Document:

exv4w11

Exhibit
4.11

Deed of Confirmation

Dated          June 2009

James Hardie International Finance B.V. (“Borrower” and “Obligors’ Agent”)

James Hardie Building Products, Inc. (“JHBP”)

James Hardie Industries N.V. (“Guarantor”)

[•] (“Financier”)

Mallesons Stephen Jaques

Level 61

Governor Phillip Tower

1 Farrer Place

Sydney NSW 2000

Australia

T +61 2 9296 2000

F +61 2 9296 3999

DX 113 Sydney

www.mallesons.com

Ref: 02-5501-6101

 

 

Deed of Confirmation

Contents

	 	 	 	 	 
	Details
	 	 	1	 
	General terms
	 	 	4	 
	 
	 	 	 	 
	1 Interpretation
	 	 	4	 
	 
	 	 	 	 
	1.1 CTDP
	 	 	4	 
	1.2 Additional definitions
	 	 	4	 
	1.3 Transaction Document
	 	 	5	 
	 
	 	 	 	 
	2 Confirmations and acknowledgements for the Redomicile Transaction
	 	 	5	 
	 
	 	 	 	 
	2.1 Confirmation
	 	 	5	 
	2.2 Acknowledgment by the Financier
	 	 	5	 
	 
	 	 	 	 
	3 Amendments for the Redomicile Transaction
	 	 	6	 
	 
	 	 	 	 
	3.1 Common Terms Deed Poll
	 	 	6	 
	3.2 Guarantee Trust Deed
	 	 	6	 
	3.3 Performing Subsidiary Undertaking and Guarantee Trust Deed
	 	 	6	 
	3.4 Intercreditor Deed
	 	 	6	 
	3.5 Performing Subsidiary Intercreditor Deed
	 	 	6	 
	3.6 Final Funding Agreement
	 	 	6	 
	3.7 Fund Guarantee
	 	 	7	 
	 
	 	 	 	 
	4 Treasury / IP Transfer
	 	 	7	 
	 
	 	 	 	 
	4.1 Consent
	 	 	7	 
	4.2 Facility Nomination Letter
	 	 	7	 
	4.3 Conditions precedent — IP Transfer Date
	 	 	8	 
	4.4 Conditions precedent — Novation Date
	 	 	8	 
	4.5 Timing of debt novation / IP Transfer
	 	 	9	 
	4.6 Guarantee Trust Deed
	 	 	9	 
	4.7 Transaction Documents
	 	 	9	 
	4.8 Form of opinions
	 	 	9	 
	4.9 Form of Transaction Documents
	 	 	9	 
	 
	 	 	 	 
	5 Costs
	 	 	10	 
	 
	 	 	 	 
	6 Counterparts
	 	 	10	 
	 
	 	 	 	 
	7 Governing law
	 	 	10	 
	 
	 	 	 	 
	Schedule 1 — Amendments to CTDP
	 	 	11	 
	 
	 	 	 	 
	Schedule 2 — Amendments to Guarantee Trust Deed
	 	 	19	 
	 
	 	 	 	 
	Schedule 3 — Amendments to Performing Subsidiary Undertaking and Guarantee Trust Deed
	 	 	23	 
	 
	 	 	 	 
	Schedule 4 — Amendments to Intercreditor Deed
	 	 	24	 
	 
	 	 	 	 
	Schedule 5 — Amendments to Performing Subsidiary Intercreditor Deed
	 	 	26	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	Schedule 6 — Amendments to Final Funding Agreement
	 	 	27	 
	 
	 	 	 	 
	Schedule 7 — Amendments to Transaction Documents (Novation Date)
	 	 	28	 
	 
	 	 	 	 
	Signing page
	 	 	29	 
	 
	 	 	 	 
	Annexure A — JHT Undertaking
	 	 	31	 
	 
	 	 	 	 
	Annexure B — Novation Deed
	 	 	33	 
	 
	 	 	 	 
	Annexure C — Amending Agreement to Fund Guarantee
	 	 	43	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Details

	 	 	 	 	 
	Parties	 	JHIF, JHBP, Guarantor and Financier each as described below
	 
	 	 	 	 
	JHIF

	 	Name
	 	James Hardie International Finance B.V.
	 
	 	 	 	 
	 

	 	Corporate seat
	 	Amsterdam
	 
	 	 	 	 
	 

	 	Registered Number
	 	34108775
	 
	 	 	 	 
	 

	 	Address
	 	8th Floor, Atrium, Unit 08
	 

	 	 	 	Strawinskylaan 3077
	 

	 	 	 	1077 ZX Amsterdam
	 

	 	 	 	The Netherlands
	 
	 	 	 	 
	 

	 	Fax
	 	+ 31 20 404 2544
	 
	 	 	 	 
	 

	 	Attention
	 	Treasurer
	 
	 	 	 	 
	JHBP

	 	Name
	 	James Hardie Building Products, Inc.
	 
	 	 	 	 
	 

	 	Incorporated in
	 	Nevada
	 
	 	 	 	 
	 

	 	Address
	 	Suite 100
	 

	 	 	 	26300 La Alameda
	 

	 	 	 	Mission Viejo CA 92691
	 

	 	 	 	United States of America
	 
	 	 	 	 
	 

	 	Fax
	 	+ 1 949 348 4534
	 
	 	 	 	 
	 

	 	Attention
	 	Company Secretary
	 
	 	 	 	 
	Guarantor

	 	Name
	 	James Hardie Industries N.V.
	 
	 	 	 	 
	 

	 	Corporate seat
	 	Amsterdam
	 
	 	 	 	 
	 

	 	Registered Number
	 	34106455
	 
	 	 	 	 
	 

	 	ABN
	 	49 097 829 895
	 
	 	 	 	 
	 

	 	Address
	 	8th Floor, Atrium, Unit 08
	 

	 	 	 	Strawinskylaan 3077
	 

	 	 	 	1077 ZX Amsterdam
	 

	 	 	 	The Netherlands

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	Fax
	 	+ 31 20 404 2544
	 
	 	 	 	 
	 

	 	Attention
	 	Managing Director and Company Secretary
	 
	 	 	 	 
	Financier

	 	Name
	 	[•]
	 
	 	 	 	 
	 

	 	Incorporated in
	 	[•]
	 
	 	 	 	 
	 

	 	Address
	 	[•]
	 
	 	 	 	 
	 

	 	Fax
	 	[•]
	 
	 	 	 	 
	 

	 	Attention
	 	[•]

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Recitals	 	A	 	JHIF, JHBP, the Guarantor and the Financier are parties to one or more
Transaction Documents.
	 
	 	 	 	 	 	 
	 	 	B	 	The Guarantor intends to transform its status to a “Societas Europaea”
and subsequently to transfer its corporate domicile from The Netherlands
to the Republic of Ireland (together, the “Redomicile Transaction”).
	 
	 	 	 	 	 	 
	 	 	C	 	Pursuant to European Union Council Regulation No 2157/2001 (“SE
Regulation”), the Third Council Directive (78/855/EEC) on mergers of
public limited liability companies and relevant provisions of the Dutch
Civil Code and Irish statute, the Guarantor will remain the same legal
entity throughout and following the Redomicile Transaction.
	 
	 	 	 	 	 	 
	 	 	 	 	Upon the transfer of the Guarantor’s corporate domicile to the Republic of
Ireland (then having the form of a Societas Europaea and known as JHISE),
it will be treated as if it were an Irish public limited liability company
governed by Irish law (as supplemented by the provisions of the SE
Regulation).
	 
	 	 	 	 	 	 
	 	 	D	 	It is the intention of JHIF, JHBP and the Guarantor that the Transaction
Documents continue in full force and effect during and after the
Redomicile Transaction and that the legal rights and obligations of JHIF,
JHBP, the Guarantor, the Financier and the other parties to the
Transaction Documents are not prejudiced by the Redomicile Transaction.
	 
	 	 	 	 	 	 
	 	 	E	 	In connection with the Redomicile Transaction JHIF intends to:
	 
	 	 	 	 	 	 
	 

	 	 	 	(i)
	 	transfer all its intellectual property assets to James Hardie
Technology Limited (“JHT”), a Bermudan incorporated wholly owned
subsidiary of JHIFL that would be resident in the Republic of Ireland for
tax purposes (“IP Transfer”); and

 
	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	 	 	(ii)
	 	transfer its entire internal and external loan portfolio and other
assets to James Hardie International Finance Limited (“JHIFL”), an Irish
incorporated wholly owned subsidiary of the Guarantor; and
	 
	 	 	 	 	 	 
	 

	 	 	 	(iii)
	 	novate to JHIFL all its rights and obligations to the Financier
under the Transaction Documents,
	 
	 	 	 	 	 	 
	 	 	 	 	(together, the “Treasury / IP Transfer”).
	 
	 	 	 	 	 	 
	 	 	 	 	Upon completion of the Treasury / IP Transfer, JHIF will no longer have
any finance and treasury responsibilities for the Group and JHIFL will
thereafter undertake all the finance and treasury functions currently
performed by JHIF.
	 
	 	 	 	 	 	 
	 	 	F.	 	Each party enters into this deed:
	 
	 	 	 	 	 	 
	 

	 	 	 	(i)
	 	to confirm, other than contemplated by this deed, that it continues to
be bound by the Transaction Documents to which it is party during the
course of the Redomicile Transaction, after completion of each part of the
Redomicile Transaction (even if subsequent parts are not completed) and
after full implementation of, the Redomicile Transaction; and
	 
	 	 	 	 	 	 
	 

	 	 	 	(ii)
	 	to amend some of the Transaction Documents to reflect certain aspects
of the Guarantor’s status after full implementation of the Redomicile
Transaction; and
	 
	 	 	 	 	 	 
	 

	 	 	 	(iii)
	 	to agree the form of amendments proposed to be made to some of the
other Transaction Documents; and
	 
	 	 	 	 	 	 
	 

	 	 	 	(iv)
	 	to agree the form of the negative pledge to be given by JHT which
will take effect upon implementation of the IP Transfer; and
	 
	 	 	 	 	 	 
	 

	 	 	 	(v)
	 	to agree to JHIFL becoming a Borrower; and
	 
	 	 	 	 	 	 
	 

	 	 	 	(vi)
	 	to agree the form of a novation agreement in respect of certain
Transaction Documents, which will take effect upon implementation of the
Treasury / IP Transfer; and
	 
	 	 	 	 	 	 
	 

	 	 	 	(vii)
	 	to agree to JHIF ceasing to be a Borrower upon implementation of
both the Treasury / IP Transfer.
	 
	 	 	 	 	 	 
	Date of Deed of	 	See Signing page
	Confirmation
	 	 	 	 	 	 

 
	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

General terms

	1	 	Interpretation
	 
	1.1	 	CTDP
	 
	 	 	Clause 1 (“Interpretation”) of the James Hardie — Common Terms Deed Poll as amended and
restated on 20 February 2008 (“CTDP”) applies to this deed as was fully set out in this
deed.
	 
	1.2	 	Additional definitions
	 
	 	 	These meanings apply unless the contrary intention appears:
	 
	 	 	Briefing Paper means the document entitled “James Hardie: Final Briefing Paper for
Financiers and Guarantee Trustee regarding domicile proposal” dated on or about 16 June
2009 prepared by the Guarantor and its advisers and separately provided to the Financier
and the Guarantee Trustee.
	 
	 	 	IP Transfer Date means the date specified by JHIF as the Obligors’ Agent, by a notice
given to the other parties in the manner specified in clause 17 (“Notices”) of the CTDP,
as the date on which the transfers of JHIF’s beneficial interest in all intellectual
property assets to JHT have been completed.
	 
	 	 	Irish Registration Date means the date on which JHISE is registered by the Registrar of
Companies of Ireland as having its registered office in Ireland.
	 
	 	 	JHISE means the Guarantor once it has transformed from its present corporate form as a
Dutch NV (Naamloze Vernootschap) into an SE (Societas Europaea).
	 
	 	 	JHT Undertaking means the document substantially in the form of Annexure A to this deed.
	 
	 	 	Novation Date means the date on which the Effective Date (as defined in the Novation Deed)
occurs.
	 
	 	 	Novation Deed means the document substantially in the form of Annexure B to this deed.
	 
	 	 	Performing Subsidiary Intercreditor Deed means the document entitled “Performing
Subsidiary Intercreditor Deed” dated 19 December 2006 between the NSW Government, the
Trustee, James Hardie 117 Pty Limited and AET Structured Finance Services Pty Limited.
	 
	 	 	Performing Subsidiary Undertaking and Guarantee Trust Deed means the document entitled
“James Hardie — Performing Subsidiary Undertaking and Guarantee Trust Deed” dated
19 December 2006 between James Hardie 117 Pty Limited (formerly known as LGTDD Pty
Limited) and AET Structured Finance Services Pty Limited.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	1.3	 	Transaction Document
	 
	 	 	The parties acknowledge that this deed is a Transaction Document.
	 
	2	 	Confirmations and acknowledgements for the Redomicile Transaction
	 
	2.1	 	Confirmation
	 
	 	 	Each of JHIF, JHBP and the Guarantor confirms for the benefit of each other party that,
other than contemplated by this deed:

	 	(a)	 	it will continue to be bound by the Transaction Documents to which it is a
party (including, without limitation, the CTDP, the Guarantee Trust Deed and the
Intercreditor Deed) during the course of the Redomicile Transaction, after completion
of each part of the Redomicile Transaction (even if subsequent parts are not
completed) and after full implementation of the Redomicile Transaction; and
	 
	 	(b)	 	other than as provided for in clause 3 (“Amendments”), the Transaction
Documents (including, without limitation, the CTDP, the Guarantee Trust Deed and the
Intercreditor Deed) remain in full force and effect, notwithstanding the
implementation of all or part of the Redomicile Transaction.

	2.2	 	Acknowledgment by the Financier
	 
	 	 	The Financier acknowledges and agrees that:

	 	(a)	 	the Redomicile Transaction (including each action outlined in the Briefing
Paper) does not:

	 	(i)	 	involve an “Event of Default” or “Potential Event of
Default”;
	 
	 	(ii)	 	constitute any other form of default under the
Transaction Documents; or
	 
	 	(iii)	 	constitute any breach of the Transaction Documents by
JHIF, JHBP, the Guarantor or any other party to them;

	 	(b)	 	it will continue to be bound by the Transaction Documents to which it is a
party during the course of the Redomicile Transaction, after completion of each part
of the Redomicile Transaction (even if subsequent parts are not completed) and after
full implementation of the Redomicile Transaction; and
	 
	 	(c)	 	other than as provided for in clause 3 (“Amendments”), the Transaction
Documents remain in full force and effect, notwithstanding the implementation of all
or part of the Redomicile Transaction.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	3	 	Amendments for the Redomicile Transaction
	 
	3.1	 	Common Terms Deed Poll
	 
	 	 	The parties:

	 	(a)	 	consent to the amendment of the CTDP as set out in Schedule 1, with effect
from the date on which JHIFL becomes an additional Borrower under the CTDP by
executing the amended and restated CTDP which effects the amendments described in
this clause; and
	 
	 	(b)	 	confirm that references to any Transaction Document (including, without
limitation, the AFFA, the Final Funding Agreement, the Fund Guarantee, the Guarantee
Trust Deed and the Intercreditor Deed) in clause 1.1 (“Definitions”) of the CTDP
after that Transaction Document has been amended in accordance with this deed is a
reference to that Transaction Document as so amended.

