand Ministry of Education and the potential product liabilities, if any, associated with such proceedings; • expectations about the timing and amount of contributions to Asbestos Injuries Compensation Fund (AICF), a special purpose fund for the compensation of proven Australian asbestos-related personal injury and death claims; • expectations concerning indemnification obligations; • expectations concerning the adequacy of the company’s warranty provisions and estimates for future warranty-related costs; • statements regarding the company’s ability to manage legal and regulatory matters (including but not limited to product liability, environmental, intellectual property and competition law matters) and to resolve any such pending legal and regulatory matters within current estimates and in anticipation of certain third-party recoveries; and • statements about economic conditions, such as changes in the US economic or housing recovery or changes in the market conditions in the Asia Pacific region, the levels of new home construction and home renovations, unemployment levels, changes in consumer income, changes or stability in housing values, the availability of mortgages and other financing, mortgage and other interest rates, housing affordability and supply, the levels of foreclosures and home resales, currency exchange rates, and builder and consumer confidence.

PAGE DISCLAIMER (continued) 3 Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “aim,” “will,” “should,” “likely,” “continue,” “may,” “objective,” “outlook” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward-looking statements and all such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. Forward-looking statements are based on the company’s current expectations, estimates and assumptions and because forward-looking statements address future results, events and conditions, they, by their very nature, involve inherent risks and uncertainties, many of which are unforeseeable and beyond the company’s control. Such known and unknown risks, uncertainties and other factors may cause actual results, performance or other achievements to differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements. These factors, some of which are discussed under “Risk Factors” in Section 3 of the Form 20-F filed with the Securities and Exchange Commission on 26 June 2014, include, but are not limited to: all matters relating to or arising out of the prior manufacture of products that contained asbestos by current and former James Hardie subsidiaries; required contributions to AICF, any shortfall in AICF and the effect of currency exchange rate movements on the amount recorded in the company’s financial statements as an asbestos liability; governmental loan facility to AICF; compliance with and changes in tax laws and treatments; competition and product pricing in the markets in which the company operates; the consequences of product failures or defects; exposure to environmental, asbestos, putative consumer class action or other legal proceedings; general economic and market conditions; the supply and cost of raw materials; possible increases in competition and the potential that competitors could copy the company’s products; reliance on a small number of customers; a customer’s inability to pay; compliance with and changes in environmental and health and safety laws; risks of conducting business internationally; compliance with and changes in laws and regulations; the effect of the transfer of the company’s corporate domicile from The Netherlands to Ireland, including changes in corporate governance and any potential tax benefits related thereto; currency exchange risks; dependence on customer preference and the concentration of the company’s customer base on large format retail customers, distributors and dealers; dependence on residential and commercial construction markets; the effect of adverse changes in climate or weather patterns; possible inability to renew credit facilities on terms favourable to the company, or at all; acquisition or sale of businesses and business segments; changes in the company’s key management personnel; inherent limitations on internal controls; use of accounting estimates; and all other risks identified in the company’s reports filed with Australian, Irish and US securities agencies and exchanges (as appropriate). The company cautions you that the foregoing list of factors is not exhaustive and that other risks and uncertainties may cause actual results to differ materially from those referenced in the company’s forward-looking statements. Forward-looking statements speak only as of the date they are made and are statements of the company’s current expectations concerning future results, events and conditions. The company assumes no obligation to update any forward-looking statements or information except as required by law.

