1

Composite Solutions

Arnaud Genis Group President, Composite Solutions

Marcio Sandri Vice President and Managing Director, Glass Reinforcements

Composites Highlights

2

The business has been transformed and is delivering double-digit

EBIT margins and return on capital

Owens Corning is a leader in the glass fiber market, which has a stable

industry structure and strong growth prospects

Evolving strategy from improving the business to delivering profitable,

capital efficient growth

Segment return on capital differs from the total company return on capital measure that is explained in Appendix A. Segment return on capital is defined as net operating profit after tax

divided by total capital. Total capital includes property, plant and equipment, goodwill and intangible assets, and working capital; calculated as the average of beginning and ending

balances. Net operating profit after tax is calculated using a segment specific tax rate. Both net operating profit after tax and total capital exclude fresh-start accounting adjustments.

-

1,000

2,000

3,000

4,000

5,000

6,000

1981 2014

An Industry with a Proven Track Record of Growth

Glass Fiber Market Demand

3

Glass fiber market demand excludes E-glass yarns.

Sources of actuals: Fiber Economics Bureau, GlassFibreEurope (APFE), Global Trade Information Services, Inc. and Owens Corning management estimates .

Gla

ss F

iber

K T

on

s

Glass Fiber Demand Has Grown at 1.6 Multiple

of Industrial Production Growth

0%

4%

8%

12%

16%

$0

$600

$1,200

$1,800

$2,400

2012 2013 2014 LTM

Composites Financial Performance

4

LTM reflects actual results Q4 2014 – Q3 2015.

Source: Owens Corning SEC filings.

Strategy Execution Delivering Results

EBIT as % of Sales Sales – Millions of $

Capital Efficiency

Owens Corning Composites Strategic Pillars

5

Product Leadership

Cost Leadership

Price Realization

Cost Leadership

6

Low-delivered cost asset defined as delivered cost in the region at or below best competitive benchmark for glass fiber manufacturing.

Source: Owens Corning management estimates.

Composites Now Positioned with Low-Cost Network

Owens Corning Composites Global Capacity

Percentage of Low-Delivered Cost Assets

2015 2013 2007

Cost Leadership

30%

70% 75%

Cost Leadership

7

Legend:

Existing plant

High-cost plant closed

Plant restructured

Low-cost plant additions/expansions

Ibaraki, Japan

Hangzhou, China

Gous, Russia

Alcala, Spain

Vado, Italy

Yuhang, China

Guelph, Ontario

Tlaxcala, Mexico

Actions initiated between 2009 and 2015 to create low-cost network.

Besana, Italy

Chambery, France

Cost Leadership

-30

-20

-10

0

10

20

30

40

2012 2013 H1 2013 H2 2014 2015 LTM

Mil

lio

ns

of

$

Year-over-Year Price Improvement

Price Realization

8

Price Realization

LTM reflects actual results Q4 2014 – Q3 2015.

Source: Owens Corning SEC filings.

Achieved Nine Consecutive Quarters of Price Improvement

Glass Fiber A $7.5 Billion Global Market

9

Glass fiber market defined as glass fiber reinforcements and direct conversion products as consumed, excluding yarns.

Source: Fiber Economics Bureau, GlassFibreEurope (APFE), Global Trade Information Services, Inc. and Owens Corning management estimates.

Markets

Size

Building &

Construction Consumer Power & Energy Transportation Industrial

An Industry with a Proven Track Record of Growth

Glass Fiber Market Demand

10

Glass fiber market demand excludes E-glass yarns.

Sources of actuals: Fiber Economics Bureau, GlassFibreEurope (APFE), Global Trade Information Services, Inc. and Owens Corning management estimates.

Source of forecast: 2014 demand grown at 1.6x global IP per October 2015 Oxford Economics.

Gla

ss F

iber

K T

on

s

Glass Fiber Demand Has Grown at 1.6 Multiple

of Industrial Production Growth

2014 E

Forecast

-

1,000

2,000

3,000

4,000

5,000

6,000

1981 2018

Owens Corning Composites Positioned to Win

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Positioned to Compete Anywhere in the World % Market Revenue = market revenue in region as % of 2014 global market size; % OC Revenue = OC revenue in region as % of OC Composites global 2014 sales; Glass reinforcements

market defined as glass fiber reinforcements and direct conversion products as consumed, excluding yarns.

Sources: Fiber Economics Bureau, GlassFibreEurope (APFE), Global Trade Information Services, Inc. and Owens Corning management estimates of 2014 global market.

34%

46%

% Market Revenue

% OC Revenue

Americas

25% 30%

% Market Revenue

% OC Revenue

Europe

26%

10%

% Market Revenue

% OC Revenue

China

15% 14%

% Market Revenue

% OC Revenue

Rest of World

#1 Position

34%

46%

% Market Revenue

% OC Revenue

Americas

#1 Position Emerging Position

#1 Position

Industry Structure – China

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China in Midst of Significant Rebuild Cycle Estimated dollars represent capex spending.

Source: Owens Corning management estimates.

