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 James Hardie today announced results for the fourth quarter of fiscal 
 year 2017 and the full year ended 31 March 2017:
 
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 Group Adjusted net operating profit of US$54.6 million for the quarter 
 and US$248.6 million for the full year, a decrease of 6% for the 
 quarter and an increase of 2% for the full year, compared to the prior 
 corresponding periods ("pcp");
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 Group Adjusted EBIT of US$77.1 million for the quarter and US$354.3 
 million for the full year, a decrease of 8% for the quarter and an 
 increase of 1% for the full year, compared to pcp;
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 Group net sales of US$494.3 million for the quarter and US$1,921.6 
 million for the full year, an increase of 13% and 11%, respectively, 
 compared to pcp;
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 North America Fiber Cement Segment volume for the quarter and full 
 year increased 12% and 13%, respectively, compared to pcp;
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 North America Fiber Cement Segment net sales of US$387.7 million for 
 the quarter and US$1,493.4 million for the full year, an increase of 
 12% for the quarter and full year, compared to pcp;
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 North America Fiber Cement Segment EBIT margin of 19.6% for the 
 quarter and 23.0% for the full year; and
 </li>
 <li xmlns="http://www.w3.org/1999/xhtml" class="bwlistitemmargb">
 International Fiber Cement Segment EBIT margin of 23.0% for the 
 quarter and 23.1% for the full year.
 </li>
 </ul>
 
 CEO Commentary
 
 
 James Hardie CEO Louis Gries said, "Our North America Fiber Cement 
 Segment delivered strong top-line performance as fourth quarter and full 
 year net sales were both up 12% versus prior corresponding periods. The 
 volume and net sales growth was driven by underlying market growth and 
 continued improvement in our commercial execution resulting in improved 
 market penetration.
 
 
 "During the year we significantly increased our manufacturing capacity 
 with the addition of four new brownfield lines that will drive a high, 
 longer term, return on capital for the company. However, this capacity 
 growth created challenges for our North America manufacturing network as 
 we accelerated commissioning of new capacity and overall performance of 
 the network lagged fiscal year 2016 performance. These increased 
 manufacturing costs along with increased investment in marketing 
 development programs, in both the quarter and full year, resulted in 
 EBIT decreasing 2% and 11% for the full year and fourth quarter, 
 respectively. Improving the performance of our North America 
 manufacturing network remains a key focus for the business going 
 forward."
 
 
 He added, "Within our International Fiber Cement business, net sales 
 increased 18% for the fourth quarter and 9% for the full year. 
 Furthermore, EBIT increased 21% for the quarter and 22% for the full 
 year. This strong performance was driven by our Australian and New 
 Zealand businesses net sales growth and the non-recurrence of Carole 
 Park start-up costs reported in the prior corresponding periods."
 
 
 Mr. Gries concluded, "Our group results for the full year reflected 
 strong top line growth and cash generation, and $276.6 million returned 
 to shareholders through dividends and share buybacks, while EBIT margin 
 and Adjusted NOPAT were below internal expectations as North America 
 incurred higher production costs as we continued to increase our 
 capacity."
 
 
 Outlook
 
 
 We expect the modest market growth and more prolonged recovery of the US 
 housing market to continue into fiscal year 2018. The single family new 
 construction market and repair and remodel market are expected to grow 
 similar to the year-on-year growth experienced in fiscal year 2017. The 
 Company expects new construction starts between approximately 1.2 and 
 1.3 million.
 
 
 We expect our North America Fiber Cement segment EBIT margin to be in 
 our stated target range of 20% to 25% for fiscal year 2018. This 
 expectation is based upon the Company continuing to drive improved 
 operating performance in its plants, stable exchange rates and input 
 cost trends.
 
 
 Net sales from the Australian business are expected to trend in line 
 with the average growth of the domestic repair and remodel and single 
 family detached housing markets in the eastern states of Australia. 
 Similarly, growth in the New Zealand business is expected into fiscal 
 year 2018.
 
 
 Further Information
 
 
 Readers are referred to the Company's Consolidated Financial Statements 
 and Management's Analysis of Results for the fourth quarter and full 
 year ended 31 March 2017 for additional information regarding the 
 Company's results, including information regarding income taxes, the 
 asbestos liability and contingent liabilities.
 