PAGE AGENDA • Global Strategy and Business Overview • USA & Europe Fiber Cement • Asia Pacific Fiber Cement • Capital Management Framework • Group Outlook and Guidance • Appendix 4 In this Management Presentation, James Hardie may present financial measures, sales volume terms, financial ratios, and Non-US GAAP financial measures included in the Definitions section of this document. The company presents financial measures that it believes are customarily used by its Australian investors. Specifically, these financial measures, which are equivalent to or derived from certain US GAAP measures as explained in the definitions, include “EBIT”, “EBIT margin”, “Operating profit before income taxes” and “Net operating profit”. The company may also present other terms for measuring its sales volume (“million square feet” or “mmsf” and “thousand square feet” or “msf”); financial ratios (“Gearing ratio”, “Net interest expense cover”, “Net interest paid cover”, “Net debt payback”, “Net debt (cash)”); and Non-US GAAP financial measures (“Adjusted EBIT”, “Adjusted EBIT margin”, “Adjusted net operating profit”, “Adjusted diluted earnings per share”, “Adjusted operating profit before income taxes”, “Adjusted effective tax rate on earnings”, “Adjusted EBITDA”, and “Adjusted selling, general and administrative expenses”. Unless otherwise stated, results and comparisons are of the first quarter of the current fiscal year versus the first quarter 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$1.6+b • Total assets US$2.0b • Strong cash generation • Operations in North America, Asia Pacific and Europe • 3,100 employees • Market cap US$6b • S&P/ASX 100 company • NYSE ADR listing Market capitalization as at 20 August 2014. Total assets and net cash as at 30 June 2014. Annual net sales equal 1QFY15 net sales annualised. Total assets exclude asbestos compensation A GROWTH FOCUSED COMPANY 6

PAGE Q1 Q1 % FY 2015 FY 2014 Change Adjusted net operating profit ² 50.1 52.0 (4) Adjusted diluted earnings per share (US cents) 11 12 US$ Millions Net operating profit reflects: • Higher sales volumes and average net sales prices in both the USA and Europe Fiber Cement and Asia Pacific Fiber Cement Segments • USA and Europe Fiber Cement EBIT margin of 21.2% • Asia Pacific Fiber Cement Segment EBIT margin of 21.7%³ • Increase in adjusted effective tax rate, changes in the fair value of interest rate swaps, and foreign currency losses ² Adjusted net operating profit excludes asbestos adjustments, New Zealand weathertightness claims and tax adjustments ³ Asia Pacific EBIT margin excludes New Zealand weathertightness claims Q1 FY15 GROUP NET OPERATING PROFIT 1 7 1 Comparisons are of the 1 st quarter of the current fiscal year versus the 1 st quarter of the prior fiscal year

PAGE USA and Europe 77% Asia Pacific 23% USA and Europe 77% Asia Pacific 23% 8 WORLD LEADER IN FIBER CEMENT USA & Europe Asia Pacific JHX Sales Office JHX Manufacturing Operations Geographic Mix¹ Net Sales EBIT ² DUBLIN 1 All percentages are for the 1 ST quarter ended 30 June 2014 ² EBIT – excludes research and development, asset impairments, asbestos-related items, New Zealand weathertightness claims and general corporate costs JHX Manufacturing Operations – Production Suspended

PAGE Research & Development: Significant and consistent investment 9 CREATING A SUSTAINABLE AND DIFFERENTIATED ADVANTAGE History of Fiber Cement Substrate Development James Hardie Siding Products • US$33.1m spent on Research & Development in FY14 • US$363.1m spent on Research & Development since 2000

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 ? ? ? ? ? ? ? ? ? ? ? ? ? ? 10 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 11

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 12 • Largest fiber cement producer in North America • 2,100 employees • 9 manufacturing plants¹ • 2 research and development facilities 1Q FY15 1Q FY14 Net Sales US$321.5m US$278.1 m EBIT US$68.0m US$59.4m EBIT Margin 21.2% 21.4%

PAGE Fiber Cement Share: 17% North America External Cladding Market Share North America Wood-Look Market Size Source: Internal estimates based on NAHB product usage data adjusted for regional market intelligence Source: Internal estimates based on NAHB product usage data adjusted for regional market intelligence 4.7BSF DRIVING CATEGORY AND MARKET SHARE GAINS 13 35/90 Plan Currently: • Grow fiber cement share to 35% of the exterior cladding market against other wood-looking siding alternatives • Maintain JHX’s category share at 90% • JHX wins ~90% of the fiber cement category, while fiber cement used in ~17% of the total market • Current estimate is wood-look siding (Wood, Vinyl and Fiber Cement) is 60-65% of total market.

