<SEC-DOCUMENT>0001628280-26-054392.txt : 20260806
<SEC-HEADER>0001628280-26-054392.hdr.sgml : 20260806
<ACCEPTANCE-DATETIME>20260806163624
ACCESSION NUMBER:		0001628280-26-054392
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20260806
DATE AS OF CHANGE:		20260806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			James Hardie Industries plc
		CENTRAL INDEX KEY:			0001159152
		STANDARD INDUSTRIAL CLASSIFICATION:	CONCRETE PRODUCTS, EXCEPT BLOCK & BRICK [3272]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15240
		FILM NUMBER:		261249847

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		1ST FLOOR, BLOCK A
		STREET 2:		ONE PARK PLACE, UPPER HATCH STREET
		CITY:			DUBLIN 2
		PROVINCE COUNTRY:   	L2
		ZIP:			D02 FD79
		BUSINESS PHONE:		353 1411 6924

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		1ST FLOOR, BLOCK A
		STREET 2:		ONE PARK PLACE, UPPER HATCH STREET
		CITY:			DUBLIN 2
		PROVINCE COUNTRY:   	L2
		ZIP:			D02 FD79

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAMES HARDIE INDUSTRIES SE
		DATE OF NAME CHANGE:	20100219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAMES HARDIE INDUSTRIES N.V.
		DATE OF NAME CHANGE:	20090508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARDIE JAMES INDUSTRIES NV
		DATE OF NAME CHANGE:	20010914
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>jhxresponsestatementom.htm
<DESCRIPTION>DEFA14A
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i1ad1f18bffc84136bc517adc5297078a_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:3pt double #000000;padding:0 1pt"></td></tr></table></div><div style="margin-top:1pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:16pt;font-weight:700;line-height:139%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:16pt;font-weight:700;line-height:139%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:139%">Washington, D.C. 20549</font></div><div style="margin-top:8pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">______________________________________________________________________</font></div><div style="margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:16pt;font-weight:700;line-height:139%">SCHEDULE 14A</font></div><div style="margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:139%">Filed by the Registrant </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:139%">x</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:139%">Filed by a Party other than the Registrant </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:139%">o</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:139%">Check the appropriate box&#58; </font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:13.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:83.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:132%">o</font></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:132%">Preliminary Proxy Statement</font></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:132%">o</font></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:24.52pt;padding-right:0.02pt;text-indent:-24.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </font></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:132%">o</font></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:24.52pt;padding-right:0.02pt;text-indent:-24.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:132%">Definitive Proxy Statement </font></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:700;line-height:132%">&#9745;</font></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:24.52pt;padding-right:0.02pt;text-indent:-24.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:132%">Definitive Additional Materials </font></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:132%">o</font></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:24.52pt;padding-right:0.02pt;text-indent:-24.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:132%">Soliciting Material under &#167;240.14a-12 </font></div></td></tr></table></div><div style="margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:20pt;font-weight:700;line-height:139%">JAMES HARDIE INDUSTRIES PLC</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:139%">(Name of Registrant as Specified In Its Charter)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:139%">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Payment of Filing Fee (Check the appropriate box)&#58; </font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:6.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:91.779%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:700;line-height:132%">&#9745;</font></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:132%">No fee required.</font></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:132%">o</font></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:132%">Fee paid previously with preliminary materials.</font></div></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:132%">o</font></div></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1pt;margin-top:2.15pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:132%">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</font></div></td></tr></table></div><div style="margin-top:6pt;text-align:center"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:3pt double #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="i1ad1f18bffc84136bc517adc5297078a_128"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:5pt;padding-left:301.5pt"><font><br></font></div><div style="margin-bottom:5pt;padding-right:2.77pt;text-indent:-0.5pt"><img alt="image_0a.gif" src="image_0a.gif" style="height:57px;margin-bottom:5pt;vertical-align:text-bottom;width:189px"></div><div style="margin-bottom:5pt;padding-right:2.77pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">James Hardie Industries plc</font></div><div style="padding-right:2.77pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> Floor, Block A,</font></div><div style="padding-right:2.77pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">One