Insulation

Julian Francis President, Insulation Business

1

Insulation Highlights

Track record of proven performance

Strong brand and broad product portfolio provide opportunities to expand

the earnings power of our business

Expect growth in U.S. residential new construction to continue to drive

price improvement

2

Achievements

Delivered $100MM EBIT in 2014 on <1.0MM lagged U.S. housing starts

Achieved average operating leverage of >50% since Q4 2010

Secured over $125MM in price realization since the end of 2012

Expanded our Home Center presence

Commercialized EcoTouch® - recognized as the “Greenest

Insulation Brand”

Integrated the acquisition of Thermafiber successfully

Strong Execution Across our Portfolio

3 Source: Owens Corning SEC filings. Green Builder Media 2015 Readers’ Choice survey. Lagged housing refers to actual U.S. Census Bureau annual housing starts presented on a one-quarter lag.

Insulation Financial Performance

Returning to Historical Levels of Profitability

-8%

-4%

0%

4%

8%

$0

$500

$1,000

$1,500

$2,000

2011 2012 2013 2014 LTM

Sales – Millions of $ EBIT as % of Sales

LTM reflects actual results Q4 2014 - Q3 2015.

Source: Owens Corning SEC filings. 4

Insulation EBIT Progress

Consistent Quarterly EBIT Progression Since 2011 Source: Owens Corning SEC filings.

EB

IT in

Mil

lio

ns

of

Do

lla

rs

Q1 Q2 Q3 Q4

(47) (38)

(12)

0

(34)

(16)

3 9

(21)

4

18

39

1

18

43 46

7

25

58

(60)

(40)

(20)

-

20

40

60

80

2011 2012 2013 2014 2015

5

Positioned to Grow

Source: Owens Corning management estimates as of November 2015.

Insulation End-Use

Markets % of 2014 Revenue

Expected Market

Growth Drivers

Revenue CAGR 2015 – 2018

U.S. and Canada Residential New Construction

40%

U.S. and Canada Repair and Remodel

20%

U.S. and Canada Commercial and Industrial

24%

Rest of World 16%

Housing starts Building energy code adoption

Aging housing stock Energy efficiency policies

Owner/operator focus Fire codes

Growing middle class Urbanization

Attractive Growth Drivers Across End Markets

+ +

+

+

+

6

Owens Corning Insulation Global Opportunities

Geographic Expansion Opportunities

Fiberglass manufacturing site

Foam manufacturing site

Mineral fiber manufacturing site

Mineral

# of Plants

Fiberglass Foam Fiber

7

18

9

2

Owens Corning Insulation Global Opportunities

Geographic Expansion Opportunities

8

Residential Fiberglass

Owens Corning Insulation Global Opportunities

Geographic Expansion Opportunities

9

Engineered Fiberglass

Owens Corning Insulation Global Opportunities

Geographic Expansion Opportunities

10

Extruded Polystyrene Foam

Owens Corning Insulation Global Opportunities

Geographic Expansion Opportunities

Fiberglass manufacturing site

Foam manufacturing site

Mineral fiber manufacturing site

Mineral

# of Plants

Fiberglass Foam Fiber

11

18

9

2

Owens Corning Insulation Global Opportunities

Geographic Expansion Opportunities

12

Mineral Fiber

Mineral Fiber

Utilizing latest technology to develop products for growth markets

Leveraging existing Owens Corning sales force and customer relationships

Focusing on growth in commercial and industrial segments

Building a new mineral fiber plant in Joplin, MO

Investing in Growing Markets 13

Owens Corning Insulation Global Opportunities

Geographic Expansion Opportunities

14

Residential Fiberglass Repair and Remodel

A Strong Brand

#1 Insulation Brand in Homeowner Awareness – 72%

#1 Insulation Brand with Building Professionals

– Overall quality, brand familiarity, used most, and recent use

• #1 2015 Hanley Wood Builder Magazine Brand Study

• #1 2015 Hanley Wood Remodeling Magazine Brand Study

– “Greenest Insulation Brand”