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 Average Net Sales Price US$680 ACHIEVING THE RIGHT VALUE FOR OUR PRODUCTS 15 550 590 630 670 710 FY10 FY11 FY12 FY13 FY14 Q1 FY15

PAGE USA and Europe Fiber Cement Quarterly EBIT and EBIT Margin 1 USA AND EUROPE: DELIVERING STRONG RETURNS 16 EBIT EBIT Margin 0 5 10 15 20 25 30 35 0 10 20 30 40 50 60 70 80 FY09 FY10 FY11 FY12 FY13 FY14 FY15 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 • 985 employees • 5 manufacturing plants across Australia, New Zealand and the Philippines • 1 research and development facility EBIT and EBIT margin excludes New Zealand weathertightness claims 17 ASIA PACIFIC FIBER CEMENT SEGMENT 1Q FY15 1Q FY14 Net Sales US$95.3m US$94.1m EBIT US$20.7m US$21.1m EBIT Margin 21.7% 22.4% Asia Pacific Plant Locations

PAGE 1 EBIT and EBIT margin excludes New Zealand weathertightness claims EBIT EBIT Margin ASIA PACIFIC: DELIVERING STRONG RETURNS 18 Asia Pacific Fiber Cement Segment A$931 Average Net Sales Price Quarterly EBIT and EBIT Margin 1

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 JHX APPROACH TO CAPITAL MANAGEMENT 20 Objectives • To optimize our capital structure with a view towards a target net debt position in the range of 1-2 times EBITDA excluding asbestos Strategy • While reinvesting in R&D and capacity expansion required for growth; • Provide consistent dividend payments within the payout ratio of 50-70% of Adjusted Net Operating Profit; and • A continued commitment to share buy back program together with possible use of special dividends. Framework • Manage capital efficiency within a prudent and rigorous financial policy - Ensure sufficient liquidity to support financial obligations and execute strategy - Minimize cost of capital while taking into consideration current and future industry, market and economic risks and conditions - Fund CAPEX and reinvestment in our capacity and capability - Maintain flexibility to capitalize on market and strategic opportunities • Strong cash flow generation expected to continue and grow

PAGE JHX FY15 LIQUIDITY AND CAPITAL ALLOCATION Liquidity 21 • An ordinary dividend of US32.0 cents per security and a special dividend of US20.0 cents per security, totaling US$230.3 million, was paid on 08 August 2014 from FY14 earnings Dividends • During the quarter, we repurchased and cancelled 715,000 shares of our common stock under the May 2013 program, at a total cost A$9.8 million (US$9.1 million) and an average market price of A$13.69 (US$12.73) • In May 2014, we announced a new share buyback program to acquire up to 5% of our issued capital during the following 12 months Buybacks • With the addition of this facility, we have US$505.0 million of combined credit facilities available to us with a combined average tenor of 3.0 years • In May 2014, we added US$150.0 million of credit facilities intended to replace and augment an existing US$50.0 million credit facility which expired on 14 February 2014

PAGE USA and Europe Fiber Cement • The US operating environment continues to recover, but at a more modest pace than expected earlier this year • The recent flattening in housing activity has created some uncertainty about the pace of the recovery in the short-term • Our medium-term view on the recovery is unchanged. To capitalize on the growing market demand and anticipated market penetration, we continue to invest in additional manufacturing capacity across the US • EBIT to revenue margin is expected to remain within our target range of 20% - 25% for fiscal 2015, absent any major external factors Asia Pacific Fiber Cement • In Australia, net sales from the Australian business are expected to improve, tracking in line with expected growth in the detached housing market and an expected positive movement in the repair and remodel market • The New Zealand business is expected to deliver improved results supported by a stronger local housing market, particularly in Auckland and Christchurch, although at a more moderate rate of growth than prior year • The Philippines business is expected to grow, driven by increased penetration in to a relatively flat repair and remodel market, together with increased penetration into the growing residential high rise market JHX FY15 GROUP OUTLOOK 22

