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JAMES HARDIE INDUSTRIES LIMITED (HAH)

Delisted from ASX 22/10/2001

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delisted at entity's request

22/10/2001

we understand the company has become a Netherlands-based company - while its business is largely in the United States, if it were to repatriate profits to pay dividends (90% of its shareholders are in Australia) it would pay United States withholding tax of 15% - the new holding company, James Hardie Industries NV, will instead pay 5% withholding tax under the Netherlands-US tax treaty and the company's overall worldwide tax rate will be reduced to 25-30% - significantly less than the rate of 40-50% which would arise if the restructuring were not implemented - shareholders were offered a one-for-one exchange of shares in the new company - they will not incur capital gains tax on the share swap, thanks to rollover relief - however, shareholders who bought their James Hardie shares before 20 September 1985 lose their permanent capital gains tax-free status - their cost basis is the market value of the new shares when restructuring is implemented

22/10/2001

name changed from James Hardie Asbestos Limited

23/08/1979

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