	3.2	 	Guarantee Trust Deed
	 
	 	 	The parties consent to the Guarantor joining with AET Structured Finance Services Pty
Limited to amend the Guarantee Trust Deed as set out in Schedule 2, with effect from
Novation Date.
	 
	3.3	 	Performing Subsidiary Undertaking and Guarantee Trust Deed
	 
	 	 	The parties consent to James Hardie 117 Pty Limited joining with AET Structured Finance
Services Pty Limited to amend the Performing Subsidiary Undertaking and Guarantee Trust
Deed as set out in Schedule 3, with effect from the Novation Date.
	 
	3.4	 	Intercreditor Deed
	 
	 	 	The parties consent to the Guarantor joining with The State of New South Wales, Asbestos
Injuries Compensation Fund Limited in its capacity as trustee of the Asbestos Injuries
Compensation Fund and AET Structured Finance Services Pty Limited to amend the
Intercreditor Deed as set out in Schedule 4, with effect from the Irish Registration Date.
	 
	3.5	 	Performing Subsidiary Intercreditor Deed
	 
	 	 	The parties consent to James Hardie 117 Pty Limited joining with AET Structured Finance
Services Pty Limited to amend the Performing Subsidiary Intercreditor Deed as set out in
Schedule 5, with effect from the Irish Registration Date.
	 
	3.6	 	Final Funding Agreement
	 
	 	 	The parties consent to the Guarantor joining with The State of New South Wales, Asbestos
Injuries Compensation Fund Limited in its capacity as trustee of the Asbestos Injuries
Compensation Fund and James Hardie 117 Pty Limited to amend the Final Funding Agreement as
set out in Schedule 6, with effect from the Irish Registration Date.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	3.7	 	Fund Guarantee
	 
	 	 	The parties consent to the Guarantor executing an Amending Agreement to the Fund Guarantee
in the form of Annexure C to this deed, with effect from the Irish Registration Date.
	 
	4	 	Treasury / IP Transfer
	 
	4.1	 	Consent
	 
	 	 	Subject to the conditions set out in clauses 4.3 (“Conditions precedent — IP Transfer
Date”) and 4.4 (“Conditions precedent — Novation Date”), the Financier consents to:

	 	(a)	 	JHIFL becoming a Borrower for the purposes of the CTDP by executing the
amended and restated CTDP which effects the amendments described in clause 3.1;
	 
	 	(b)	 	the Treasury / IP Transfer;
	 
	 	(c)	 	all rights and obligations of JHIF under the Transaction Documents being
novated to JHIFL pursuant to the Novation Deed; and
	 
	 	(d)	 	JHIF ceasing to be a Borrower in accordance with clause 14.2 (“Release of
Borrowers”) of the CTDP with effect from the Novation Date on the basis that:

	 	(i)	 	this deed constitutes the relevant Release Request;
	 
	 	(ii)	 	the Guarantor and JHIF are deemed to represent and
warrant to the Financier as at the Novation Date that no Event of Default or
Potential Event of Default is outstanding or would result from the release
of JHIF from its obligations under the CTDP; and
	 
	 	(iii)	 	this deed constitutes the Deed of Release releasing JHIF
from its obligations under the CTDP with effect from the Novation Date.

	4.2	 	Facility Nomination Letter
	 
	 	 	The parties agree that, upon satisfaction of the conditions set out in clause 4.3
(“Conditions precedent — IP Transfer Date”) and 4.4 (“Conditions precedent — Novation
Date”), the Novation Deed constitutes:

	 	(a)	 	confirmation that JHIF no longer has any rights or obligations to the
Financier under each Transaction Document under which the rights and obligations of
JHIF are novated to JHIFL; and
	 
	 	(b)	 	a Facility Nomination Letter nominating:

	 	(i)	 	each Transaction Document under which the rights and
obligations of JHIF are novated to JHIFL as a “Facility Agreement” for the
purposes of the CTDP;
	 
	 	(ii)	 	each document named or referred to as a “Financing
Document” in such a Facility Agreement as a “Transaction Document” for the
purposes of the CTDP; and

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	(iii)	 	the Financier as a “Creditor” pursuant to each such
Facility Agreement,

	 	 	 	in the same terms as the existing Facility Nomination Letters in respect of each
Transaction Document under which the rights and obligations of JHIF are novated
to JHIFL (except that references to JHIF are to be read and construed as
references to JHIFL).

	4.3	 	Conditions precedent — IP Transfer Date
	 
	 	 	On or prior to the IP Transfer Date, the following must have occurred:

	 	(a)	 	the JHT Undertaking has been executed and a certified copy of it delivered
to the Financier;
	 
	 	(b)	 	an opinion from Conyers, Dill and Pearman (or another appropriately
qualified and experienced Bermudan legal adviser acceptable to the Financier, acting
reasonably) addressed to the Financier in respect of JHT’s obligations under the JHT
Undertaking being delivered to the Financier;
	 
	 	(c)	 	an opinion from Mallesons Stephen Jaques addressed to the Financier in
respect of the enforceability of JHT’s obligations under the JHT Undertaking being
delivered to the Financier; and
	 
	 	(d)	 	approval has been obtained from the shareholders of JHINV to Stage 1 of the
Proposal (each as defined in the Briefing Paper).

	4.4	 	Conditions precedent — Novation Date
	 
	 	 	On or prior to the Novation Date, the following must be delivered to the Financier:

	 	(a)	 	(verification certificate) a certificate in relation to each Obligor given
by a director of the relevant Obligor substantially in the form of schedule 1
(“Verification Certificate”) of the CTDP with the attachments referred to therein;
	 
	 	(b)	 	(executed documents):

	 	(i)	 	duly executed counterpart of the Novation Deed;
	 
	 	(ii)	 	a certified copy of the executed amending deeds for the
amendment of the CTDP, Guarantee Trust Deed, the Performing Subsidiary
Undertaking and Guarantee Trust Deed, the Intercreditor Deed and the
Performing Subsidiary Intercreditor Deed in accordance with this deed,
	 
	 	(iii)	 	a certified copy of a Financier Cessation Letter and a
Financier Nomination Letter under the Intercreditor Deed,

	 	 	 	executed by all relevant Obligors;
	 
	 	(c)	 	(legal opinions) legal opinions in respect of the relevant Obligors
obligations under the documents listed in paragraph (b) from (as applicable):

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	(i)	 	Loyens & Loeff N.V., Netherlands legal advisers to JHIF
and the Guarantor;
	 
	 	(ii)	 	Arthur Cox, Irish legal advisers to JHIFL and the
Guarantor;
	 
	 	(iii)	 	McDonald Carano & Wilson, United States of America legal
advisers to JHBP;
	 
	 	(iv)	 	Mallesons Stephen Jaques, Australian legal advisers to
the Obligors; and

	 	(d)	 	(know your customer) if the Financier is required to comply with any know
your customer checks and the information necessary is not already available to it and
to the extent not previously provided to the Financier, such documentation and other
evidence as is reasonably requested to enable the Financier to so comply.

	4.5	 	Timing of debt novation / IP Transfer
	 
	 	 	The Guarantor will procure that the Novation Date will occur no later than the date which
is 30 days after the IP Transfer Date or such later date agreed between the Guarantor and
the Financier. Failure to comply with this clause will constitute an Event of Default
under the Transaction Documents.
	 
	4.6	 	Guarantee Trust Deed
	 
	 	 	The Guarantor confirms that:

	 	(a)	 	it will continue to be bound by the Guarantee Trust Deed after completion
of each part of the Treasury / IP Transfer (even if subsequent parts are not
completed) and notwithstanding full implementation of the Treasury / IP Transfer; and
	 
	 	(b)	 	the Guarantee Trust Deed will apply to the borrowings of JHIFL under the
relevant Facility Agreements.

	4.7	 	Transaction Documents
	 
	 	 	As from the Novation Date, various Transaction Documents are amended as set out in
Schedule 8.
	 
	4.8	 	Form of opinions
	 
	 	 	The form of the opinions referred to in clauses 4.3(b) and 4.4(c) have been agreed by the
parties and initialled by Mallesons Stephen Jaques and Freehills for the purposes of
identification on the date of this deed.
	 
	4.9	 	Form of Transaction Documents
	 
	 	 	Once the Irish Registration Date has occurred, the Guarantor must provide the Financier
with electronic conformed copies of the following Transaction Documents:

	 	(a)	 	CTDP;
	 
	 	(b)	 	the Guarantee Trust Deed;

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	(c)	 	the Performing Subsidiary Undertaking and Guarantee Trust Deed;
	 
	 	(d)	 	the Intercreditor Deed;
	 
	 	(e)	 	the Performing Subsidiary Intercreditor Deed;
	 
	 	(f)	 	each Facility Agreement to which the Financier is a party; and
	 
	 	(g)	 	each ISDA Master Agreement to which the Financier is a party,

	 	 	and electronic conformed copies of the Final Funding Agreement and the Replacement Fund
Guarantee, in each case showing all amendments made up to, and including the Irish
Registration Date.
	 
	5	 	Costs
	 
	 	 	Clause 12 (“Costs and indemnities”) of the CTDP applies to this deed as if fully set out
in this deed.
	 
	6	 	Counterparts
	 
	 	 	This deed may consist of a number of copies each signed by one or more parties to the
deed. If so, the signed copies are treated as making up the one document.
	 
	7	 	Governing law
	 
	 	 	Clause 18.19 (“Governing law”) of the CTDP applies to this deed as if fully set out in
this deed poll

EXECUTED
as a deed.

 
	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 1 — Amendments to CTDP

The CTDP is amended by adding JHIFL as a party in accordance with clause 4.1(a) and as follows:

	1	 	The definition of “Borrower” in clauses 1.1 (“Definitions”) is amended by inserting the words
“, JHIFL” after the word “JHIF” in the first line.
	 
	2	 	The definition of “Business Day” in clause 1.1 (“Definitions”) is amended by deleting
paragraph (d) and replacing it with the following paragraph:

	 	“(d)	 	for all other purposes, banks are open for general
banking business in Sydney, Dublin and (until the Irish Registration Date),
Amsterdam and any other place specified in a relevant Facility Agreement.”.

	3	 	The definition of “Excluded Tax” in clause 1.1 (“Definitions”) is amended by:

	 	–	 	deleting paragraph (c) and replacing it with the following paragraph:

	 	“(c)	 	a Tax which would not be required to be deducted
by an Obligor if, before the Obligor makes a relevant payment, the
relevant Creditor provided the Obligor with written confirmation as to
any of its name, address, registration number, country of residence for
tax purposes (including whether the relevant Creditor carries on a trade
or business in the Obligor’s country of residence and/or incorporation
through a branch or agency in connection with which the relevant
Creditor receives the relevant payment) or similar details or any
relevant tax exemption or similar details;”

	 	–	 	inserting a new paragraph (d) and re-numbering the subsequent paragraphs
accordingly:

	 	“(d)	 	in relation to any payment by an Irish Obligor, any
Tax imposed by Ireland by reason of the Creditor to which the payment is
made not being an Irish Qualifying Creditor;”

	4	 	The definition of “Final Funding Agreement” in clause 1.1 (“Definitions”) is deleted and
replaced with the following definition of “AFFA” (in alphabetical order):

“AFFA means the document entitled “Amended & Restated Final Funding Agreement in
respect of the provision of long term funding for compensation arrangements for
certain victims of Asbestos-related diseases in Australia” dated 21 November 2006
between the Guarantor, James Hardie 117 Pty Limited (formerly known as LGTDD Pty
Limited), the State of New South Wales and the Asbestos Injuries Compensation
Fund Limited in its capacity as trustee of the Asbestos Injuries Compensation
Fund.”.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	5	 	All references to “Final Funding Agreement” in the CTDP are replaced with “AFFA”.

	6	 	The definition of “Government Agency” in clause 1.1 (“Definitions”) is deleted and replaced
with the following:

“Government Agency means any government or any governmental, semi-governmental,
administrative, fiscal or judicial body, department, commission, authority,
tribunal, agency or entity having jurisdiction over, or in relation to the
affairs of, a Group Member and, for the avoidance of doubt, includes, without
limitation, the Australian Taxation Office, the US Internal Revenue Service, the
Dutch tax authorities and the Irish Revenue Commissioners, in each case to the
extent applicable.”.

	7	 	Inserting the following definitions of “Irish Obligor” and “Irish Qualifying Creditor” (in
alphabetical order) in clause 1.1 (“Definitions”):

“Irish Obligor” means an Obligor resident or incorporated in Ireland.”

“Irish Qualifying Creditor means in respect of an Irish Obligor, a Creditor which
at the time the payment is made, is beneficially entitled to the interest payable
to that Creditor in respect of an advance under a Facility and is:

	 	(a)	 	an entity which is, pursuant to Section 9 of the Central
Bank Act, 1971 of Ireland, licensed to carry on banking business in Ireland
and whose Facility office is located in Ireland and which is recognised by
the Revenue Commissioners of Ireland as carrying on a bona fide banking
business in Ireland for the purposes of Section 246(3)(a) of the Taxes
Consolidation Act 1997 of Ireland (“TCA”) in circumstances where the
payments are made from Ireland and which is regarded by the Revenue
Commissioners of Ireland as having made the advance for the purposes of
Section 246(3)(a) TCA;
	 
	 	(b)	 	an authorised credit institution under the terms of the
European Union Consolidation Directive (Directive 2000/12/EC) that has duly
established a branch in Ireland or has made all necessary notifications to
its home state competent authorities required thereunder in relation to its
intention to carry on banking business in Ireland and which is recognised by
the Revenue Commissioners of Ireland as carrying on a bona fide banking
business in Ireland for the purposes of Section 246(3)(a) TCA and has its
Facility office located in Ireland in circumstances where the payments are
made from Ireland and which is regarded by the Revenue Commissioners of
Ireland as having made the advance for the purposes of Section 246(3)(a)
TCA;
	 
	 	(c)	 	a company (within the meaning of Section 246(1) TCA)
which is resident in a country with which Ireland has a double taxation
treaty or resident in a member state of the European Communities (other than
Ireland) where residence is determined under the tax laws of the relevant
country or Member State (together a “Relevant Territory”), provided that
such company does not provide its commitment through or in connection with a branch
or agency in Ireland, and where the company has

	 	 	 	 	 
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	 	 	 	provided written confirmation of the foregoing to the Irish Obligor before the Irish
Obligor makes a relevant payment;
	 
	 	(d)	 	a US company, where such company has provided written
confirmation to the Irish Obligor that it is incorporated in the US and
subject to tax in the US on its worldwide income provided that such company
does not provide its commitment through or in connection with a branch or
agency in Ireland; or
	 
	 	(e)	 	a Creditor which is entitled under a double taxation
agreement between the jurisdiction in which such Creditor is resident for
Tax purposes and Ireland, subject to the completion of any necessary
procedural formalities, to receive all payments from the Irish Obligor
without a tax deduction, where such Creditor has applied for and the
relevant Irish Obligor has obtained authorisation from the Revenue
Commissioners of Ireland to make payments without deduction of Irish tax,
and where such authorisation remains in force and effect.”