PAGE • Management expects full year Adjusted net operating profit to be between US$205 million and US$235 million assuming, among other things, housing industry conditions in the United States continue to improve at a more moderate level than originally assumed at the beginning of the year, and that an exchange rate at or near current levels is applicable for the remainder of the fiscal year • Management cautions that although the US market is recovering, uncertainties about the pace of the recovery in the short term remain. Further the market price for input costs remain volatile and continue to impact earnings • 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 JHX FY15 GUIDANCE 23

APPENDIX

PAGE 1 Excludes asbestos adjustments, AICF SG&A expenses, AICF interest income, New Zealand weathertightness claims and tax adjustments 2 Excludes asbestos adjustments, AICF SG&A expenses, and New Zealand weathertightness claims JHX KEY RATIOS 25 3 Months FY2015 3 Months FY2014 3 Months FY2013 11c 12c 10c EBIT/ Sales (EBIT margin) 17.1% 18.1% 17.0% Gearing Ratio (3.3)% (16.5)% (32.1)% Net Interest Expense Cover 79.1x 84.4x 57.7x Net Interest Paid Cover 89.0x 67.5x 115.4x EPS (Diluted) (US Cents) 1 1 2 2 2

PAGE FY10 FY11 FY12 FY13 FY14 Net Sales US$m 828 814 862 951 1,128 Sales Volume mmsf 1,304 1,248 1,332 1,489 1,697 Average Price US$ per msf ² 632 648 642 626 652 EBIT US$m¹ 209 160 163 163 237 EBIT Margin %¹ 25 20 19 17 21 26 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 million square feet (“mmsf”). As the revenue contribution of these ancillary products been increasing, the company believes the refined methodology provides an improved disclosure of average net sales price, in line with the company’s primary fibre cement business, which is a key segment performance indicator. The company has restated average net sales price in the prior periods to conform with the current calculation of average net sales price. USA AND EUROPE FIBER CEMENT – 5 YEAR RESULTS OVERVIEW Excludes asset impairment charges of US$14.3 million and US$16.9 million in FY12 and FY13, respectively

PAGE 1 Excludes New Zealand product liability expenses of US$5.4 million , US$13.2 million and US$1.8 million in FY12, FY13 and FY14, respectively 2 During the second quarter of FY14, the company refined its methodology for calculating average net sales price in both the USA and Europe and Asia Pacific Fiber Cement segments to exclude ancillary products that have no impact on fiber cement sales volume, which is measured and reported in million square feet (“mmsf”). As the revenue contribution of these ancillary products has been increasing, the company believes the refined methodology provides an improved disclosure of average net sales price, in line with the company’s primary fiber cement business, which is a key segment performance indicator. The company has restated average net sales price in the prior periods to conform with the current calculation of average net sales price. FY10 FY11 FY12 FY13 FY14 Net Sales US$m 297 353 376 370 366 Sales Volume mmsf 390 408 392 394 417 Average Price A$ per msf ² 886 906 906 901 930 EBIT US$m¹ 59 79 86 75 83 EBIT Margin %¹ 20 23 23 20 23 27 ASIA PACIFIC FIBER CEMENT – 5 YEAR RESULTS OVERVIEW

