Investor Presentation

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

of the date September 8, 2008, and is subject to change. The Company does not undertake any duty to

update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

Owens Corning At A Glance

•

Founded in 1938, an industry leader in glass fiber insulation,

roofing and asphalt, and glass fiber reinforcements

•

2007 sales: $5 billion

•

Current market cap about $3.3 billion

•

18,000 employees in 26 countries

•

NYSE trading symbol: OC

•

130 million diluted shares outstanding at June 30, 2008

•

Senior debt ratings: BBB-

and Ba1

•

FORTUNE 500 company for 54 consecutive years

•

A FORTUNE Most Admired Company for six consecutive years

•

Residential Insulation

•

Commercial & Industrial Insulation

•

Manufactured Stone Veneer

•

Residential Shingles

•

Roofing Asphalts

•

Glass Fiber Reinforcement

Materials for Composites

Global Leader

Leading North American

Market Positions

The Pink Panther™

Outlook

•

Composites demonstrating double-digit margin

performance

•

Building Materials performing well in a difficult market

•

Raised guidance by 10% during the second quarter call

to adjusted EBIT of at least $265 million for the year

•

Recent strength in roofing performance creates an

additional upside of up to 10% in adjusted EBIT

•

Outlook for the United States housing market continues

to be uncertain

Objectives for the Day

•

Demonstrate that Owens Corning is a preferred

investment

•

Provide information and insight

–

Composites: A high-performing business

–

Building Materials: Solid businesses poised for further

profitability

–

Operational Excellence: Performance case studies

–

Financial Strategy: Delivering shareholder returns

•

Questions, answers, discussion

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements

are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s

Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

of the date September 8, 2008, and is subject to change. The Company does not undertake any duty

to update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional

Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their

most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

An engineered material system…

…resulting in unique attributes replacing traditional materials

What is a “Composite”?

Other Materials

•

Resins

•

Additives

•

Filler

Source: Owens Corning

Reinforcements

High Strength

Light Weight

Durable

Non-Conductive

Non-Corrosive

Longer Blades

Up to 50% Lighter

Than Steel

Safety

Glass

95%*

Other

Composites

Sales

EBIT as % of Sales

U.S. & Canada

Commercial

& Industrial

19%

U.S. & Canada

Residential Construction

Non-U.S. & Canada

74%

Company estimates

Current Market Environment

Q2 2008 Revenue by End Market

Four-Year and LTM Financial Performance

•

Strong energy and industrial related

demand

•

Growth continues in emerging markets

•

High global capacity utilization

D&A

51%

10%

EBIT as %

of sales

165%

135

EBIT

76%

755

1,326

Net sales

Change

1 Half

2007

1 Half

2008

($ in millions)

$500

$1,000

$1,500

$2,000

$2,500

2004

2005

2006

2007

LTM

10%

15%

20%

25%

Net sales before inter-segment eliminations

2004 is not recast for the effect of discontinued operations

A Successful Acquisition

•

Timely closing of transaction and required divestitures

–

October 2007: $640 million purchase price

–

May 2008: divestitures complete; about $200 million in proceeds

•

Effective integration of a large business

–

Retention of key customers

–

Clear path to at least $30 million in synergies in 2008

–

Expanding capacity in Russia by more than 2X

–

Making additional growth investments in China, Brazil and India

The acquisition is delivering results

Successful Acquisition

Market Position

Innovation

First-Half Results

$0.8B

Pre-acquisition

1H 2007

$1.3B

Post-acquisition

1H 2008

Revenue

10%

EBIT %

The acquisition better positions us for the future

Solid Performance in 2008

•

76% net sales growth 1H ’08 vs. 1H ’07

•

165% EBIT growth 1H ’08 vs. 1H ’07

•

Solid productivity gains

–

15% increase in output per employee

–

6% reduction in energy consumption

–

1% reduction in OpEx (as a % of sales)