	8	 	Inserting the following definition of “Irish Registration Date” (in alphabetical order) in
clause 1.1 (“Definitions”):

“Irish Registration Date means the date on which the Guarantor is registered by
the Registrar of Companies of Ireland as having its registered office in
Ireland.”.

	9	 	Inserting the following definition of “JHIFL Financial Report” (in alphabetical order) in
clause 1.1 (“Definitions”):

“JHIFL Financial Report means the non-public financial or equivalent reports
prepared in respect of JHIFL for the purpose of preparing consolidated financial
statements of the Group, the form and content of which is at the discretion of
the Obligors.”.

	10	 	Inserting the definition of “JHT Undertaking” (in alphabetical order) in clause 1.1
(“Definitions”):

“JHT Undertaking means the deed poll dated [#] 2009 given by James Hardie
Technology Limited in favour of the Creditors.”.

	11	 	The definition of “PMP” in clause 1.1 (“Definitions”) is amended by inserting the following
paragraph at the end of the definition:

“This definition of “PMP” will only apply for so long as JHIF is an Obligor.”.

	12	 	The definition of “Transaction Document” in clause 1.1 (“Definitions”) is amended by
inserting a new paragraph (g) and re-numbering the subsequent paragraphs accordingly:

“(g) the JHT Undertaking;”.

 
	 	 	 	 	 
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	13	 	Clause 3.1(a) (“Conditions to first drawdown”) is amended by replacing sub-paragraph (ii)
with the following:

	 	“(ii)	 	(legal opinion) closing legal opinions in respect of this
amended and restated deed, the Facility Agreement and the Guarantee and
Subordination Documents from:

	 	(A)	 	for so long as JHIF is an Obligor,
Loyens & Loeff N.V., Netherlands legal advisers to JHIF;
	 
	 	(B)	 	prior to the Irish Registration Date,
Loyens & Loeff N.V., Netherlands legal advisers to the Guarantor;
	 
	 	(C)	 	after the Irish Registration Date,
Arthur Cox, Irish legal advisers to the Guarantor;
	 
	 	(D)	 	Arthur Cox, Irish legal advisers to
JHIFL;
	 
	 	(E)	 	McDonald Carano & Wilson, United States
of America legal advisers to JHBP;
	 
	 	(F)	 	Mallesons Stephen Jaques, Australian
legal advisers to the Obligors; and
	 
	 	(G)	 	if a new Borrower is party to the
Facility Agreement, legal advisers to the new Borrower of
recognised standing and acceptable to the Creditor;”.

	14	 	Clause 8.1(f) (“JHIF financial statements”) is deleted and replaced with the following:

	 	“(f)	 	(Borrower financial statements)

	 	(i)	 	for so long as JHIF is an Obligor:

	 	(A)	 	the most recent
financial statements of JHIF provided in accordance with
clause 9.6(c)(i)(C) (including in each case the related
schedules and notes) fairly present in all material
respects the consolidated financial position of JHIF as
at the end of the financial period to which they relate
and have been prepared in accordance with generally
accepted accounting principles as in effect from time to
time in the Netherlands consistently applied throughout
the periods involved, except as set forth in the notes
thereto (subject, in the case of an interim financial
statements, to normal year-end adjustments); and
	 
	 	(B)	 	since the date of
delivery of those statements, there has been no change in
the financial condition, operations, business or
prospects of JHIF, except changes that individually or in
the aggregate do not or are not likely to have a Material
Adverse Effect;

	 	 	 	 	 
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	 	(ii)	 	for so long as JHIFL is an Obligor:

	 	(A)	 	the most recent
financial statements of JHIFL provided in accordance with
clause 9.6(c)(ii)(C) (including in each case the related
schedules and notes) fairly present in all material
respects the consolidated financial position of JHIFL as
at the end of the financial period to which they relate
and have been prepared in accordance with generally
accepted accounting principles as in effect from time to
time in the Republic of Ireland consistently applied
throughout the periods involved, except as set forth in
the notes thereto (subject, in the case of an interim
financial statements, to normal year-end adjustments);
and
	 
	 	(B)	 	since the date of
delivery of those statements, there has been no change in
the financial condition, operations, business or
prospects of JHIFL, except changes that individually or
in the aggregate do not or are not likely to have a
Material Adverse Effect;”.

	15	 	Clause 9.2 (“General undertakings”) is amended by inserting a new paragraph (g) as follows:

	 	“(g)	 	(JHT ownership) in the case of JHIFL only, it will not
(without the prior written consent of each relevant Creditor (or under a
syndicated facility, an agent or trustee acting on the instructions of the
Majority Creditor), such consent not to be unreasonably withheld or delayed)
cease to own 100% of the issued capital of James Hardie Technology Limited.

	16	 	Clause 9.6(c) (“JHIF and JHBP statements and reports”) is deleted and replaced with the
following:

	 	“(c)	 	(Borrower statements and reports)

	 	(i)	 	for so long as JHIF is an Obligor:

	 	(A)	 	at the same time at
which each financial statement or report is delivered
pursuant to clause 9.6(a) (“Consolidated Quarterly
Statement”) and for as long as the JHIF Financial Reports
are prepared as a matter of general internal accounting
practice of the Obligors, a copy of the JHIF Financial
Reports for the year to date as at the end of the
quarterly fiscal period to which the Consolidated
Quarterly Statement relates;
	 
	 	(B)	 	at the same time at
which each financial statement or report is delivered
pursuant to clause 9.6(b) (“Consolidated Annual
Statement”) and for as long as the JHIF

	 	 	 	 	 
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	 	 	 	Financial Reports are prepared as a matter of general internal
accounting practice of the Obligors, a copy of the
JHIF Financial Reports for the fiscal year to which
the Consolidated Annual Statement relates;
	 
	 	(C)	 	within 180 days after the end of the fiscal year of JHIF a copy of:

	 	(1)	 	the balance sheet of JHIF, as at the end of such
year; and
	 
	 	(2)	 	a statement of income, changes in shareholders’
equity and cash flows of JHIF, for such year,

	 	 	 	setting forth in each case in comparative form the
figures for the previous fiscal year, all in
reasonable detail, prepared in accordance with
generally accepted accounting principles as in effect
from time to time in the Netherlands, and accompanied
by an opinion thereon of independent certified public
accountants of recognised national standing in the
Netherlands, which opinion shall state that such
financial statements present fairly, in all material
respects, the financial position of JHIF and its
results of operations and cash flows and have been
prepared in conformity with generally accepted
accounting principles as in effect from time to time
in the Netherlands, and that the examination of such
accountants in connection with such financial
statements has been made in accordance with generally
accepted auditing standards in the Netherlands, and
that such audit provides a reasonable basis for such
opinion in the circumstances;

	 	(ii)	 	for so long as JHIFL is an Obligor:

	 	(A)	 	at the same time at
which each financial statement or report is delivered
pursuant to clause 9.6(a) (“Consolidated Quarterly
Statement”) and for as long as the JHIFL Financial
Reports are prepared as a matter of general internal
accounting practice of the Obligors, a copy of the JHIFL
Financial Reports for the year to date as at the end of
the quarterly fiscal period to which the Consolidated
Quarterly Statement relates;
	 
	 	(B)	 	at the same time at
which each financial statement or report is delivered
pursuant to clause 9.6(b) (“Consolidated Annual
Statement”) and for as long as the JHIFL Financial
Reports are prepared as a matter of

	 	 	 	 	 
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	 	 	 	general internal accounting practice of the Obligors,
a copy of the JHIFL Financial Reports for the fiscal
year to which the Consolidated Annual Statement
relates;
	 
	 	(C)	 	within 180 days after the end of the fiscal year of JHIFL a copy of:

	 	(1)	 	the balance sheet of JHIFL, as at the end of such year; and
	 
	 	(2)	 	a statement of income, changes in shareholders’ equity and cash flows of JHIFL, for such year,

	 	 	 	setting forth in each case in comparative form the
figures for the previous fiscal year, all in
reasonable detail, prepared in accordance with
generally accepted accounting principles as in effect
from time to time in the Republic of Ireland, and accompanied
by an opinion thereon of independent certified public
accountants of recognised national standing in the
Republic of Ireland, which opinion shall state that such
financial statements present fairly, in all material
respects, the financial position of JHIFL and its
results of operations and cash flows and have been
prepared in conformity with generally accepted
accounting principles as in effect from time to time
in the Republic of Ireland, and that the examination of such
accountants in connection with such financial
statements has been made in accordance with generally
accepted auditing standards in the Republic of Ireland, and
that such audit provides a reasonable basis for such
opinion in the circumstances;

	 	(iii)	 	for so long as JHBP is an Obligor:

	 	(A)	 	at the same time at
which each Consolidated Quarterly Statement is delivered
pursuant to clause 9.6(a)   and for as  long as the  JHBP Financial
Reports are prepared as a matter of general internal
accounting practice of the Obligors, a copy of the JHBP Financial Reports for the year to date as at the end of
the quarterly fiscal period to which the Consolidated
Quarterly Statement relates; and
	 
	 	(B)	 	at the same time at
which each Consolidated Annual Statement is delivered
pursuant to clause 9.6(b)  and for as long as the JHBP Financial
Reports are prepared as a matter of general internal accounting practice of the Obligors,
a copy of the JHBP Financial Reports

	 	 	 	 	 
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	 	 	 	for the fiscal
year to which the Consolidated Annual Statement
relates;

	17	 	Clause 9.7(b) (“Officer’s Certificate”) is amended by inserting the words:

	 	 	 	“and the amount of after-tax income of James Hardie Technology Limited that is
required to be distributed pursuant to the JHT Undertaking”

	 	 	after the words “clause 9.4” in the last line of clause 9.7(b).
	 
	18	 	Clause 10.1(h)(ii) (“Insolvency”) is amended by inserting the words “and, in respect of a
person established under Irish law, a filing of a petition with any court in the Republic of
Ireland in relation to its liquidation, the bringing forward of a scheme of arrangement or the
appointment of an examiner” in the final line after the word “betaling)”.
	 
	19	 	Clause 10.1(h)(i)(i) (“receiver”) is amended by inserting the words “and, in respect of a
person established under Irish law, appointment by a court of an examiner” in the final line
after the word “payments”.
	 
	20	 	Clause 15.6 (“Professional Market Party (PMP))” is amended by inserting the words “For so
long as JHIF is an Obligor,” at the beginning of the clause.
	 
	21	 	Clause 18.15 (“Confidentiality”) is amended by deleting paragraph (e) and replacing it with
the following:

	 	“(e)	 	 as required by any law or stock exchange or any
Governmental Agency (including for Australian, US, Irish and Dutch tax
authorities, in each case to the extent applicable).”

	22	 	Schedule 1 (“Verification Certificate”) is amended by:

	 	–	 	deleting the subject line and replacing it with the following subject line:

	 	 	 	“US$[•] Facility Agreement dated [•] 20## between [Name of Borrower] and [Name
of financier] (“Facility Agreement”)”

	 	–	 	inserting the words “James Hardie International Finance Limited (with a registered
office in Dublin)” in the second line after the words “Amsterdam) /”
	 
	 	–	 	deleting the words “Managing Board” in the first line and second line of paragraph
1(b) and replacing them with “the board of directors of the Company”

	23	 	Schedule 2 (“Facility Nomination Letter”) is amended by inserting the words “*If JHIF is an
Obligor, add the following sentence:” before the words “We confirm” in the final paragraph.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 2 — Amendments to Guarantee Trust Deed

The Guarantee Trust Deed is amended as follows:

	1	 	The definition of “Business Day” in clause 1.1 (“Definitions’) is amended by deleting
paragraph (c) and replacing it with the following paragraph:

	 	“(c)	 	 for all other purposes, banks are open for general
banking business in Sydney, Amsterdam (up to the Irish Registration Date)
and Dublin (as from the Irish Registration Date) and any other place or
places specified in the relevant Finance Document.”.

	2	 	The definition of “Excluded Tax” in clause 1.1 (“Definitions”) is amended by deleting
paragraph (b) and replacing it with the following paragraph:

	 	“(b)	 	 a Tax which would not be required to be deducted by the
Guarantor if, before the Guarantor makes a relevant payment, the relevant
Beneficiary provided the Guarantor with written confirmation as to any of
its name, address, registration number, (in the case of a Beneficiary that
is a company) country of residence for tax purposes or similar details or
any relevant tax exemption or similar details.”

	3	 	The definition of “Final Funding Agreement” in clause 1.1 (“Definitions”) is deleted and
replaced with the following definition of “AFFA” (in alphabetical order):

	 	 	 	“AFFA means the document entitled “Amended & Restated Final Funding Agreement in
respect of the provision of long term funding for compensation arrangements for
certain victims of Asbestos-related diseases in Australia” dated 21 November 2006
between the Guarantor, James Hardie 117 Pty Limited (formerly known as LGTDD Pty
Limited), the State of New South Wales and the Asbestos Injuries Compensation
Fund Limited in its capacity as trustee of the Asbestos Injuries Compensation
Fund (as amended from time to time).”.

	4	 	All references to “Final Funding Agreement” in the Guarantee Trust Deed are deleted and
replaced with “AFFA”.
	 
	5	 	The definition of “Fund Guarantee” is deleted and replaced with the following:

	 	 	 	“Fund Guarantee means the instrument entitled “Parent Guarantee” dated 21
November 2006 between the Fund Trustee, the NSW Government and the Guarantor as
amended by an amending deed executed by the Guarantor on [#] 2009.”.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	6	 	The definition of “Government Agency” in clause 1.1 (“Definitions”) is deleted and replaced
with the following:

	 	 	 	“Government Agency means any government or any governmental, semi governmental,
administrative, fiscal or judicial body, department, commission, authority,
tribunal, agency or entity having jurisdiction over, or in relation to the
affairs of, a James Hardie Group Member and, for the avoidance of doubt,
includes, without limitation, the Australian Taxation Office, the US Internal
Revenue Service, the Dutch tax authorities and the Irish Revenue Commissioners,
in each case to the extent applicable.”.