• Green Builder Media’s annual Readers’ Choice survey

Sources: Owens Corning proprietary research, March 2013; Hanley Wood Builder and Remodeling Magazine 2015 Brand Studies; Green Builder Media 2015 Readers’ Choice survey

THE PINK PANTHER™ © 1964-2015 Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved. The color PINK is a registered trademark of Owens Corning. © 2015 Owens Corning. 15

Insulation advertisement can be downloaded at investor.owenscorning.com

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Owens Corning Insulation Global Opportunities

Geographic Expansion Opportunities

17

Residential Fiberglass New Construction

Year Increase in

U.S. Housing Starts

Increase in

Light Density Demand

2013

2014

2015E

210 MM Lbs

18

160 MM Lbs

200 MM Lbs

145 K

72 K

129 K

U.S. and Canada Fiberglass Industry Light Density Demand Progression

Light density fiberglass demand and capacity based on assets producing batts, rolls, flexible duct media, metal building insulation, duct wrap and appliance insulation; excludes loosefill products.

Source: Owens Corning management estimates and various industry sources and publications (including North America Insulation Manufacturers Association); all competitive information legally

obtained from appropriate 3rd party sources. U.S. housing starts increase based on actuals reported by U.S. Census Bureau and 2015 consensus estimates.

Average Annual Demand Growth of 190MM Lbs over Last Three Years

( 0.3)

( 0.6) ( 0.2)

4.6 4.3 3.7 3.5

2005 Total Capacity

Retired 2015 Total Capacity

Mothballed Operating Plants Capacity

Cold Lines Operating Lines Capacity

2.1MM

U.S. Housing Starts

Capacity

Utilization: 100% 73% 85% 90%

1.1 MM

U.S. Housing Starts

2005 2015

Ca

pa

cit

y B

Lb

s

U.S. and Canada Fiberglass Industry Light Density Network Capacity

Light density fiberglass demand and capacity based on assets producing batts, rolls, flexible duct media, metal building insulation, duct wrap and appliance insulation; excludes loosefill

products. Source: Owens Corning management estimates and various industry sources and publications (including North America Insulation Manufacturers Association); all competitive

information legally obtained from appropriate 3rd party sources.

19

U.S. Housing Starts of 1.2 to 1.4MM Should Require Restart of Mothballed Capacity

50%

60%

70%

80%

90%

100%

-1500

-1000

-500

0

500

1000

OC

U.S. N

ew C

on

structio

n

Price

Ind

exed

to 2

00

6

U.S. and Canada Fiberglass Industry Light Density Capacity and Demand

Pricing has Strengthened with Market Recovery

Ch

ange

in D

em

and

/Cap

acit

y (L

igh

t D

en

sity

MM

Lb

s)

2006 – 2008 2009 – 2011 2012 – 2015E 2016E – 2018E

Price Index

20

∆ in Demand ∆ in Operating Capacity

Decline Trough Early Stage Recovery

Sustained Performance Improvement

Light density fiberglass demand , capacity and price based on assets producing batts, rolls, flexible duct media, metal building insulation, duct wrap and appliance insulation; excludes loosefill

products. Source: Owens Corning management estimates and various industry sources and publications (including North America Insulation Manufacturers Association). Demand estimate based

on U.S. housing starts consensus. All competitive information legally obtained from appropriate 3rd party sources.

-10%

0%

10%

20%

30%

'84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14

EBIT Margin Avg EBIT Margin '85-'08 (15%)

Owens Corning Insulation Return to Historical Profitability Levels

Historically Delivered 15% EBIT Margins at 1.5 Million Housing Starts

LTM reflects actual results Q4 2014 - Q3 2015.

Source: Owens Corning management estimates and SEC filings of Owens Corning and predecessor company. Segment reporting comparability may differ over time.

LTM

21

Insulation A Proven Franchise

Track record of proven performance

Strong brand and broad product portfolio provide opportunities to expand

the earnings power of our business

Expect growth in U.S. residential new construction to continue to drive

price improvement

22

Progress Supports Confidence In Return to Historical Profitability

Questions and Discussion

Julian Francis President, Insulation Business

23