PAGE JHX 1 QUARTER FY15 GROUP RESULTS • Earnings impacted by: • Higher sales volumes and average sales prices across all business units; • Higher production costs, primarily due to higher market prices for input costs and plant inefficiencies; and • Higher organizational spend, primarily due to an increase in stock compensation expense and an increase in discretionary spend 28 ST • Continued capital expenditure on key production capacity projects across our business units • Decrease in cash generated by trading activities to US$83.6 million for the current three month period compared to US$87.9 million in the prior corresponding period • During the quarter we repurchased and cancelled 715,000 shares of our common stock, at a total cost A$9.8 million (US$9.1 million) and an average market price of A$13.69 (US$12.73) • An ordinary dividend of US32.0 cents per security and a special dividend of US20.0 cents per security, totaling US$230.3 million, was paid on 08 August 2014 from FY14 earnings

PAGE Highlights • Higher sales volumes; and • Higher average net sales prices in local currencies • Higher production costs; primarily higher market prices of input costs and plant inefficiencies • Higher stock compensation expenses caused by a 47% appreciation in our stock price versus prior year • Higher discretionary spend related to product and market development activities • Interest expense increased due to changes in the net debt position of AICF • Other expense increased largely as a result of realized and unrealized foreign exchange losses • Income tax expense increased 12% due to a higher effective tax rate JHX 1 QUARTER FY15 RESULTS 29 US$ Millions Q1 '15 Q1 '14 % Change Net sales 416.8 372.2 12 Gross profit 140.2 126.3 11 SG&A expenses (59.9) (54.9) (9) R&D expense (8.4) (9.0) 7 Asbestos adjustments (21.5) 94.5 EBIT 50.4 156.9 (68) Net interest (expense) income (1.1) 0.1 Other (expense) income (3.7) 0.1 Income tax expense (16.7) (14.9) (12) Net operating profit 28.9 142.2 (80) ST • Net sales increased 12% favorably impacted by: • Gross profit margin decreased 30 bps impacted by: • SG&A expenses increased: • Between EBIT and net operating profit:

PAGE 1 Includes AICF SG&A expenses and AICF interest expense, net Summary • 5% increases in operating segment EBIT • Higher general corporate costs, net interest and other income, and tax expenses JHX 1 QUARTER FY15 RESULTS (continued) 30 US$ Millions Q1 '15 Q1 '14 % Change Net operating profit 28.9 142.2 (80) Asbestos: Asbestos adjustments 21.5 (94.5) Other asbestos 1 0.8 (0.6) New Zealand weathertightness claims (benefit) expense (1.3) 4.6 Asbestos and other tax adjustments 0.2 0.3 (33) Adjusted net operating profit 50.1 52.0 (4) ST • Asbestos adjustments were favorable due to a 2% favorable change in the Australian dollar spot exchange rate against the US dollar from the beginning balance sheet date to the ending balance sheet date for the period. In the prior corresponding quarter the change in spot rates was 11% unfavorable. • The New Zealand weathertightness liability decreased as a result of higher rate of claim resolution, fewer open claims at the end of the quarter and continued reduction in the number of new claims received • Adjusted net operating profit decreased 4% due to:

PAGE 1 Asia Pacific Fiber Cement EBIT excludes New Zealand weathertightness claims of US$1.3 million benefit and US$4.6 million expense in Q1’FY15 and Q1’FY14, respectively 2 Research and development expenses include costs associated with core research projects that are designed to benefit all business units. These costs are recorded in the Research and Development segment rather than attributed to individual business units Summary An increase in stock compensation expenses due to a 40% appreciation in our stock price versus the prior year An increase in discretionary spend related to product and market development activities JHX 1 QUARTER FY15 - SEGMENT EBIT 31 US and Europe FC EBIT +14% driven by volume and price, partially offset by higher input costs and SG&A APAC Fiber Cement EBIT in local currency up 4% versus the prior year General corporate costs excluding asbestos higher primarily due to: US$ Millions Q1 ’15 Q1 ’14 % Change USA and Europe Fiber Cement 68.0 59.4 14 Asia Pacific Fiber Cement 1 20.7 21.1 (2) Research & Development 2 (6.8) (6.1) (11) General corporate costs excluding asbestos (10.7) (6.9) (55) Adjusted EBIT 71.2 67.5 5 Asbestos adjustments (21.5) 94.5 AICF SG&A expenses (0.6) (0.5) (20) New Zealand weathertightness claims benefit (expense) 1.3 (4.6) Total EBIT 50.4 156.9 (68) Net interest (expense) income (1.1) 0.1 Other (expense) income (3.7) 0.1 Income tax expense (16.7) (14.9) (12) Net operating profit 28.9 142.2 (80) ST