	7	 	The definition of “Insolvency Official” in clause 1.1 (“Definitions”) is deleted and replaced
with the following:

	 	 	 	“Insolvency Official means a custodian, receiver, receiver and manager, trustee,
liquidator, provisional liquidator, administrator, examiner or any other officer
appointed in connection with the Insolvency of the Guarantor and includes,
without limitation:

	 	(a)	 	if the Guarantor is established in the Netherlands:

	 	(i)	 	a receiver in bankruptcy (curator), an
administrator (bewindvoerder);
	 
	 	(ii)	 	a liquidator (vereffenaar) appointed in
connection with a Winding Up under Dutch law; and
	 
	 	(iii)	 	where the context so requires, a
supervisory judge or a court of competent jurisdiction in respect
of the Insolvency of the Guarantor; and

	 	(b)	 	if the Guarantor is established in the Republic of
Ireland:

	 	(i)	 	a receiver or an examiner;
	 
	 	(ii)	 	a liquidator appointed in connection
with a Winding Up under Irish law; and
	 
	 	(iii)	 	where the context so requires, a
supervisory judge or a court of competent jurisdiction in respect
of the Insolvency of the Guarantor.”.

	8	 	The definition of “Insolvent” in clause 1.1 (“Definitions”) is amended by inserting a new
paragraph (c) and re-numbering the subsequent paragraphs accordingly:

	 	“(c)	 	 was established under Irish law and files a petition with
any court in Ireland in relation to its liquidation, the bringing forward of
a scheme of arrangement or the appointment of an examiner;”

	 	 	 	 	 
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	9	 	Inserting the following definition of “Irish Registration Date” (in alphabetical order) in
clause 1.1 (“Definitions”):

	 	 	 	“Irish Registration Date means the date on which the Guarantor is registered by
the Registrar of Companies of Ireland as having its registered office in
Ireland.”.

	10	 	The definition of “Intercreditor Deed” in clause 1.1 (“Definitions”) is amended by inserting
the words “(as amended from time to time)” after the word “deed” in the third line.
	 
	11	 	The definition of “Winding Up” in clause 1.1 (“Definitions”) is amended by inserting the
words “, Irish law” after the words “Dutch law (ontbinding)” in the paragraph (d).
	 
	12	 	Clause 4(b)(ii) (“Termination”) is amended by inserting the words “(if the Guarantor is
established in the Netherlands) or the Republic of Ireland (if the Guarantor is established in
the Republic of Ireland)” after the word “Netherlands” in the second line.
	 
	13	 	Clause 27.4 (“Set-off”) is amended by inserting the words “(if the Guarantor is established
in the Netherlands) or Irish law (if the Guarantor is established in the Republic of Ireland)”
after the words “Dutch law” in the final line.
	 
	14	 	Schedule 2 (“Form of Replacement Guarantee”) is amended by:

	 	–	 	deleting the details of the Guarantor and replacing them with the following:

	 	 	 	 	 	 	 
	 

	 	Guarantor
	 	Name
	 	James Hardie Industries S.E.
	 
	 	 	 	 	 	 
	 

	 	 	 	[Corporate seat]
	 	[Amsterdam / Dublin]
	 
	 	 	 	 	 	 
	 

	 	 	 	Registered Number
	 	[34106455 / [#]]
	 
	 	 	 	 	 	 
	 

	 	 	 	ABN
	 	49 097 829 895
	 
	 	 	 	 	 	 
	 

	 	 	 	Address
	 	[#]
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax
	 	[#]
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention
	 	Managing Director and Company Secretary

	 	–	 	the definition of “Excluded Tax” in clause 1.1 (“Definitions”) is amended by
deleting paragraph (b) and replacing it with the following paragraph:

	 	“(b)	 	 a Tax which would not be required to be deducted by
the Guarantor if, before the Guarantor makes a relevant payment, the
relevant Beneficiary provided the Guarantor with written confirmation as
to any of its name, address, registration number, (in the case of a
Beneficiary that is a company)
country of residence for tax purposes or similar details or any
relevant tax exemption or similar details.”

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	–	 	the definition of “Government Agency” in clause 1.1 (“Definitions”) is deleted and
replaced with the following:

	 	 	 	“Government Agency means any government or any governmental, semi
governmental, administrative, fiscal or judicial body, department, commission,
authority, tribunal, agency or entity having jurisdiction over, or in relation
to the affairs of, a James Hardie Group Member and, for the avoidance of
doubt, includes, without limitation, the Australian Taxation Office, the US
Internal Revenue Service, and the Dutch tax authorities and the Irish tax
authorities, in each case to the extent applicable.”;

	 	–	 	the definition of “Insolvent” in clause 1.1 (“Definitions”) is amended by
inserting the words “and in respect of a person established under Irish law, a filing
of a petition by it with any court in Ireland in relation to its liquidation, the
bringing forward of a scheme of arrangement or the appointment of an examiner” at the
end of paragraph (b);
	 
	 	–	 	the definition of “Winding Up” in clause 1.1 (“Definitions”) is amended by
inserting the following paragraph at the end of the definition:

	 	 	 	“In respect of a person that is established under Irish law, Winding Up
includes, without limitation, its dissolution or the granting of an order
bringing forward of a scheme of arrangement.”;

	 	–	 	clause 18.4 (“Set-off) is amended by inserting the words “(if the Guarantor is
established in the Netherlands) or Irish law (if the Guarantor is established in the
Republic of Ireland)” after the words “Dutch law” in the final line.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 3 — Amendments to Performing Subsidiary Undertaking and Guarantee Trust Deed

The Performing Subsidiary Undertaking and Guarantee Trust Deed is amended as follows:

	1	 	The definition of “Business Day” in clause 1.1 (“Definitions”) is amended by deleting
paragraph (c) and replacing it with the following paragraph:

	 	“(c)	 	 for all other purposes, banks are open for general
banking business in Sydney and any other place or places specified in the
relevant Finance Document.”.

	2	 	Clause 28.4 (“Set-off”) is amended by deleting the words “Dutch law” in the fourth line and
replacing it with “the laws of New South Wales, Australia”.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 4 — Amendments to Intercreditor Deed

The Intercreditor Deed is amended as follows:

	1	 	Clause 3.4 (“Status and ranking of the Compensation Debt”) is amended by:

	 	–	 	deleting the words “(concurrente vordering)” in paragraph (a); and
	 
	 	–	 	deleting paragraph (c) and replacing it with “[intentionally blank]”.

	2	 	Schedule 1 (“Financier Nomination Letter”) is amended by:

	 	–	 	deleting the words “(concurrente vordering)” in paragraph (a); and
	 
	 	–	 	deleting paragraph (c) and replacing it with “[intentionally blank]”.

	3	 	The definition of “Business Day’ in clause 1 of Attachment A is amended by deleting the words
“Amsterdam, The Netherlands” and replacing them with “Dublin, the Republic of Ireland”.
	 
	4	 	Deleting the definition of “Insolvency Official” in clause 1 of attachment A and replacing it
with the following:

	 	 	 	“Insolvency Official means a custodian, receiver and manager, trustee,
liquidator, provisional liquidator, administrator, examiner or any other officer
appointed in connection with the Insolvency of JHINV and includes, without
limitation:

	 	(a)	 	a receiver, an examiner and a liquidator appointed under
Irish law or a trustee or debtor in possession in any proceedings under
Chapter 7 or Chapter 11 of the US Bankruptcy Code in relation to JHINV (or
another member of the JHINV Group in circumstances where the US bankruptcy
court has jurisdiction to make an order affecting the nature, timing,
quantum or ranking of creditors’ claims against JHINV); and
	 
	 	(b)	 	where the context so requires, a supervisory judge or a
court of competent jurisdiction in respect of the Insolvency of JHINV.”

	5	 	The definition of “Insolvent” in clause 1 of Attachment A is amended by deleting paragraph
(b) and replacing it with the following paragraph:

	 	“(b) 	 	was established under Irish law and files a petition with
any court in the Republic of Ireland in relation to its liquidation, the
bringing forward of a scheme of arrangement or the appointment of an
examiner;”.

	6	 	The definition of “Reconstruction Event” in clause 1 of Attachment A is amended by deleting
paragraph (c) and replacing it with the following paragraph:

	 	“(c)	 	 a filing of a petition for the appointment of an examiner
or the bringing forward of a scheme of arrangement under Irish law;”.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	7	 	Deleting the definition of “Trust Convention” in clause 1 of Attachment A.
	 
	8	 	The definition of “Wind-Up Event” in clause 1 of Attachment A is amended by deleting
paragraphs (d) and (e) and replacing them with the following paragraphs:

	 	“(d)	 	 the dissolution of such Person under Irish law or the law
of any other jurisdiction;
	 
	 	(e)	 	[intentionally blank];”.

	9	 	Clause 2(f)(ix) (“Interpretation”) of Attachment A is amended by deleting the words “Dutch
law” on the second line and replacing them with “Irish law”.
	 
	10	 	Deleting clause 3 (“Trust Convention”) of Attachment A.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 5 — Amendments to Performing Subsidiary Intercreditor Deed

The Performing Subsidiary Intercreditor Deed is amended as follows:

	1	 	Clause 1 of Attachment A is amended by deleting the definition of “Insolvency Official” and
replacing it with the following:

	 	 	 	“Insolvency Official means a custodian, receiver, receiver and manager, trustee,
liquidator, provisional liquidator, administrator, examiner or any other officer
appointed in connection with the Insolvency of the Performing Subsidiary”.

	2	 	The definition of “Insolvent” in clause 1 of Attachment A is amended by deleting paragraph
(b) and replacing it with the following paragraph:

	 	“(b)	 	 was established under Irish law and files a petition with
any court in the Republic of Ireland in relation to its liquidation, the
bringing forward of a scheme of arrangement or the appointment of an
examiner;”.

	3	 	The definition of “Reconstruction Event” in clause 1 of Attachment A is amended by deleting
paragraph (c) and replacing it with the following paragraph:

	 	“(c)	 	 a filing of a petition for the appointment of an examiner
or the bringing forward of a scheme of arrangement under Irish law;”.

	4	 	The definition of “Wind-Up Event” in clause 1 of Attachment A is amended by deleting
paragraphs (d) and (e) and replacing them with the following paragraphs:

	 	“(d)	 	 the dissolution of such Person under Irish law or the law
of any other jurisdiction;
	 
	 	(e)	 	[intentionally blank];”.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 6 — Amendments to Final Funding Agreement

The Final Funding Agreement is amended as follows:

	1	 	The definition of “Insolvent” in clause 1.1 (“Definitions”) is amended by deleting paragraph
(b) and replacing it with the following paragraph:

	 	“(b)	 	 was established under Irish law and files a petition with
any court in the Republic of Ireland in relation to its liquidation, the
bringing forward of a scheme of arrangement or the appointment of an
examiner;”.

	2	 	The definition of “Joint Board” in clause 1.1 (“Definitions”) is deleted.
	 
	3	 	The definition of “Reconstruction Event” in clause 1.1 (“Definitions”) is amended by deleting
paragraph (c) and replacing it with the following paragraph:

	 	“(c)	 	 a filing of a petition for the appointment of an examiner
or the bringing forward of a scheme of arrangement under Irish law;”.

	4	 	The definition of “Wind-Up Event” in clause 1.1 (“Definitions”) is amended by deleting
paragraphs (d) and (e) and replacing them with the following paragraphs:

	 	“(d)	 	 the dissolution of such Person under Irish law or the law
of any other jurisdiction;
	 
	 	(e)	 	[intentionally blank];”.

	5	 	Clause 10.3(g)(i) (“JHINV Wind Up Event or Reconstruction Event”) is amended by deleting the
words “Dutch law” on the sixth line and replacing them with “Irish law”.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 7 — Amendments to Transaction Documents (Novation Date)

Facility Agreements

Each Facility Agreement is amended as follows:

	1	 	Clause 3.7 (“Currency and timing of drawdowns”) is amended by deleting the word “Amsterdam”
in the third line and replacing it with “Dublin”.
	 
	2	 	Deleting clause 9(b) (“Financier representation”) and replacing it with “[intentionally
blank]”.

ISDA Master Agreements

The Schedule to each 2002 ISDA Master Agreement. is amended by replacing the words “the
Netherlands” in the definitions of “Specified Treaty” and “Specified Jurisdiction” and replacing
them with “the Republic of Ireland” in:

	1	 	paragraph (a) of section (b) (“Payee Representations”) in the part entitled “Part 2: Tax
Representations”; and
	 
	2	 	paragraph (b) of section (b) (“Payee Representations”) in the part entitled “Part 2: Tax
Representations”.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Signing page

DATED:                      June 2009

	 	 	 	 	 
	SIGNED, SEALED AND DELIVERED by

and

as attorneys for JAMES HARDIE
INTERNATIONAL FINANCE B.V. under
power of attorney dated

in the presence of:

 

Signature of witness

 

Name of witness (block letters)

	 	)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)
	 	

 

 
 By executing this deed
each attorney states that
the attorney has received
no notice of revocation of
the power of attorney

	 	 	 	 	 
	SIGNED, SEALED AND DELIVERED by

and

as Authorised Representatives of
JAMES HARDIE BUILDING PRODUCTS, INC.
in the presence of:

 

Signature of witness

 

Name of witness (block letters)

	 	)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)
	 	

 

 
By executing this deed
each Authorised
Representative states that
the Authorised Representative has received no notice of revocation of his or her
authority to execute this deed

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Deed of Confirmation
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	SIGNED, SEALED AND DELIVERED by

and

as attorneys for JAMES HARDIE
INDUSTRIES N.V. under power of
attorney dated

in the presence of:

 

Signature of witness

 

Name of witness (block letters)

	 	)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)
	 	

 

 
By executing this deed
each attorney states that
the attorney has received
no notice of revocation of
the power of attorney

	 	 	 	 	 
	SIGNED, SEALED AND DELIVERED by

and

as attorneys for [•] under power of
attorney dated

in the presence of:

 

Signature of witness

 

Name of witness (block letters)

	 	)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)
	 	

 

 
By executing this deed
each attorney states that
the attorney has received
no notice of revocation of
the power of attorney

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Deed of Confirmation
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Deed of Confirmation

Annexure A — JHT Undertaking

Deed Poll

	 	 	 	 	 
	JHT

	 	Name
	 	[•]
	 
	 	 	 	 
	 

	 	Incorporated in
	 	Bermuda
	 
	 	 	 	 
	 

	 	[Registered Number]
	 	[•]
	 
	 	 	 	 
	 

	 	Address
	 	[•]
	 
	 	 	 	 
	 

	 	Fax
	 	[•]
	 
	 	 	 	 
	 

	 	Attention
	 	[•]
	 
	 	 	 	 
	 

	 	Name
	 	[•]
	 
	 	 	 	 
	CTDP	 	James Hardie — Common Terms Deed
Poll as amended and restated on 20
February 2008 [as / to be] further
amended and restated in accordance
with each Deed of Confirmation
dated [•] June 2009

BY THIS DEED POLL JHT described above, for the benefit of each Creditor under the CTDP described
above:

	(a)	 	irrevocably undertakes from the date of this deed poll to each Creditor that:

	 	(i)	 	it will not create or allow to exist a Security Interest over any of its
assets, other than a Permitted Security Interest;
	 
	 	(ii)	 	it will not to incur any Financial Indebtedness other than Financial
Indebtedness owed to another Group member;
	 
	 	(iii)	 	it will distribute not less frequently than once per year, at least 95% of
its annual after-tax income to JHIFL by way of dividends, subordinated loans or any
other available means; and
	 
	 	(iv)	 	it will not dispose of 10% or more of its assets or an interest in them or
agree or attempt to do so except;

	 	(A)	 	where the disposals are in the ordinary course of day to day trading; or
	 
	 	(B)	 	where the disposals are of obsolete assets no longer required for its business;
or
	 
	 	(C)	 	where the disposal occurs with the prior consent of the Creditor (or under
syndicated facility, the consent of an agent or trustee acting on the instructions
of the Majority Creditor).