0

200

400

600

800

1000

2005 2007 2009 2011 2013 2015 2017

Millio

ns

of

$

Capacity Additions Capacity Rebuilds

Additions /

Rebuilds ($B) 2005-11 2012-18

Variance

%

Additions 3.6 1.1 (69%)

Rebuilds 0.3 1.3 333%

Total 3.9 2.4 (38%)

China Capacity Additions and Rebuild Requirements

Manufacturing in China defined as CPIC, China Fiberglass (Jushi) and Taishan.

Source: Owens Corning management estimates.

Industry Structure Transformation Market Supply

China Consuming More Domestic Capacity, Leaving Less for Exports

Demand Outside China Served by

Manufacturing in China

Capacity in China

Available for Export

13

0%

5%

10%

15%

20%

25%

30%

20%

25%

30%

35%

40%

45%

50%

55%

Glass Fiber Industry Estimated Capacity

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Glass fiber market demand excludes E-glass yarns. Sources: Fiber Economics Bureau, GlassFibreEurope (APFE), Global Trade Information Services, Inc. and Owens Corning management

estimates as of October 2015 (high probability capacity additions only). Estimated demand calculated as 2014 demand grown at 1.6x global IP per October 2015 Oxford Economics.

Change in global

demand (MM T)

Change in global

capacity (MM T)

Es

tim

ate

d C

ap

ac

ity U

tili

za

tio

n

China Emergence

Capacity Overbuild

Tightening Capacity

Price Inflection

Supply Tension

Improved Returns

Supply Tension Environment Expected in the Near Term

0.5

1.7

0.8

1.7

0.8

0.5

2005-09 2010-15E 2016E-18E 50%

60%

70%

80%

90%

100% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15E '16E '17E '18E

90% Threshold

Owens Corning Composites Strategic Pillars

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Capital Efficiency

Product Leadership

Cost Leadership

Price Realization

Capital Efficiency

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Delivering Capital-Efficient Growth

Focused on capital-efficient growth

Innovation to increase production

from current assets

Strategic licensing/supply

agreements

Low-cost expansion of current assets

Capital Efficiency

Capital Efficiency

17

Approaching Phase of Lower Rebuilds

Source: Owens Corning management estimates.

Capital Efficiency

0%

20%

40%

60%

2009-12 2013-16E 2017E-20E

Percentage of Owens Corning Composites Capacity Rebuild

Product Leadership

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Productivity

Enables Premium Pricing and Enhanced Customer Profitability

Product Leadership

Performance

Product Leadership

19

2013 2014 2016E

New Product Sales

2015E

6% 12% 17% >20%

Source: Owens Corning management estimates. New product sales percentage calculated as revenue from products introduced within the last three years divided by total

Composites revenue.

Number of New Products 18 16 19 15

Product Leadership

Optispray Rovings Solutions™

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Transforming Commoditized Fabrication Process

Product Leadership

Reduced resin usage

Faster fabrication

Reduced tooling cost

Automotive Exterior Applications

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Step Change for Automotive Fabricators

Product Leadership

Improved strength

enabling lighter parts

Better surface finish

Reduced molding time

Owens Corning Composites Strategic Pillars

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Capital Efficiency

Product Leadership

Cost Leadership

Price Realization

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$38B Market $1.3B Market $0.8B Market

Source: Smithers Apex and Owens Corning management estimates.

Glass Non-Wovens Global Market Encompassing a Broad Range of Applications

Specialty Glass Non-Wovens Global Glass Non-Wovens Global Non-Wovens

Specialty Glass Non-Wovens

Roofing

Current conversion to glass

non-wovens (North America)

Glass Non-Wovens Growth NA Market Driven by Penetration and Economic Factors

Source: Owens Corning management estimates based on data provided by Asphalt Roofing Manufacturers Association (ARMA), Ceilings & Interior Systems Construction Association

(CISCA), Catalina Market Research Report, Gypsum Association, U.S. Geological Survey Publications, and the Professional Insurance Marketing Association (PIMA).

Roofing

Shingles

Glass Faced

Gypsum

Cushioned

Vinyl Flooring

Carpet Tile

Ceiling Tile

Insulation

1975

1982

1977

1980

1995

1988

100%

100%

65%

8%

17%

4%

3B m2

80MM m2

280MM m2

160MM m2

4.3B m2

900MM m2

Current Market

Glass Opportunity

Total market

Start of

conversion

End-use

market

Opportunity at full conversion

(North America)

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Owens Corning Composites

Strategy is delivering double-digit EBIT margins and return on capital

A leader in glass fiber market with strong growth and stable industry

structure

Positioned well to capture opportunity in specialty glass non-wovens

Evolving strategy to capture profitable, capital-efficient growth

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Continued Global Growth Supports Mid-Teen Margins Segment return on capital differs from the total company return on capital measure that is explained in Appendix A. Segment return on capital is defined as net operating profit after tax

divided by total capital. Total capital includes property, plant and equipment, goodwill and intangible assets, and working capital; calculated as the average of beginning and ending

balances. Net operating profit after tax is calculated using a segment specific tax rate. Both net operating profit after tax and total capital exclude fresh-start accounting adjustments.

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Questions and Discussion

Arnaud Genis Group President, Composite Solutions

Marcio Sandri Vice President and Managing Director, Glass Reinforcements