PAGE US$ Millions Q1 ’15 Q1 ’14 Operating profit before income taxes 45.6 157.1 Asbestos: Asbestos adjustments 21.5 (94.5) Other asbestos 1 0.8 (0.6) NZ weathertightness claims (benefit) expense (1.3) 4.6 Adjusted operating profit before income taxes 66.6 66.6 Income tax expense (16.7) (14.9) Asbestos and other tax adjustments 0.2 0.3 Income tax expense excluding tax adjustments (16.5) (14.6) Adjusted effective tax rate 24.8% 21.9% 1 Includes AICF SG&A expenses and AICF interest expense, net Summary JHX 1 QUARTER FY15 - INCOME TAX EXPENSE 32 Adjusted effective tax rate increased compared to the prior corresponding quarter due to a shift in the geographic mix of earnings. Income tax expense excluding tax adjustments increased compared to the prior corresponding quarter due to the higher adjusted effective tax rate applied to flat adjusted operating profit before income taxes ST

PAGE 1 JHX 1 ST QUARTER FY15 - CASHFLOW 33 US$ Millions Q1 ’15 Q1 ’14 EBIT 50.4 156.9 Non-cash items: Asbestos adjustments 21.5 (94.5) Other non-cash items 18.4 16.0 Net working capital movements (6.7) 9.5 Cash Generated By Trading Activities 83.6 87.9 Tax payments, net (1.9) (1.7) Change in other non-trading assets and liabilities (39.5) (16.7) Change in asbestos-related assets & liabilities (0.5) (0.9) Interest paid 0.8 (1.0) Net Operating Cash Flow 42.5 67.6 Purchases of property, plant & equipment (48.6) (26.1) Proceeds from sale of property, plant & equipment - 0.4 Common stock repurchased and retired (9.1) - Dividends paid (124.6) - Proceeds from issuance of shares 2.2 2.5 Tax benefit from stock options exercised 0.3 0.2 Effect of exchange rate on cash 1.9 (0.2) Movement In Net Cash (135.4) 44.4 Beginning Net Cash 167.5 153.7 Ending Net Cash 32.1 198.1

PAGE • We continued to spend on previously announced capital expansion projects at our Plant City, Florida, Cleburne, Texas and Carole Park, Queensland facilities • We continue to assess greenfield and brownfield projects across the US • In Q1 FY14, we completed the purchase of the previously-leased land and buildings at Carole Park, Brisbane plant and commenced investments to increase the plant’s production capacity • We are tracking in line with our plans to invest approximately US$200 million per year in capital expenditure over the next three years US$ Millions Q1 ’15 Q1 ’14 % Change USA and Europe Fiber Cement (including Research and Development) 38.5 11.6 Asia Pacific Fiber Cement 10.1 14.5 (30) Total 48.6 26.1 86 JHX 1 ST QUARTER FY15 - CAPITAL EXPENDITURE 34

PAGE The following major capacity expansion projects in the USA and Europe and Asia Pacific Fiber Cement businesses are in progress: JHX MANUFACTURING CAPACITY EXPANSION 35 US$65.0 million Approximate Investment Project Description Estimated Commission Date First half of fiscal 2016 First half of fiscal 2016 First half of fiscal 2016 Plant City, Florida – 4 th sheet machine and ancillary facilities Cleburne, Texas – 3 rd sheet machine and ancillary facilities Carole Park, Queensland – capacity expansion project US$37.0 million A$89.0 million