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	(b)	 	acknowledges having read a copy of the CTDP before signing this deed poll;
	 
	(c)	 	gives, as at the date of this deed poll, all representations and warranties on the part of an
Obligor contained in the CTDP;
	 
	(d)	 	consents to the amendments to the Transaction Documents set out in each Deed of Confirmation
dated [•] June 2009; and
	 
	(e)	 	acknowledges receiving valuable consideration for this deed poll.

Clauses 1 (“Interpretation”) and 18.19 (“Governing law”) of the CTDP described above apply to this
deed poll as if they were fully set out in this deed poll.

DATED [•] 2009

EXECUTED as a deed poll

	 	 	 	 	 
	SIGNED, SEALED AND DELIVERED by

and

as attorneys for JAMES HARDIE
TECHNOLOGY LIMITED under power of
attorney dated

in the presence of:

 

Signature of witness

 

Name of witness (block letters)

	 	)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)
	 	

 

 
By executing this deed
each attorney states that
the attorney has received
no notice of revocation of
the power of attorney

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Deed of Confirmation
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	 	18 June 2009 	 	 

 

 

Deed of Confirmation

Annexure B — Novation Deed

Details

Interpretation — definitions are in clause 1.

	 	 	 	 	 
	Parties	 	Outgoing Borrower, Incoming Borrower, JHBP, Financier and
Guarantor
	 
	 	 	 	 
	Outgoing Borrower

	 	Name
	 	James Hardie International Finance B.V.
	 
	 	 	 	 
	 

	 	Corporate seat
	 	Amsterdam
	 
	 	 	 	 
	 

	 	Registered Number
	 	34108775 
	 
	 	 	 	 
	 

	 	Address
	 	8th Floor, Atrium, Unit 08
	 

	 	 	 	Strawinskylaan 3077
	 

	 	 	 	1077 ZX Amsterdam
	 

	 	 	 	The Netherlands
	 
	 	 	 	 
	 

	 	Fax
	 	+ 31 20 404 2544 
	 
	 	 	 	 
	 

	 	Attention
	 	Treasurer
	 
	 	 	 	 
	Incoming Borrower

	 	Name
	 	[James Hardie International Finance

Limited]
	 
	 	 	 	 
	 

	 	[Company number]
	 	[insert Irish company number when

FinCo incorporated]
	 
	 	 	 	 
	 

	 	Address
	 	[•]
	 
	 	 	 	 
	 

	 	Fax
	 	[•]
	 
	 	 	 	 
	 

	 	Attention
	 	[•]
	 
	 	 	 	 
	JHBP

	 	Name
	 	James Hardie Building Products, Inc.
	 
	 	 	 	 
	 

	 	Incorporated in
	 	Nevada
	 
	 	 	 	 
	 

	 	Address
	 	Suite 100
	 

	 	 	 	26300 La Alameda
	 

	 	 	 	Mission Viejo CA 92691
	 

	 	 	 	United States of America
	 
	 	 	 	 
	 

	 	Fax
	 	+ 1 949 348 4534 

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Deed of Confirmation
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	 	18 June 2009 	 	 

 

 

	 	 	 	 	 
	 

	 	Attention
	 	Company Secretary
	 
	 	 	 	 
	Financier

	 	Name
	 	[•]
	 
	 	 	 	 
	 

	 	ABN / Company No.

(if applicable)
	 	[•]
	 
	 	 	 	 
	 

	 	Address
	 	[•]
	 
	 	 	 	 
	 

	 	Fax
	 	[•]
	 
	 	 	 	 
	 

	 	Attention
	 	[•]
	 
	 	 	 	 
	Guarantor

	 	Name
	 	James Hardie Industries N.V.
	 
	 	 	 	 
	 

	 	Corporate seat
	 	Amsterdam
	 
	 	 	 	 
	 

	 	Registered Number
	 	34106455 
	 
	 	 	 	 
	 

	 	ABN
	 	49 097 829 895 
	 
	 	 	 	 
	 

	 	Address
	 	8th Floor, Atrium, Unit 08
	 

	 	 	 	Strawinskylaan 3077
	 

	 	 	 	1077 ZX Amsterdam
	 

	 	 	 	The Netherlands
	 
	 	 	 	 
	 

	 	Fax
	 	+ 31 20 404 2544 
	 
	 	 	 	 
	 

	 	Attention
	 	Managing Director and Company Secretary
	 
	 	 	 	 

	 	 	 
	Recitals

	 	A    The Outgoing Borrower, JHBP and the Financier are parties to
the Transaction Documents.

	 
	 	 
	 

	 	B    The Outgoing Borrower, the Incoming Borrower, JHBP and the
Guarantor are parties to the Common Terms Deed Poll which is
made for the benefit of, and enforceable by, each Creditor (as
defined in the Common Terms Deed Poll).

	 
	 	 
	 

	 	C    Pursuant to various Facility Nomination Letters, for the
purposes of the Common Terms Deed Poll:

	 
	 	 
	 

	 	      (a)    the Financier has been nominated as a “Creditor” in relation
to each of the Transaction Documents; and

	 
	 	 
	 

	 	      (b)    each Facility Agreement has been nominated as a “Facility
Agreement”.

	 
	 	 
	 

	 	D    The Guarantor intends to transform its status to a Societas
Europaea and subsequently to transfer its registered office and
corporate domicile from The Netherlands to the Republic of
Ireland (together, the “Redomicile Transaction”).

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	E    As part of the Redomicile Transaction, the Outgoing Borrower
intends to transfer all of rights and obligations under the
Transaction Documents to the Incoming Borrower pursuant to this
deed.

	 
	 	 
	Date of the deed

	 	See Signing Page

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

General Terms

	1	 	Interpretation
	 
	1.1	 	Definitions
	 
	 	 	The following meanings apply unless the contrary intention appears:
	 
	 	 	Common Terms Deed Poll means the deed poll named “James Hardie — Common Terms Deed Poll”
as amended and restated on or about the date of this deed given by the Outgoing Borrower,
the Incoming Borrower, JHBP and the Guarantor.
	 
	 	 	Details means the section of this deed headed “Details”.
	 
	 	 	Deed of Confirmation means the Deed of Confirmation dated [•] 2009 between the Outgoing
Borrower, JHBP, the Guarantor and the Financier.
	 
	 	 	Effective Date means [•] 2009 provided the Financier has confirmed receipt of the items
described in clause 4.4 of the Deed of Confirmation.
	 
	 	 	Facility Nomination Letter means each “James Hardie — Common Terms Deed Poll — Facility
Nomination Letter” between the Outgoing Borrower (as Obligors’ Agent) and the Financier.
	 
	 	 	Financier means the person so described in the Details.
	 
	 	 	JHISE means JHINV once it has transformed from its present corporate form as a Dutch NV
(Naamloze Vernootschap) into an SE (Societas Europaea).
	 
	 	 	Transaction Documents means each document set out in Schedule 1 (“Transaction Documents”)
	 
	1.2	 	Definitions in Common Terms Deed Poll
	 
	 	 	A term which has a defined meaning (including by reference to another document) in the
Common Terms Deed Poll has the same meaning when used in this deed unless it is expressly
defined in this deed, in which case the meaning in this deed prevails.
	 
	1.3	 	Consideration
	 
	 	 	Each party to this deed acknowledges incurring obligations and giving rights under this
deed for valuable consideration received from each other party.
	 
	1.4	 	Further assurances
	 
	 	 	Each party shall take all steps, execute all documents and do everything reasonably
required by each other party to give effect to any of the transactions contemplated by
this deed.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	2	 	Novation
	 
	2.1	 	Novation
	 
	 	 	With effect on and from the Effective Date:

	 	(a)	 	the Outgoing Borrower and the Financier have no further rights against each
other or obligations to each other in connection with the Transaction Documents, and
release each other from all claims, demands, costs and expenses arising in connection
with the Transaction Documents;
	 
	 	(b)	 	the Incoming Borrower has the same rights against, and owes the same
obligations to, the Financier in connection with the Transaction Documents and the
Financier has the same rights against, and owes the same obligations to the Incoming
Borrower in connection with the Transaction Documents, as if the Incoming Borrower
had been named as a party to the Transaction Documents instead of the Outgoing
Borrower from and including the date of each Transaction Document to which the
Outgoing Borrower is a party.
	 
	 	 	 	(In this paragraph (b) a reference to the “same” rights or obligations is a
reference to rights or obligations which are the same in nature and character as
those rights or obligations rather than the same as to the person entitled to
them or obliged to perform them);
	 
	 	(c)	 	each reference in the Transaction Documents to the Outgoing Borrower with a
corporate seat in Amsterdam, The Netherlands will be read as a reference to the
Incoming Borrower with a registered office in Dublin, the Republic of Ireland; and
	 
	 	(d)	 	each reference to the account details of the Outgoing Borrower is a
reference to the account details for the Incoming Borrower, as notified by the
Incoming Borrower to the Financier promptly following the Effective Date and
otherwise from time to time; and
	 
	 	(e)	 	the address for service of notice of the Incoming Borrower for the purposes
of the Transaction Documents is as specified in the Details.

	2.2	 	JHBP rights and obligations unaffected
	 
	 	 	Notwithstanding anything in this deed, the rights and obligations as between JHBP and the
Financier under the Transaction Documents remain unaffected by the release and assumption
in clause 2.2.
	 
	2.3	 	Obligors’ Agent
	 
	 	 	Subject to clause 2.5 (“Conditions Precedent to Novation”), with effect on and from the
Effective Date, for the purposes of the Common Terms Deed Poll:

	 	(a)	 	the Outgoing Borrower ceases to be the “Obligors’ Agent”;
	 
	 	(b)	 	the New Borrower is appointed as “Obligors’ Agent” by JHBP and the
Guarantor and the New Borrower accepts that appointment; and

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	(c)	 	this deed serves as notification of the appointment to the Financier (as a
Creditor under the Common Terms Deed Poll).

	2.4	 	Consent and acknowledgement
	 
	 	 	Each party:

	 	(a)	 	consents to the novation effected by this deed; and
	 
	 	(b)	 	acknowledges that nothing in this deed or any of the transactions
contemplated by this deed constitutes:

	 	(i)	 	a breach of any term of the Transaction Documents;
	 
	 	(ii)	 	an Event of Default under the Common Terms Deed Poll; or
	 
	 	(iii)	 	any other event or circumstance which, with the giving
of notice, lapse of time, or fulfilment of any condition, would cause the
acceleration of any payment to be made under, or the termination or
enforcement of any of the Facility Agreements.

	3	 	Representations and Warranties
	 
	3.1	 	General representations and warranties
	 
	 	 	Each party represents and warrants to each other party that:

	 	(a)	 	(incorporation) it is validly incorporated and has the power to carry on
its business as it is now being conducted;
	 
	 	(b)	 	(power) it has the power to enter into and perform its obligations under
this deed;
	 
	 	(c)	 	(authority) it has taken all action which is necessary to authorise the
entry into and performance of its obligations under this deed; and
	 
	 	(d)	 	(binding obligations) this deed constitutes legal, valid and binding
obligations, enforceable in accordance with their terms.

	3.2	 	Representations and warranties from each Obligor
	 
	 	 	Each Obligor makes the representations and warranties contained in clause 8.1
(“Representations and warranties”) of the Common Terms Deed Poll on the Effective Date.
	 
	4	 	Governing Law
	 
	 	 	Clause 18.19 (“Governing law”) of the Common Terms Deed Poll applies to this deed as if
fully set out in this deed poll

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	18 June 2009 	 	 

 

 

	5	 	General
	 
	5.1	 	Costs
	 
	 	 	The parties agree to pay their own legal and other costs and expenses in connection with
the negotiation, preparation, execution and completion of this deed and of other related
documentation, except stamp duty.
	 
	5.2	 	Stamp duty
	 
	 	 	The Incoming Borrower agrees to pay all stamp duty (including fines and penalties)
chargeable, payable or assessed in relation to this deed and any transaction contemplated
by it.
	 
	5.3	 	Counterparts
	 
	 	 	This deed may be executed in counterparts. All counterparts when taken together
constitute one document and the date on which the last counterpart is executed will be the
date of the deed.
	 
	5.4	 	No merger
	 
	 	 	The representations, warranties and indemnities in this deed do not merge on the Effective
Date.
	 
	5.5	 	Construction
	 
	 	 	No rule of construction applies to the disadvantage of a party because that party was
responsible for the preparation of, or seeks to rely on this agreement or any part of it.
	 
	5.6	 	Entire agreement
	 
	 	 	This deed constitutes the entire agreement of the parties about its subject matter and
supersedes all previous agreements, understandings and negotiations on that subject.
	 
	5.7	 	Confidentiality
	 
	 	 	Clause 18.15 (“Confidentiality”) of the Common Terms Deed Poll applies to this deed as if
it were fully set out in this deed and as if the New Borrower is a “Obligor” for the
purposes of that clause.
	 
	5.8	 	Transaction Document
	 
	 	 	The parties agree that this deed is a Transaction Document for the purposes of the Common
Terms Deed Poll.

