James Hardie Industries

February 16, 2007

Australia: (Feb-09-07) James Hardie Industries' Asbestos Injuries Compensation Fund began with an initial $184 million down payment, laying the path for making first payments to victims. James Hardie has agreed to fund the settlement package with $1.5 billion from 35% of its free cash flow each year, though insiders predict that payments would blow out to $4 billion for up to 10,000 people once all compensation was paid under the record deal. James Hardie, whose shareholders approved the package in the Netherlands, confirmed that its new fund would take control of compensation payouts, with decisions made by a board comprising three company-appointed directors and two others nominated by the NSW Government. After a six-year battle to pressure James Hardie into accepting responsibility for a guaranteed compensation fund, campaigners and victims expressed relief that a settlement had been reached.

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