PAGE JHX NET DEBT/CASH At 30 June 2014: US$ Millions Total facilities 505.0 Gross debt - Cash 32.1 Net cash 32.1 Unutilised facilities and cash 537.1 36 • Weighted average remaining term of debt facilities was 3.0 years at 30 June 2014, up from 2.4 years at 31 March 2014 • We remain well within our financial debt covenants • Net cash of US$32.1 million compared to net cash of US$167.5 million at 31 March 2014 • Net cash position at 30 June 2014 was reduced to the extent of the May 2014 dividend payment of US$124.6 million • Subsequent to 30 June 2014, we moved into a net debt position, drawing US$320.0 million from our debt facilities to fund capital expenditures, dividend payments and the AICF contribution payment

PAGE • Year to date claims experience of liable entities were 2% above the 31 March 2014 actuarial forecast for FY2015 and 3% lower than the prior corresponding period • Readers are referred to Note 7 of our 30 June 2014 Condensed Consolidated Financial Statements for further information on asbestos claims experience 37 ASBESTOS FUND – PROFORMA (unaudited) A$ millions AICF cash and investments - 31 March 2014 65.5 Insurance recoveries 18.8 Interest expense, net (0.2) Claims paid (32.7) Operating costs (1.1) Other 1.6 AICF cash and investments - 30 June 2014 51.9

PAGE USA AND EUROPE INPUT COSTS Discussion 38 The information underlying the table above is sourced as follows: Quarterly US Input Costs 0 1 2 3 4 5 6 7 8 9 10 0 200 400 600 800 1,000 1,200 PULP GAS ELECTRIC • We are engaged in effective sourcing strategies to reduce the impact of increasing market prices • The cost of gas for industrial users has nearly doubled over the last 2 years • The price of NBSK pulp is at a three- year peak • Many of our input costs fluctuate in-line with commodity prices tracked by external indices; the chart to the left trends some of these external sources • Input costs are significantly up over the prior year, primarily driven by pulp, silica and cement • Electric – Cost per hundred kilowatt hour for industrial users – from US Energy Information Administration (May 2014 monthly data) • Gas – Cost per thousand cubic feet for industrial users – from US Energy Information Administration (May 2014 monthly data) • Pulp – Cost per ton – from RISI

PAGE ¹ Production was suspended at the Summerville plant in November 2008, it is anticipated the plant will be re-commissioned during the current cycle. It is not anticipated that the Blandon site (not shown) will be re-commissioned Flat Sheet Plant Capacity (mmsf) Plants operating Cleburne, Texas 466 Additional capacity by mid calendar year 2015 200 Peru, Illinois 560 Plant City, Florida 300 Additional capacity by mid calendar year 2015 300 Pulaski, Virginia 600 Reno, Nevada 300 Tacoma, Washington 200 Waxahachie, Texas 360 Fontana, California 1 250 Plant suspended Summerville, South Carolina 1 190 Flat Sheet Total 3,726 Plant Capacity USA AND EUROPE FIBER CEMENT – PLANT CAPACITY 39

PAGE TOTAL US HOUSING STARTS 40

PAGE DEFINITIONS AND OTHER TERMS Financial Measures – US GAAP equivalents Management's Analysis of Results and Consolidated Statements of Operations Media Release and Other Comprehensive Income (Loss) (US GAAP) Net sales Net sales Cost of goods sold Cost of goods sold Gross profit Gross profit Selling, general and administrative expenses Selling, general and administrative expenses Research and development expenses Research and development expenses Asbestos adjustments Asbestos adjustments EBIT * Operating income (loss) Net interest income (expense)* Sum of interest expense and interest income Other income (expense) Other income (expense) Operating profit (loss) before income taxes* Income (loss) before income taxes Income tax (expense) benefit Income tax (expense) benefit Net operating profit (loss)* Net income (loss) *- Represents non-U.S. GAAP descriptions used by Australian companies. 41 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:

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 42

INVESTOR PRESENTATION OCTOBER 2014