EXECUTED as deed.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 1 — Transaction Documents

Each of the following agreements are “Facility Agreements”:

	 	(a)	 	the agreement entitled [#] dated [insert date] between the Outgoing
Borrower, JHBP and the Financier.][complete details as appropriate for each
Financier, including ISDA Master Agreements and ISDA Schedule,]

and together with the following:

	 	(b)	 	the Common Terms Deed Poll; and
	 
	 	(c)	 	each Confirmation evidencing a Transaction (each term as defined in the
ISDA Master Agreement noted above);

are the “Transaction Documents”.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Signing page for Annexure B

	 	 	 	 	 	 	 
	DATED:	 	2009	 	 	 	 
	 

	 	 	 	 	 	 
	Outgoing Borrower
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	SIGNED, SEALED AND

	 	)	 	 	 	 
	DELIVERED by

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	and

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	as attorneys for JAMES HARDIE

	 	)	 	 	 	 
	INTERNATIONAL FINANCE B.V. under

	 	)	 	 	 	 
	power of attorney dated

	 	)	 	 	 	 
	 

	 	)
	 	 

	 	 
	in the presence of:

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	 

	 	)
	 	 

	 	 
	Signature of witness

	 	)
	 	By executing this deed each attorney states that the attorney has received no notice of revocation of the power of attorney	 	 
	 

	 	)
	 	 	 
	 

	 	)
	 	 	 
	 

	 	)
	 
	Name of witness (block letters)

	 	)
	 	 	 	 
	 
	 	 	 	 	 	 
	Incoming Borrower
	 	 	 	 	 	 
	 
	SIGNED, SEALED AND

	 	)	 	 	 	 
	DELIVERED by

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	and

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	as attorneys for JAMES HARDIE

	 	)	 	 	 	 
	INTERNATIONAL FINANCE LIMITED under

	 	)	 	 	 	 
	power of attorney dated

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	in the presence of:

	 	)
	 	 
	 	 
	 

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	 
	 	)
	 	 
	 	 
	Signature of witness

	 	)
	 	By executing this deed each attorney states that the attorney has received no notice of revocation of the power of attorney	 	 
	 

	 	)
	 	 	 
	 

	 	)
	 	 	 
	 
	 	)
	 
	Name of witness (block letters)

	 	)
	 	 	 	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Deed of Confirmation
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	9959517_1

	 	18 June 2009 	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	JHBP
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	SIGNED, SEALED AND

	 	)	 	 	 	 
	DELIVERED by

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	and

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	as Authorised Representatives of

	 	)	 	 	 	 
	JAMES HARDIE BUILDING

	 	)	 	 	 	 
	PRODUCTS, INC. in the presence of:

	 	)
	 	 

	 	 
	 

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	 

	 	)
	 	 

	 	 
	Signature of witness

	 	)
	 	By executing this deed each Authorised Representative states that the
Authorised Representative has received no notice of revocation of his or her authority to execute this deed	 	 
	 

	 	)
	 	 	 
	 

	 	)
	 	 	 
	Name of witness (block letters)

	 	)
	 	 	 
	 

	 	)
	 	 	 	 
	 
	 	 	 	 	 	 
	Guarantor
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	SIGNED, SEALED AND

	 	)	 	 	 	 
	DELIVERED by

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	and

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	as attorneys for JAMES HARDIE

	 	)	 	 	 	 
	INDUSTRIES N.V. under power of

	 	)	 	 	 	 
	attorney dated

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	in the presence of:

	 	)
	 	 

	 	 
	 

	 	)	 	 	 	 
	 

	 	)	 	 	 	 
	 

	 	)
	 	 

	 	 
	Signature of witness

	 	)
	 	By executing this deed each attorney states that the attorney has received no
notice of revocation of the power of attorney	 	 
	 

	 	)
	 	 	 
	 

	 	)
	 	 	 
	Name of witness (block letters)

	 	)
	 	 	 

[Note: Insert appropriate Financier execution block as required]

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Annexure C — Amending Agreement to Fund Guarantee

Details

	 	 	 	 	 
	Parties	 	AICF, NSW Government and JHINV
	 
	AICF

	 	Name
	 	Asbestos Injuries
Compensation Fund Limited a
company limited by guarantee
incorporated under the laws
of the State of New South
Wales, Australia, in its
capacity as trustee for the
Charitable Fund established
under the Amended and
Restated Trust Deed dated 14
December 2006 between it as
trustee and JHINV
	 
	 	 	 	 
	 

	 	ACN
	 	117 363 461
	 
	 	 	 	 
	 

	 	Address
	 	Level 7, 233 Castlereagh Street Sydney New South Wales,
	 
	NSW Government

	 	Name
	 	The State of New South Wales
	 

	 	Address
	 	c/- Department of Premier and
Cabinet, Level 39, Governor
Macquarie Tower, 1 Farrer
Place, Sydney, NSW, 2000
	 
	JHINV

	 	Name
	 	James Hardie Industries N.V.
a limited liability company
incorporated in The
Netherlands
	 
	 	 	 	 
	 

	 	ARBN
	 	097 829 895
	 
	 	 	 	 
	 

	 	Address
	 	Atrium, 8th floor,
Strawinskylaan 3077, 1077ZX
Amsterdam, The Netherlands
(with its Australian
registered office at Level 3,
22 Pitt Street, Sydney in the
State of New South Wales)
	 
	Recitals	 	AICF, NSW Government and JHINV are parties to the
Parent Guarantee and wish to amend the Parent
Guarantee on the terms set out in this agreement.
	 
	Date of Amending Deed	 	[•] June 2009

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	18 June 2009 	 	 

 

 

Deed of Confirmation

General terms

	1	 	Interpretation
	 
	 	 	These meanings apply unless the contrary intention appears:
	 
	 	 	Irish Registration Date means the date on which JHISE is registered by the Registrar of
Companies of Ireland as having its registered office in Ireland.
	 
	 	 	JHI means:

	 	(a)	 	prior to the SE Transformation Date, JHINV;
	 
	 	(b)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(c)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	 	 	JHISE means JHINV once it has converted from its present corporate form as a Dutch NV
(Naamloze Vernootschap) into an SE (Societas Europaea).
	 
	 	 	Parent Guarantee means the Guarantee dated 14 December 2006 between AICF, the NSW
Government and JHINV.
	 
	 	 	SE Transformation Date means the date on which JHINV is registered as a “Societas
Europaea” on the Dutch Trade Register pursuant to European Union Council Regulation
2157/2001.
	 
	2	 	Confirmations and acknowledgement
	 
	2.1	 	Confirmation in relation to definition of “Guarantor”
	 
	 	 	Each party confirms that the definition of “Guarantor” for the purposes of the Parent
Guarantee is a reference to:

	 	(a)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(b)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	2.2	 	JHI Confirmation
	 
	 	 	JHI confirms that, other than as provided for in clause 3 (“Amendments”), the Parent
Guarantee remains in full force and effect and enforceable against it up to, including and
after each of the SE Transformation Date and the Irish Registration Date.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	18 June 2009 	 	 

 

 

	2.3	 	Conflict
	 
	 	 	If there is a conflict between the Parent Guarantee and this agreement, the terms of this
agreement prevail.
	 
	2.4	 	Consideration
	 
	 	 	This agreement is entered into in consideration of the parties’ exchange of promises under
this agreement and the receipt of valuable consideration which is hereby acknowledged.
	 
	3	 	Amendments
	 
	3.1	 	Parent Guarantee
	 
	 	 	As from the Irish Registration Date, the Parent Guarantee is amended as set out in
schedule 1. The parties acknowledge that the amendments to the Parent Guarantee effected
by this clause 3.1 are accurately reflected in the conformed copy of the Parent Guarantee
attached at schedule 2.
	 
	3.2	 	Irrevocable Power of Attorney
	 
	 	 	The parties acknowledge that the Second Irrevocable Power of Attorney dated December 2006
between AICF and NSW Government will be replaced by a Third Irrevocable Power of Attorney
between those parties in the form attached at schedule 3 from the date of execution of
that Third Irrevocable Power of Attorney. To avoid doubt, JHI’s execution of this
agreement constitutes its prior written consent to the replacement effected by this clause
3.2 for the purposes of clause 6.3(c) of the Parent Guarantee.
	 
	4	 	Representations and warranties by JHI
	 
	 	 	JHI warrants as at the date of this agreement and repeats such warranty as at the SE
Transformation Date and as at the Irish Registration Date that the following is true,
accurate and not misleading:

	 	(a)	 	it has been duly incorporated and is validly existing under the laws of the
jurisdiction of its incorporation and has the necessary corporate capacity and power
to enter into this agreement and to perform its obligations under this agreement;
	 
	 	(b)	 	all corporate and other action required to be taken by JHI to authorise the
execution of this agreement and the performance of its obligations under this
agreement has been duly taken;
	 
	 	(c)	 	this agreement has been duly executed on behalf of JHI and constitutes
legal, valid and binding obligations of JHI, enforceable in accordance with their
terms subject to the terms of the opinion from Loyens Loeff delivered to the NSW
Government and the Fund Trustee on or about the date of this agreement;
	 
	 	(d)	 	the execution and performance of this agreement do not conflict with or
result in a breach of any provision of the memorandum or articles of association of
JHI or any provision of any applicable law in force on the
date of this agreement or any deed to which JHI is a party, or on the SE
Transformation Date or the Irish Registration Date;

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Deed of Confirmation
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	 	18 June 2009 	 	 

 

 

	 	(e)	 	no approval, consent, license or notice to any regulatory or governmental
body (other than such approvals, consents, licenses or notices as have been obtained
or given) is necessary to ensure the validity, enforceability or performance of the
obligations of JHI under this agreement;
	 
	 	(f)	 	the Parent Guarantee as amended by this agreement constitutes legal, valid
and binding obligations of JHI, enforceable in accordance with their terms subject to
the terms of the opinion from Arthur Cox delivered to the NSW Government and the Fund
Trustee on or about the date of this agreement;
	 
	 	(g)	 	the performance of the Parent Guarantee as amended by this agreement does
not conflict with or result in a breach of any provision of the memorandum or
articles of association of JHI or any provision of any applicable law in force on the
date of this agreement;
	 
	 	(h)	 	no approval, consent, license or notice to any regulatory or governmental
body (other than such approvals, consents, licenses or notices as have been obtained
or given) is necessary to ensure the validity, enforceability or performance of the
obligations of JHI under the Parent Guarantee as amended by this agreement; and
	 
	 	(i)	 	without limiting paragraphs (e) and (g) above, Dutch law does not preclude
or otherwise prejudice the agreement of JHI as a Dutch company to the Irish
Registration Date amendments set out in Schedule 1, which will only take effect on
the Irish Registration Date.

	 	 	JHI warrants as at the Irish Registration Date, the performance of the Parent Guarantee as
amended by this agreement does not conflict with or result in a breach of any provision of
the memorandum or articles of association of JHI or any provision of any applicable law in
force on the Irish Registration Date.

	5	 	Costs
	 
	 	 	Each party shall be responsible for its own costs, charges and expenses in connection with
the preparation, negotiation and execution of this agreement.
	 
	6	 	General
	 
	 	 	Clause 5 (“Notices”) of the Parent Guarantee applies to this agreement as if it was fully
set out in this agreement.
	 
	7	 	Counterparts
	 
	 	 	This agreement may consist of a number of copies each signed by one or more parties to the
deed. If so, the signed copies are treated as making up the one document.
	 
	8	 	Governing law
	 
	 	 	This agreement is governed by the law in force in the Netherlands, with the exception of
the Netherlands private international law. Any dispute arising out

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	18 June 2009 	 	 

 

 

	 	 	of or in connection
with this agreement shall be exclusively decided by the competent court in Amsterdam.

EXECUTED
as an agreement.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Deed of Confirmation
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	9959517_1

	 	18 June 2009 	 	 

 

 

Deed of Confirmation

Schedule 1 — Irish Registration Date Amendments

The Parent Guarantee is amended as follows:

	1	 	The definition of “Final Funding Agreement” in clause 1 (“Interpretation”) is amended by
inserting the words “, as amended from time to time” after the word Agreement in the third
line.
	 
	2	 	Clause 2.4 (“Guarantee”) is amended by deleting the sentence “This Guarantee is not a
contract of surety (borgtocht).” and replacing it with the following sentence:

	 	 	 	“The liability of the Guarantor under this Guarantee shall be as sole and primary
obligor and not merely as surety and the Guarantor hereby waives all and any of
its rights as surety which may at any time be inconsistent with any of the
provisions of this Guarantee.”.

	3	 	Clause 2.7 (“Guarantee”) is amended by inserting the words “, insolvency, winding-up,
dissolution, examinership, the granting of court protection, administration, composition or
arrangement” after the words “moratorium of payment” in the fifth line.
	 
	4	 	Clause 2.9(a) (“Guarantee”) is amended by inserting the words “insolvency, dissolution,
examinership, the granting of court protection, administration, composition or arrangement,”
after the words “winding-up” in the first line.
	 
	5	 	Clause 3.2 (“Enforcement”) is amended by deleting the word “(verzuim)” in the fourth line and
replacing it with “in respect of the making of such Annual Payment”.
	 
	6	 	Clause 3.3(b) (“Enforcement”) is amended by:

	 	–	 	deleting the word “a” in the first line and replacing it with “any insolvency,”;
and
	 
	 	–	 	inserting the words “examinership, the granting of court protection,
administration, composition or arrangement,” after the words “winding-up” in the
second line.

	7	 	Clause 3.4 (“Enforcement”) is amended by deleting the words “(kort geding)” in the third
line.
	 
	8	 	Clause 3.5 (“Enforcement”) is amended by:

	 	–	 	deleting the word “(verrekening),” in the first line and replacing it with “or”;
and
	 
	 	–	 	deleting the words “or suspension (opschorting)”.

	9	 	Clause 3.6 is deleted and replaced with “[intentionally blank]”.
	 
	10	 	Clause 3.7(a)(i) (“Enforcement”) is deleted and replaced with the following:

	 	 	 	“(i) proceed against or exhaust or enforce any security held
from the Performing Subsidiary, any other guarantor or any other Person

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	 	 	or make or file any proof of claim in any insolvency proceedings relative to
the Performing Subsidiary, any other guarantor or any other person,”.

	11	 	Clause 3.7(a)(iii) (“Enforcement”) is amended by deleting the word “Guarantee” in the first
line and replacing it with the word “Fund”.
	 
	12	 	Clause 3.7(d) (“Enforcement”) is amended by inserting a new sub-paragraph (iii) as follows
(and re-numbering sub-paragraph (iii) as sub-paragraph (iv) accordingly):

	 	“(ii)	 	the right to interpose any defence based upon any claim
of laches or set-off or counterclaim of any nature or description;”.