•

Closed underperforming plants

•

Capacity utilization is up vs. ’07

Successful Acquisition

Market Position

Innovation

Greater Value through Synergy Attainment

Source: Owens Corning

At least $100 million of total synergies by 2011

Composition of Synergies

Successful Acquisition

Market Position

Innovation

Technology:

•

Upgrading to Advantex

Supply Chain:

•

Reconfiguring plants

•

Fewer ocean shipments

Operating Expenses:

•

Eliminating redundancies

50%

20%

30%

Asia

Europe

Latin America

North America

Sales Breakdown

Post-acquisition

Sales Breakdown

Pre-acquisition

Manufacturing operations in

16 countries

Source: Owens Corning

capacity

emerging

economies,

and

expandable

Greater Access to Global Platforms

Successful Acquisition

Market Position

Innovation

Scale

Global

Operations

Product-Line

Breadth

Downstream

Businesses*

A glass reinforcements company unmatched

in global supply, product, and technology capabilities

Best Able to Serve Customers

*Only companies with more than 5% market share in any one or more downstream business are checked

Successful Acquisition

Market Position

Innovation

Owens Corning

Jushi

PPG

CPIC

Johns Manville

Owens Corning is #1

Demand for Glass Reinforcements is Growing

Trends Driving Growth

•

Emerging economies

•

Global energy demand

•

Green solutions

Source:

U.S.

Fiber

Economic

Bureau,

APFE,

Owens

Corning

1.5 to 2X

Global GDP

5% to 7%

CAGR

$8 B

…

in glass fibers

…

in technical fabrics

…

in specialty glass mats

Successful Acquisition

Market Position

Innovation

1,000

Attractive End-Use Market Growth

Power &

Energy

Aerospace

& Defense

Water

Distribution

Industrial

Housing

Source: Owens Corning

Owens Corning has played a major role

in the development of these markets

Consumer

Successful Acquisition

Market Position

Innovation

CAGR ’08-’13

>10% ~5%

Growth

Transportation

Owens Corning in Composites

•

Commercialized glass fibers in 1938

•

Pioneered the use of glass as a

reinforcement in composites

•

Instrumental in converting applications

to glass reinforced composites

Our legacy of innovation continues today

1950s

1960s

1970s

1980s

1990s

Today

Successful Acquisition

Market Position

Innovation

Wind Power

•

The world will spend $11 trillion on power

infrastructure through 2030

•

By 2015, spending on renewable energy will reach

$300 billion a year

•

Wind power is growing 20% per year, consuming

200,000 tons of glass reinforcements annually

Source:

International

Energy

Agency;

Morgan

Stanley

Clean

Energy

Report,

May

2008;

BTM

Consultant

ApS

–

March

2008;

Owens

Corning

Owens Corning

is the leading supplier of glass

reinforcements for wind power today

Composite Pipe

•

Pipe is the largest application for glass

reinforcements (300,000 tons annually)

•

The use of composite pipe is growing

globally 10 –

15% per year driven by:

–

Expanding industrial base

–

Global increase in water consumption

–

Replacement of aging infrastructure

Owens Corning

is a leading supplier of

glass reinforcements for composite pipe

Source:

Ashland

Specialty

Resin;

Global

Insight;

FHWA

funds

Cost

Corrosion

Study;

Owens

Corning

Owens Corning: Innovation for Pipe

Non-Corrosive

Burst Strength

Longer Lasting

•

50% more corrosion resistance

•

50% reduction of concrete repair costs

•

2X more burst strength than steel

•

12X more acid resistance

Source: Owens Corning

Sewer Pipe Damage

High Pressure Pipe

Replacing

steel

and

concrete

with

durable

and

less

costly

solutions

Advantex

Fabrics

Advantex

Fibers

Ballistic Armor

•

New threats require new materials

•

The use of metal in armor is

decreasing

•

Composite materials are designed to

meet challenging military demands

Armor Material Systems

Metals

Non-Metals

Transparent

Source: Vector Strategy, May 2008

Owens

Corning

developing

new

glass reinforcements for these

challenges

Owens Corning: Innovation for Armor

•

40% tougher than steel parts

•

Scale quantities available

•

50% lighter than steel

•

Half the cost of current solutions

ShieldStrand

Advanced

premium

performance,

yet

affordable

Higher Strength

Lighter Weight

Cost Effective

Fabrics

Vehicle Armor

Spall Liner

Source: Owens Corning

™

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s

Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

as of the date September 8, 2008, and is subject to change. The Company does not undertake any duty