 
 As of 30 June 2016, the Company changed its reportable operating 
 segments. Previously, the Company reported on three operating segments: 
 (i) North America and Europe Fiber Cement, (ii) Asia Pacific Fiber 
 Cement, and (iii) Research and Development. As of 30 June 2016, the 
 Company began reporting on four operating segments: (i) North America 
 Fiber Cement; (ii) International Fiber Cement; (iii) Other Businesses; 
 and (iv) Research and Development. The significant changes to how 
 certain businesses are reported in the new segment structure are as 
 follows: (i) our European business is now reported in the International 
 Fiber Cement segment, along with the other businesses that were 
 historically reported in the Asia Pacific Fiber Cement segment; and (ii) 
 business development, including some non-fiber cement operations, such 
 as our Windows business in North America, are now reported in the Other 
 Businesses segment as opposed to previously being reported in the North 
 America and Europe Fiber Cement segment. The Company has revised its 
 historical segment information at 31 March 2016 and for the fourth 
 quarter and full year ended 31 March 2016 to be consistent with the new 
 reportable segment structure. The change in reportable segments had no 
 effect on the Company's financial position, results of operations or 
 cash flows for the periods presented. Readers are referred to Note 14 of 
 our condensed consolidated financial statements for further information 
 on our segments.
 
 
 Use of Non-GAAP Financial Information; Australian Equivalent 
 Terminology
 
 
 This Media Release includes financial measures that are not considered a 
 measure of financial performance under generally accepted accounting 
 principles in the United States (GAAP), such as Adjusted net operating 
 profit and Adjusted EBIT. These non-GAAP financial measures should not 
 be considered to be more meaningful than the equivalent GAAP measure. 
 Management has included such 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 excludes the 
 impact of certain legacy items, such as asbestos adjustments. 
 Additionally, management uses such non-GAAP financial measures for the 
 same purposes. However, these non-GAAP financial measures are not 
 prepared in accordance with US GAAP, may not be reported by all of the 
 Company's competitors and may not be directly comparable to similarly 
 titled measures of the Company's competitors due to potential 
 differences in the exact method of calculation. For additional 
 information regarding the non-GAAP financial measures presented in this 
 Media Release, including a reconciliation of each non-GAAP financial 
 measure to the equivalent US GAAP measure, see the sections titled 
 "Definition and Other Terms" and "Non-US GAAP Financial Measures" 
 included in the Company's Management's Analysis of Results for the 
 fourth quarter and full year ended 31 March 2017.
 
 
 In addition, this Media Release includes financial measures and 
 descriptions that are considered to not be in accordance with US GAAP, 
 but which are consistent with financial measures reported by Australian 
 companies, such as operating profit, EBIT and EBIT margin. Since the 
 Company prepares its Consolidated Financial Statements in accordance 
 with US GAAP, the Company provides investors with a table and 
 definitions presenting cross-references between each US GAAP financial 
 measure used in the Company's Consolidated Financial Statements to the 
 equivalent non-US GAAP financial measure used in this press release. See 
 the sections titled "Definition and Other Terms" included in the 
 Company's Management's Analysis of Results for fourth quarter and full 
 year ended 31 March 2017.
 
 
 Forward-Looking Statements
 
 
 This Media Release contains forward-looking statements and information 
 that are necessarily subject to risks, uncertainties and assumptions. 
 Many factors could cause the actual results, performance or achievements 
 of James Hardie to be materially different from those expressed or 
 implied in this release, including, among others, the risks and 
 uncertainties set forth in Section 3 "Risk Factors" in James Hardie's 
 Annual Report on Form 20-F for the year ended 31 March 2017; changes in 
 general economic, political, governmental and business conditions 
 globally and in the countries in which James Hardie does business; 
 changes in interest rates, changes in inflation rates; changes in 
 exchange rates; the level of construction generally; changes in cement 
 demand and prices; changes in raw material and energy prices; changes in 
 business strategy and various other factors. Should one or more of these 
 risks or uncertainties materialize, or should underlying assumptions 
 prove incorrect, actual results may vary materially from those described 
 herein. James Hardie assumes no obligation to update or correct the 
 information contained in this Media Release except as required by law.
 
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