	13	 	Insert a new clause 3.8 as follows:

	 	“3.8	 	The Guarantor confirms to the Fund Trustee and the NSW
Government that neither the Fund Trustee nor the NSW Government need advise
the Guarantor of any default by the Performing Subsidiary in respect of the
Guaranteed Obligations.”

	14	 	Clause 5.1 is amended by replacing the existing address details for the NSW Government and
the Guarantor with the following:

	 	 	 	 
	 	“To the NSW Government:
	 	 
	 
	 	Name:

	 	The State of New South Wales, c/-
Department of Premier and Cabinet
	 	 
	 	 
	 	Address:

	 	Level 39, Governor Macquarie Tower, Farrer Place, Sydney, NSW

2000
	 	 
	 	 
	 	Fax number:

	 	+ 61 2 9228 3062
	 	 
	 	 
	 	Attention:

	 	Deputy Director-General (Legal)
	 	 
	 	 
	 	To the Guarantor:
	 	 
	 	 
	 	 
	 	Name:

	 	James Hardie Industries S.E.
	 	 
	 	 
	 	Address:

	 	c/- Arthur Cox, Earlsfort Centre, Earlsfort Terrace, Dublin 2,

Ireland
	 	 
	 	 
	 	Fax number:

	 	+35 3 618 0618
	 	 
	 	 
	 	and
	 	 
	 	 

	 	Level 3, 22 Pitt Street, Sydney, NSW 2000
	 	 
	 	 
	 	Fax number:

	 	+61 2 8274 5218
	 	 
	 	 
	 	Attention:

	 	General Counsel”

	15	 	Clause 6.4 (“NSW Government’s right to enforce”) is deleted.
	 
	16	 	Clause 7 (“Choice of law and jurisdiction”) is deleted and replaced with the following:

	 	 	 	“7. CHOICE OF LAW AND JURISDICTION

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	 	18 June 2009 	 	 

 

 

	 	7.1	 	This Guarantee shall be governed by and
construed in accordance with the laws of Ireland.
	 
	 	7.2	 	The courts of Ireland have exclusive
jurisdiction to settle any dispute arising out of or in connection
with this Guarantee (including a dispute regarding the existence,
validity or termination of this Guarantee) (a “Dispute”).
	 
	 	7.3	 	The parties hereto agree that the
courts of Ireland are the most appropriate and convenient courts to
settle Disputes and accordingly no party hereto will argue to the
contrary.
	 
	 	7.4	 	This clause 7 is for the benefit of
each of the Fund Trustee and the NSW Government. As a result, each
of the Fund Trustee and the NSW Government shall not be prevented
from taking proceedings relating to a Dispute in any other courts
with jurisdiction. To the extent allowed by law, each of the Fund
Trustee and the NSW Government may take concurrent proceedings in
any number of jurisdictions.”

	17	 	Insert a new clause 9 as follows:

	 	 	 	“9. RULE AGAINST PERPETUITIES
	 
	 	 	 	Nothing in this Guarantee shall authorise or permit the postponement of
any estate or interest arising under the trusts created in this
Guarantee from vesting outside the perpetuity period. In this context
“perpetuity period” means the period commencing on the date of this
Guarantee and ending on the expiration of 21 years from the date of the
death of the last survivor of the descendants now living of the
President of Ireland, Mary McAleese.”

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 2 — Conformed copy of the Parent Guarantee incorporating the Irish Registration Date
Amendments

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Deed of Confirmation

Schedule 3 – Third Irrevocable Power of Attorney

	 	 	 	 	 
	ã Mallesons Stephen Jaques

	 	Deed of Confirmation
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	 	18 June 2009exv4w12

Exhibit 4.12

Draft

Amending Deed — Guarantee Trust Deed

Dated [•] 2009

James Hardie Industries N.V. (“JHINV”)

AET Structured Finance Services Pty Limited (“Guarantee Trustee”)

Mallesons Stephen Jaques

Level 61

Governor Phillip Tower

1 Farrer Place

Sydney NSW 2000

Australia

T +61 2 9296 2000

F +61 2 9296 3999

DX 113 Sydney

www.mallesons.com

Ref: 02-5501-6101

 

 

Amending Deed — Guarantee Trust Deed

Contents

	 	 	 	 	 
	Details
	 	1	 
	General terms
	 	3	 
	 	 
	 	 	 
	1	Interpretation
	 	3	 
	 	 
	 	 	 
	2	Confirmations and acknowledgement
	 	4	 
	2.1 	Confirmation in relation to definition of “JHINV”
	 	4	 
	2.2 	Confirmation in relation to definition of “JHINV Guarantee”
	 	4	 
	2.3 	Confirmation
	 	4	 
	2.4	Acknowledgement from Guarantee Trustee
	 	4	 
	2.5 	Beneficiary Nomination Letter
	 	5	 
	2.6 	Conflict
	 	5	 
	2.7 	Consideration
	 	5	 
	 	 
	 	 	 
	3 	Amendments
	 	6	 
	3.1 	Guarantee Trust Deed
	 	6	 
	3.2 	Amending Deed — Intercreditor Deed
	 	6	 
	3.3 	Amending Deed — Performing Subsidiary Intercreditor Deed
	 	6	 
	3.4   	Amending Deed — Performing Subsidiary Undertaking and Guarantee Trust Deed
	 	6	 
	 	 
	 	 	 
	4 	Costs
	 	6	 
	 	 
	 	 	 
	5	General
	 	6	 
	 	 
	 	 	 
	6	Counterparts
	 	6	 
	 	 
	 	 	 
	7	Governing law
	 	6	 
	 	 
	 	 	 
	Schedule 1 - Irish Registration Date Amendments
	 	7	 
	 	 
	 	 	 
	Signing page
	 	11	 
	 	 
	 	 	 
	Annexure A: Amending Deed — Intercreditor Deed
	 	13	 
	 	 
	 	 	 
	Annexure B: Amending Deed — Performing Subsidiary Intercreditor Deed
	 	14	 
	 	 
	 	 	 
	Annexure C: Amending Deed — Performing Subsidiary Undertaking and Guarantee Trust Deed
	 	15	 

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Amending Deed — Guarantee Trust Deed

Details

	 	 	 	 	 
	Parties	 	JHINVand the Guarantee Trustee
	 
	JHINV

	 	Name
	 	James Hardie Industries N.V. a limited
liability company incorporated in The
Netherlands
	 
	 	 	 	 
	 

	 	ARBN
	 	097 829 895
	 
	 	 	 	 
	 

	 	Address
	 	Atrium, 8th floor,
Strawinskylaan 3077, 1077ZX Amsterdam,
The Netherlands (with its Australian
registered office at Level 3, 22 Pitt
Street, Sydney in the State of New South
Wales)
	 
	 	 	 	 
	Guarantee Trustee

	 	Name
	 	AET Structured Finance Services Pty Ltd
in its capacity as trustee for the
Financiers under the Guarantee Trust
	 
	 	 	 	 
	 

	 	ABN
	 	12 106 424 088
	 
	 	 	 	 
	 

	 	Address
	 	Level 22, 207 Kent Street Sydney,
NSW, 2000
	 
	 	 	 	 
	Recitals	 	A    JHINV and the Guarantee Trustee are parties to one or more
Transaction Documents.

	 
	 	 	 	 
	 	 	B    JHINV intends to transform its status to a “Societas Europaea”
and subsequently to transfer its corporate domicile from The
Netherlands to the Republic of Ireland (together, the “Redomicile
Transaction”).

	 
	 	 	 	 
	 	 	C    Pursuant to European Union Council Regulation No 2157/2001 (“SE
Regulation”), the Third Council Directive (78/855/EEC) on mergers
of public limited liability companies and relevant provisions of
the Dutch Civil Code and Irish statute, JHINV will remain the same
legal entity throughout and following the Redomicile Transaction.
Upon the transfer of JHINV’s corporate domicile to the Republic of
Ireland (then having the form of a Societas Europaea and known as
JHISE), it will be treated as if it were an Irish public limited
liability company governed by Irish law (as supplemented by the
provisions of the SE Regulation).

	 
	 	 	 	 
	 	 	D    It is the intention of JHINV that the Transaction Documents
continue in full force and effect during and after the Redomicile
Transaction and that the legal rights and obligations JHINV and the
other parties to the Transaction Documents are not prejudiced by
the Redomicile Transaction.

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	Parties	 	JHINVand the Guarantee Trustee
	 
	 	 	E    In connection with the Redomicile Transaction James Hardie
International Finance B.V. (“JHIF”) intends to:

	 
	 	 	 	 
	 	 	(i)      transfer all its intellectual property assets to James Hardie
Technology Limited (“JHT”), a Bermudan incorporated wholly owned
subsidiary of JHIFL that would be resident in the Republic of
Ireland for tax purposes (“IP Transfer”); and

	 
	 	 	 	 
	 	 	(ii)     transfer its entire internal and external loan portfolio and
other assets to James Hardie International Finance Limited
(“JHIFL”), an Irish incorporated wholly owned subsidiary of JHINV;
and

	 
	 	 	 	 
	 	 	(iii)      novate to JHIFL all its rights and obligations to the
Financier under the Transaction Documents,

	 
	 	 	 	 
	 	 	(together, the “Treasury / IP Transfer”).
	 
	 	 	 	 
	 	 	Upon completion of the Treasury / IP Transfer, JHIF will no longer
have any finance and treasury responsibilities for the Group and
JHIFL will thereafter undertake all the finance and treasury
functions currently performed by JHIF.
	 
	 	 	 	 
	 	 	F.    Each party enters into this deed:

	 
	 	 	 	 
	 	 	(i)      to confirm that it continues to be bound by the Transaction
Documents to which it is party during the course of the Redomicile
Transaction, after completion of each part of the Redomicile
Transaction (even if subsequent parts are not completed) and after
full implementation of the Redomicile Transaction; and

	 
	 	 	 	 
	 	 	(ii)     to amend some of the Transaction Documents to reflect certain
aspects of the JHINV’s status after full implementation of the
Redomicile Transaction; and

	 
	 	 	 	 
	 	 	(iii)      to agree the form of amendments proposed to be made to some
of the other Transaction Documents.

	 
	 	 	 	 
	Date of Amending
Deed	 	[•] 2009

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Amending Deed — Guarantee Trust Deed

General terms

	1	 	Interpretation
	 
	 	 	Clause 1 (“Interpretation”) of the James Hardie — Guarantee Trust Deed dated 19 December
2006 applies to this deed as if it was fully set out in this deed.
	 
	 	 	These meanings apply unless the contrary intention appears:
	 
	 	 	Amending Agreement (Parent Guarantee) means the document entitled “Amending Agreement
(Parent Guarantee)” dated 18 June 2009 prepared by the Guarantor and its advisers and provided to the
Guarantee Trustee.1
	 
	 	 	[Beneficiary Direction means a written direction
(including email) from a Beneficiary to the Guarantee Trustee
instructing the Guarantee Trustee to execute a document.]

	 
	 	 	CTDP means the document entitled “James Hardie — Common Terms Deed Poll” dated 20 February
2008 between JHIF, James Hardie Building Products, Inc. and JHINV.
	 
	 	 	Facility Agreements has the meaning given to that term in the CTDP.
	 
	 	 	Guarantee Trust Deed means the document entitled “James Hardie — Guarantee Trust Deed”
dated 19 December 2006 between JHINV and the Guarantee Trustee.
	 
	 	 	Irish Registration Date means the date on which JHISE is registered by the Registrar of
Companies of Ireland as having its registered office in Ireland.
	 
	 	 	JHISE means JHINV once it has converted from its present corporate form as a Dutch NV
(Naamloze Vernootschap) into an SE (Societas Europaea).
	 
	 	 	Novation Date means the Effective Date as defined in the Novation Deed.
	 
	 	 	Novation Deed
means a deed substantially in the form set out in Annexure B of the
Deeds of Confirmation dated [23] June 2009 between James
Hardie Industries N.V., James Hardie International Finance B.V.,
James Hardie Building Products, Inc. and financiers to James Hardie
Group.

	 
	 	 	Replacement Parent Guarantee means the document entitled “Parent Guarantee” dated 14
December 2006 between JHINV, the State of New South Wales and Asbestos Injuries
Compensation Fund Limited in its capacity as trustee of the Asbestos Injuries Compensation
Fund.
	 
	 	 	SE Transformation Date means the date on which JHINV is registered as a “Societas
Europaea” on the Dutch Trade Register pursuant to European Union Council Regulation
2157/2001.
	 
	 	 	Transaction Document has the meaning given to that term in the CTDP.

	 	 	 	 	 
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	2	 	Confirmations and acknowledgement
	 
	2.1	 	Confirmation in relation to definition of “JHINV”
	 
	 	 	Each party confirms that the definition of “JHINV” for the purposes of the Guarantee Trust
Deed is a reference to:

	 	(a)	 	with effect on and from the SE Transformation Date up to the Irish
Registration Date, JHISE with its corporate seat in the Netherlands; and
	 
	 	(b)	 	with effect on and from the Irish Registration Date, JHISE with its
corporate seat in the Republic of Ireland.

	2.2	 	Confirmation in relation to definition of “JHINV Guarantee”
	 
	 	 	Each party confirms that the definition of “JHINV Guarantee” for the purposes of the
Intercreditor Deed and the Performing Subsidiary Intercreditor Deed is, with effect from
the Irish Registration Date, a reference to the to the Replacement Parent Guarantee as
amended by the Amending Agreement (Parent Guarantee).
	 
	2.3	 	Confirmation
	 
	 	 	JHINV confirms for the benefit of Guarantee Trustee that:

	 	(a)	 	it will continue to be bound by the Transaction Documents to which it is a
party (including, without limitation, the CTDP, the Guarantee Trust Deed and the
Intercreditor Deed) during the course of the Redomicile Transaction, after completion
of each part of the Redomicile Transaction (even if subsequent parts are not
completed) and after full implementation of the Redomicile Transaction;
	 
	 	(b)	 	other than as provided for in clause 3 (“Amendments”), the Transaction
Documents (including, without limitation, the CTDP, the Guarantee Trust Deed and the
Intercreditor Deed) remain in full force and effect, notwithstanding the
implementation of all or part of the Redomicile Transaction or the Treasury / IP
Transfer;
	 
	 	(c)	 	it will continue to be bound by the Guarantee Trust Deed after completion
of each part of the Treasury / IP Transfer (even if subsequent parts are not
completed) and notwithstanding full implementation of the Treasury / IP Transfer; and
	 
	 	(d)	 	the Guarantee Trust Deed will apply to the borrowings of JHIFL under the
relevant Facility Agreements.