Park Place,</font></div><div style="padding-right:2.77pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Upper Hatch Street, Dublin 2, </font></div><div style="padding-right:2.77pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">D02 FD79, Ireland</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%"> </font></div><div style="padding-right:2.77pt"><font><br></font></div><div style="padding-right:2.77pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">T&#58; +353 (0) 1 411 6924</font></div><div style="padding-right:2.77pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">F&#58; +353 (0) 1 479 1128</font></div><div style="padding-right:2.77pt"><font><br></font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">6 August 2026</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Response to Ownership Matters Proxy Advisor Report</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Dear Shareholder,</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">We refer to the recently issued proxy research report published by Ownership Matters (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">OM</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">)&#160;for the upcoming Annual Meeting of James Hardie Industries plc (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">JHX</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;or the&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Company</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">) scheduled for 20 August 2026 (in the US) and 21 August 2026 (in Australia).&#160;We recognise that investors will carefully assess all relevant information before casting their vote.</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">OM has recommended to vote against the CEO&#8217;s Equity Grant (Proposal 4). </font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">We note that OM qualified their recommendation by acknowledging that some shareholders may wish to vote in favour of Proposal 4, given the material improvements to the LTI structure, including a substantial reduction in LTI opportunity and the removal of the previous cash-settled component of the LTI (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Scorecard LTI</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">), which they viewed as lacking transparency. </font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Following the disappointing voting outcomes at our 2025 Annual Meeting, the Board and leadership team undertook extensive engagement with our&#160;shareholders&#160;and proxy advisors to understand their concerns and inform the redesign of the company's compensation structure, including the CEO&#8217;s Equity Grant. We believe the revised proposal reflects that feedback and respectfully encourage shareholders to vote in favour of the CEO&#8217;s Equity Grant at the upcoming Annual Meeting.&#160;&#160;</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Proposal 4&#58; CEO&#8217;s Equity Grant</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">As&#160;demonstrated&#160;by the FY26 short-term incentive (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">STI</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">) and LTI outcomes, the Board applies a rigorous approach to setting and assessing&#160;executive&#160;remuneration, holding executives accountable for performance within their control.&#160;The non-vesting of the FY24-26 relative TSR PRSUs&#160;demonstrates&#160;a clear alignment between remuneration outcomes and shareholder returns.&#160;The Board also exercised negative discretion across the FY26 STI, FY24-26 ROCE PRSUs and the Scorecard LTI, applying a higher level of discretion to the CEO to reflect the heightened accountability associated with the role. </font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Board remains receptive to shareholder feedback on our LTI structure, and has a demonstrated track record of responding to investor concerns. This includes strengthening the ROCE hurdles in FY25 by increasing both threshold and maximum vesting levels and the comprehensive redesign of the FY27 LTI. Key changes include the removal of the Scorecard LTI, the introduction of a predominantly performance-based LTI structure for the CEO, and the alignment of performance goals with externally communicated guidance. </font></div><div style="height:99.36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-left:7.07pt;padding-right:7.07pt;text-align:center;text-indent:-14.15pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">James Hardie Industries plc is a limited liability company incorporated in Ireland with its registered office at <br>1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, D02 FD79, Ireland. </font></div><div style="padding-left:7.07pt;padding-right:7.07pt;text-align:center;text-indent:-14.15pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Directors&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Nigel Stein (UK) (Chair), Howard Heckes (USA), Gary Hendrickson (USA),</font></div><div style="padding-left:7.07pt;padding-right:7.07pt;text-align:center;text-indent:-14.15pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Renee Peterson (USA), John Pfeifer (USA), Suzanne B. Rowland (USA), Rob Sindel (AUS), Jesse Singh (USA).