	2.4	 	Acknowledgement from Guarantee Trustee
	 
	 	 	The Guarantee Trustee acknowledges and agrees that:

	 	(a)	 	the Redomicile Transaction (including each action outlined in the Briefing
Paper) does not:

	 	(i)	 	constitute an “Insolvency Event”, “Insolvency” or
“Winding Up” for the purposes of the Guarantee Trust Deed;
	 
	 	(ii)	 	constitute any other form of default under the
Transaction Documents to which the Guarantee Trustee is a party; or

	 	 	 	 	 
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	 	(iii)	 	constitute any breach of the Transaction Documents by
JHINV, JHIF or any other party to them;

	 	(b)	 	it will continue to be bound by the Transaction Documents to which it is a
party during the course of the Redomicile Transaction, after completion of each part
of the Redomicile Transaction (even if subsequent parts are not completed) and after
full implementation of the Redomicile Transaction; and
	 
	 	(c)	 	other than as provided for in clause 3 (“Amendments”), the Transaction
Documents remain in full force and effect, notwithstanding the implementation of all
or part of the Redomicile Transaction.

	2.5	 	Beneficiary Nomination Letter
	 
	 	 	Each party confirms that, on the Novation Date, the novation of all rights and obligations
of JHIF under the Transaction Documents to JHIFL pursuant to the Novation Deed
constitutes:

	 	(a)	 	confirmation that JHIF no longer has any rights or obligations to the
Financier under each Transaction Document under which rights and obligations of JHIF
are novated to JHIFL; and
	 
	 	(b)	 	a Beneficiary Nomination Letter nominating:

	 	(i)	 	each Transaction Document under which rights and
obligations of JHIF are novated to JHIFL as a “Finance Document” for the
purposes of the Guarantee Trust Deed;
	 
	 	(ii)	 	each document described in clause 2.5(b)(i) above, and
each document named or referred to as a “Transaction Document” for the
purposes of the CTDP as a “Finance Document” for the purpose of the
Guarantee Trust Deed; and
	 
	 	(iii)	 	the Financier as a “Beneficiary” pursuant to each such
Finance Document,

	 	 	in the same terms as the existing Beneficiary Nomination Letters in respect of each
Transaction Document under which rights and obligations of JHIF are novated to JHIFL
(except that references to JHIF are to be read and construed as references to JHIFL).
	 
	2.6	 	Conflict
	 
	 	 	If there is a conflict between the Guarantee Trust Deed and this deed, the terms of this
deed prevail.
	 
	2.7	 	Consideration
	 
	 	 	This deed is entered into in consideration of the parties’ exchange of promises under this
deed and the receipt of valuable consideration which is hereby acknowledged.

	 	 	 	 	 
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	3	 	Amendments
	 
	3.1	 	Guarantee Trust Deed
	 
	 	 	As from the Novation Date, the Guarantee Trust Deed is amended as set out in schedule 1.
	 
	3.2	 	Amending Deed — Intercreditor Deed
	 
	 	 	The Guarantee Trustee agrees to execute the deed of amendment to the Intercreditor Deed in
the form set out in Annexure A (“Amending Deed to Intercreditor Deed”) on execution of
this deed [and receipt by it of a Beneficiary Direction from
each Beneficiary in respect of the Amending Deed - Intercreditor Deed.].
	 
	3.3	 	Amending Deed — Performing Subsidiary Intercreditor Deed
	 
	 	 	The Guarantee Trustee agrees to execute the deed of amendment to the Performing Subsidiary
Intercreditor Deed in the form set out in Annexure B (“Amending Deed to Performing
Subsidiary Intercreditor Deed”) on execution of this deed [and receipt by it of a Beneficiary Direction from
each Beneficiary in respect of the Amending Deed - Performing
Subsidiary Intercreditor Deed.].
	 
	3.4	 	Amending Deed — Performing Subsidiary Undertaking and Guarantee Trust Deed
	 
	 	 	The Guarantee Trustee agrees to execute the deed of amendment to the Performing Subsidiary
Undertaking and Guarantee Trust Deed in the form set out in Annexure C (“Amending Deed to
Performing Subsidiary Undertaking and Guarantee Trust Deed”) on
execution of this deed [and receipt by it of a Beneficiary Direction from
each Beneficiary in respect of the Amending Deed - Performing
Subsidiary Undertaking and Guarantee Trust Deed.].
	 
	4	 	Costs
	 
	 	 	Each party shall be responsible for its own costs, charges and expenses in connection with
the preparation, negotiation and execution of this deed.
	 
	5	 	General
	 
	 	 	Clause 26 (“Notices”) of the Guarantee Trust Deed applies to this deed as if it was fully
set out in this deed.
	 
	6	 	Counterparts
	 
	 	 	This deed may consist of a number of copies each signed by one or more parties to the
deed. If so, the signed copies are treated as making up the one document.
	 
	7	 	Governing law
	 
	 	 	This deed is governed by the law in force in New South Wales. Each party submits to the
non-exclusive jurisdiction of the courts of that place and waives any right to claim that
those courts are an inconvenient forum.

EXECUTED as a deed.

	 	 	 	 	 
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Amending Deed — Guarantee Trust Deed

Schedule 1 — Irish Registration Date Amendments

The Guarantee Trust Deed is amended as follows:

	1	 	The definition of “Business Day” in clause 1.1 (“Definitions’) is amended by deleting
paragraph (c) and replacing it with the following paragraph:

	 	“(c)	 	for all other purposes, banks are open for general
banking business in Sydney, Amsterdam (up to the Irish Registration Date)
and Dublin (as from the Irish Registration Date) and any other place or
places specified in the relevant Finance Document.”.

	2	 	The definition of “Excluded Tax” in clause 1.1 (“Definitions”) is amended by deleting
paragraph (b) and replacing it with the following paragraph:

	 	“(b)	 	a Tax which would not be required to be deducted by the
Guarantor if, before the Guarantor makes a relevant payment, the relevant
Beneficiary provided the Guarantor with written confirmation as to any of
its name, address, registration number, (in the case of a Beneficiary that
is a company) country of residence for tax purposes or similar details or
any relevant tax exemption or similar details.”

	3	 	The definition of “Final Funding Agreement” in clause 1.1 (“Definitions”) is deleted and
replaced with the following definition of “AFFA” (in alphabetical order):

	 	 	 	“AFFA means the document entitled “Amended & Restated Final Funding Agreement in
respect of the provision of long term funding for compensation arrangements for
certain victims of Asbestos-related diseases in Australia” dated 21 November 2006
between the Guarantor, James Hardie 117 Pty Limited (formerly known as LGTDD Pty
Limited), the State of New South Wales and the Asbestos Injuries Compensation
Fund Limited in its capacity as trustee of the Asbestos Injuries Compensation
Fund (as amended from time to time).”.

	4	 	All references to “Final Funding Agreement” in the Guarantee Trust Deed are deleted and
replaced with “AFFA”.
	 
	5	 	The definition of “Fund Guarantee” is deleted and replaced with the following:

	 	 	 	“Fund Guarantee means the instrument entitled “Parent Guarantee” dated 21
November 2006 between the Fund Trustee, the NSW Government and the Guarantor as
amended by an amending deed executed by the Guarantor on [#] 2009.”.

	6	 	The definition of “Government Agency” in clause 1.1 (“Definitions”) is deleted and replaced
with the following:

	 	 	 	“Government Agency means any government or any governmental, semi governmental,
administrative, fiscal or judicial body, department,

	 	 	 	 	 
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	 	 	 	commission, authority,
tribunal, agency or entity having jurisdiction over, or in relation to the
affairs of, a James Hardie Group Member and, for the avoidance of doubt,
includes, without limitation, the Australian Taxation Office, the US Internal
Revenue Service, the Dutch tax authorities and the Irish Revenue Commissioners,
in each case to the extent applicable.”.

	7	 	The definition of “Insolvency Official” in clause 1.1 (“Definitions”) is deleted and replaced
with the following:

	 	 	 	“Insolvency Official means a custodian, receiver, receiver and manager, trustee,
liquidator, provisional liquidator, administrator, examiner or any other officer
appointed in connection with the Insolvency of the Guarantor and includes,
without limitation:

	 	(a)	 	if the Guarantor is established in the Netherlands:

	 	(i)	 	a receiver in bankruptcy (curator), an
administrator (bewindvoerder);
	 
	 	(ii)	 	a liquidator (vereffenaar) appointed in
connection with a Winding Up under Dutch law; and
	 
	 	(iii)	 	where the context so requires, a
supervisory judge or a court of competent jurisdiction in respect
of the Insolvency of the Guarantor; and

	 	(b)	 	if the Guarantor is established in the Republic of
Ireland:

	 	(i)	 	a receiver or an examiner;
	 
	 	(ii)	 	a liquidator appointed in connection
with a Winding Up under Irish law; and
	 
	 	(iii)	 	where the context so requires, a
supervisory judge or a court of competent jurisdiction in respect
of the Insolvency of the Guarantor.”.

	8	 	The definition of “Insolvent” in clause 1.1 (“Definitions”) is amended by inserting a new
paragraph (c) and re-numbering the subsequent paragraphs accordingly:

	 	“(c) was established under Irish law and files a petition with
any court in Ireland in relation to its liquidation, the bringing forward of
a scheme of arrangement or the appointment of an examiner;”

	9	 	Inserting the following definition of “Irish Registration Date” (in alphabetical order) in
clause 1.1 (“Definitions”):

	 	 	 	“Irish Registration Date means the date on which the Guarantor is registered by
the Registrar of Companies of Ireland as having its registered office in
Ireland.”.

	 	 	 	 	 
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	10	 	The definition of “Intercreditor Deed” in clause 1.1 (“Definitions”) is amended by inserting
the words “(as amended from time to time)” after the word “deed” in the third line.
	 
	11	 	The definition of “Winding Up” in clause 1.1 (“Definitions”) is amended by inserting the
words “, Irish law” after the words “Dutch law (ontbinding)” in the paragraph (d).
	 
	12	 	Clause 4(b)(ii) (“Termination”) is amended by inserting the words “(if the Guarantor is
established in the Netherlands) or the Republic of Ireland (if the Guarantor is established in
the Republic of Ireland)” after the word “Netherlands” in the second line.
	 
	13	 	Clause 27.4 (“Set-off”) is amended by inserting the words “(if the Guarantor is established
in the Netherlands) or Irish law (if the Guarantor is established in the Republic of Ireland)”
after the words “Dutch law” in the final line.
	 
	14	 	Schedule 2 (“Form of Replacement Guarantee”) is amended by:
	 
	 	 	- deleting the details of the Guarantor and replacing them with the following:

	 	 	 	 	 	 	 
	 

	 	Guarantor
	 	Name
	 	James Hardie Industries S.E.
	 
	 

	 	 	 	[Corporate seat]
	 	[Amsterdam / Dublin]
	 
	 

	 	 	 	Registered Number
	 	[34106455 / [#]]
	 
	 

	 	 	 	ABN
	 	49 097 829 895 
	 
	 

	 	 	 	Address
	 	[#]
	 
	 

	 	 	 	Fax
	 	[#]
	 
	 

	 	 	 	Attention
	 	Managing Director and Company Secretary

	 	–	 	the definition of “Excluded Tax” in clause 1.1 (“Definitions”) is amended by
deleting paragraph (b) and replacing it with the following paragraph:

	 	“(b)	 	a Tax which would not be required to be deducted by
the Guarantor if, before the Guarantor makes a relevant payment, the
relevant Beneficiary provided the Guarantor with written confirmation as
to any of its name, address, registration number, (in the case of a
Beneficiary that is a company) country of residence for tax purposes or
similar details or any relevant tax exemption or similar details.”

	 	–	 	the definition of “Government Agency” in clause 1.1 (“Definitions”) is deleted and
replaced with the following:

	 	 	 	“Government Agency means any government or any governmental, semi
governmental, administrative, fiscal or judicial body,
department, commission, authority, tribunal, agency or entity having
jurisdiction over, or in relation to the affairs of, a James Hardie Group

	 	 	 	 	 
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	 	 	 	Member and, for the avoidance of doubt, includes, without limitation, the
Australian Taxation Office, the US Internal Revenue Service, and the Dutch tax
authorities and the Irish tax authorities, in each case to the extent
applicable.”;

	 	–	 	the definition of “Insolvent” in clause 1.1 (“Definitions”) is amended by
inserting the words “and in respect of a person established under Irish law, a filing
of a petition by it with any court in Ireland in relation to its liquidation, the
bringing forward of a scheme of arrangement or the appointment of an examiner” at the
end of paragraph (b);
	 
	 	–	 	the definition of “Winding Up” in clause 1.1 (“Definitions”) is amended by
inserting the following paragraph at the end of the definition:

	 	 	 	“In respect of a person that is established under Irish law, Winding Up
includes, without limitation, its dissolution [or the granting of an order
bringing forward of a scheme of arrangement].”;

	 	–	 	clause 18.4 (“Set-off) is amended by inserting the words “(if the Guarantor is
established in the Netherlands) or Irish law (if the Guarantor is established in the
Republic of Ireland)” after the words “Dutch law” in the final line.

	 	 	 	 	 
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Amending Deed — Guarantee Trust Deed

Signing page

DATED:                                         

	 	 	 	 	 	 	 
	EXECUTED by

as an authorised signatory for, and
SEALED AND DELIVERED as a deed by,
JAMES HARDIE INDUSTRIES N.V. in the
presence of:

 

Signature of witness

 

Name of witness (block letters)

	 	)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)
	 	

 

By executing this deed
the signatory states
that the signatory has
received no notice of
revocation of the
authority under which
the signatory signs this
deed

 

Position

 

By executing this deed
the signatory states
that the signatory has
received no notice of
revocation of the
authority under which
the signatory signs this
deed

 

Position
	 	      

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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	The Common Seal of AET Structured Finance
Services Pty Limited

ABN 12 106 424 088 was affixed with the authority of:	 	
	 	
	 
	(signed)

	 		 	
	 
	(print
name)

	 		 	
	 
	Authorised
Officer

	 		 	
	 
	(signed)

	 		 	
	 
	(print
name)

	 		 	
	 
	Authorised
Officer

	 		 	

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Amending Deed — Guarantee Trust Deed

Annexure A: Amending Deed — Intercreditor Deed

[Copy of final version of Amending Deed — Intercreditor Deed (as annexed to NSWG DoC) to be
annexed]

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Amending Deed — Guarantee Trust Deed

Annexure B: Amending Deed — Performing Subsidiary Intercreditor Deed

[Copy of final version of Amending Deed — Performing Subsidiary Intercreditor Deed (as annexed to
NSWG DoC) to be annexed]

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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Annexure C: Amending Deed — Performing Subsidiary Undertaking and Guarantee Trust Deed

[Copy of final version of Amending Deed — Performing Subsidiary Undertaking and Guarantee Trust
Deed to be annexed]

	 	 	 	 	 
	ã Mallesons Stephen Jaques

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