</font></div><div style="padding-left:7.07pt;padding-right:7.07pt;text-align:center;text-indent:-14.15pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Chief Executive Officer and Director&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Aaron Erter (USA)</font></div><div style="padding-left:7.07pt;padding-right:7.07pt;text-align:center;text-indent:-14.15pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Company number</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#58; 485719</font></div><div style="margin-bottom:6pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:155%">ARBN&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:155%"> 097 829 895</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">While we acknowledge that the grant of time-vesting RSUs and annual-LTI stock options to the CEO differs from typical Australian market practice, these design changes were made to respond directly to the shareholder feedback received during the extensive engagement process conducted by the Board after 2025 AGM, followed by a comprehensive review of the remuneration program conducted by the People &#38; Compensation Committee, with input from independent compensation consultants in Australia and U.S. The Board strongly believes that these awards strengthen alignment with long-term shareholder value creation, while adequately reflecting U.S. market practice. In particular, the stock options incorporate an inherent share price hurdle and only deliver value if the Company&#8217;s share price exceeds the strike price at vesting.</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In selecting the performance for the FY27 LTI, the Board considered the Company&#8217;s operating profile, investor base and primary market of operation. Adjusted EBITDA is a widely used financial performance measure in the U.S. market and is a key metric used by investors to assess operating performance and business valuation. Consistent with U.S. market practice, the Board does not publicly disclose forward-looking performance targets, as these are commercially sensitive and could affect the Company&#8217;s competitive position. </font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Board also disagrees with&#160;OM&#8217;s assertions that&#160;the average annual adjusted EBITDA growth targets create a risk of perverse outcomes or that adjusted EBITDA is, in principle, an unsatisfactory or inappropriate LTI measure because it does not account for capital employed. Adjusted EBITDA is not intended to measure capital efficiency. Capital efficiency is assessed separately through the ROIC component of the LTI, while shareholder outcomes are measured through the relative TSR component. The purpose of the EBITDA measure is to reward the consistent delivery of annual operating performance throughout the three-year performance period, rather than focusing solely on the cumulative outcome at the end of FY29. The Board deliberately adopted this approach in light of the heightened uncertainty currently affecting the North American housing market. The Board does not believe it is appropriate for strong operational performance delivered over multiple years to be entirely negated by a single subsequent year or for significant over performance in one year to remove the need to perform in the others. The averaging approach recognises sustained value creation across the performance period while ensuring that weaker performance in any individual year appropriately reduces, but does not necessarily eliminate, vesting.</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The design principle is simple - our incentive metrics mirror the measures we report to the market, enabling investors to compare remuneration outcomes directly against our public guidance and results. We emphasise that the adjustments are not a payout cushion. In FY26, Adjusted Net Income (net income measured on the adjusted basis) remained below threshold, resulting in no payout.</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Finally, the Board&#160;retains&#160;downward discretion for these awards&#160;where a formulaic assessment would result in an&#160;inappropriate or unintended outcome. As demonstrated by the application of negative discretion in FY26, the Board remains committed to ensuring remuneration outcomes appropriately reflect company performance, executive accountability and shareholder experience.</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Conclusion&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Board&#160;remains&#160;focused on its core role of acting in the best interests of shareholders as we continue to realise our strategy of being homeowner focused, customer and contractor driven. For the reasons set out above and in the Notice of Meeting,&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">the Board encourages shareholders to vote &#8220;FOR&#8221;&#160;all&#160;Resolutions&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">as per the proxy statement&#47;voting instructions at our 2026 Annual Meeting.&#160;</font></div><div style="height:99.36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div><div><font><br></font></div></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Should you have any further questions in relation to these resolutions or any other proposals on this year&#8217;s voting ballot, please contact Luke Thrum, Director, Investor Relations, at +61 447 894 834 or Luke.Thrum&#64;jameshardie.com.au&#160;for APAC or Bill Seymour, Vice President, Investor Relations, at +1 312 856 7460 or Bill.Seymour&#64;jameshardie.com, for the&#160;U.S.&#160;&#160;&#160;</font></div><div style="margin-bottom:5pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Thank you for your continued support and we look forward to engaging with you.&#160;&#160;</font></div><div style="padding-left:0.5pt;text-indent:-0.7pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Sincerely,</font></div><div style="padding-left:0.5pt;text-indent:-0.7pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;</font></div><div style="padding-left:0.5pt;text-indent:-0.7pt"><img alt="nmssignaturea.jpg" src="nmssignaturea.jpg" style="height:73px;margin-bottom:5pt;vertical-align:text-bottom;width:160px"></div><div style="padding-left:0.5pt;text-indent:-0.7pt"><font><br></font></div><div style="padding-right:1.6pt;text-indent:-0.7pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Nigel Stein</font></div><div style="padding-right:1.6pt;text-indent:-0.7pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Independent Non-Executive Chair</font></div><div style="height:99.36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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