to update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their

most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

Net sales before inter-segment eliminations

Building Materials

$1,000

$2,000

$3,000

$4,000

$5,000

2004

2005

2006

2007

LTM

12%

15%

U.S. & Canada

Commercial &

Industrial

19%

U.S. & Canada

Residential Repair

& Remodeling

36%

U.S. & Canada

New Residential

Construction

36%

Current Market Environment

Q2 2008 Revenue by End Market

•

Demand affected by prolonged

weakness in housing starts –

down 51%

since the peak in 2005

•

Higher selling prices have not offset

inflationary pressures

•

Current forecasts call for continued

weakness in 2009

D&A

-72%

EBIT as %

of sales

-72%

127

EBIT

-3%

1,736

1,689

Net sales

Change

half

2007

half

2008

($ in millions)

International

Sales

EBIT as % of Sales

2004 is not recast for the effect of discontinued operations

Four-Year and LTM Financial Performance

Company estimates

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements

are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s

Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

as of the date September 8, 2008, and is subject to change. The Company does not undertake any duty

to update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional

Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their

most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

Strategic Priorities

•

Manage price to recover cost inflation

•

Innovation fuels our customers’

success

–

Duration

Series Shingle

–

Roofing accessories

–

Reinsulation opportunity

•

Margin improvement

–

Enhance product mix

–

Increase roofing accessory sales

–

Relentless about cost reduction

Improved operating margin and return on invested capital

Asphalt Roofing Industry is Attractive

•

More than $7 billion market representing

75% of all residential roofing installed

•

75% –

80% re-roof; 20% –

25% new

construction

•

Market growth driven by aging of existing

housing stock, new construction and storm

activity

•

Four national producers service more than

90% of the market

Asphalt Shingles Will Continue

to be the Product of Choice

Asphalt Shingles

Tile

Metal

(1)

Market

estimates

based

upon

Principia

Partners

and

The

Freedonia

Group

studies

for

North

America.

(2)

Owens Corning estimates and average roof size of 30 squares. Does not include additional structural costs that might be

associated with heavy-weight products.

(1)

Market

estimates

based

upon

Principia

Partners

and

The

Freedonia

Group

studies

for

North

America.

(2)

Owens Corning estimates and average roof size of 30 squares. Does not include additional structural costs that might be

associated with heavy-weight products.

$9+ Billion Market

(1)

$6,000

$12,000

$18,000

$15,000

$27,000

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Installed Cost of a Typical Roof

(2)

Sales

EBIT as % of Sales

Four-Year and LTM Financial Performance

Net sales before inter-segment eliminations

Roofing and Asphalt

$500

$1,000

$1,500

$2,000

2004

2005

2006

2007

LTM

10%

15%

20%

U.S. & Canada

Commercial & Industrial

11%

U.S. & Canada

Residential Repair

& Remodeling

64%

U.S. & Canada

New Residential

Construction

25%

Current Market Environment

Q2 2008 Revenue by End Market

•

Strong second quarter performance

carrying into third quarter

•

Inflation, primarily asphalt, partially

offset by higher selling prices

•

Weak demand associated with

traditional home repair, remodel and

new construction

Company estimates

D&A

-12%

EBIT as %

of sales

-5%

EBIT

720

781

Net sales

Change

Half

2007

Half

2008

($ in millions)

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements

are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s

Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

of the date September 8, 2008, and is subject to change. The Company does not undertake any duty

to update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional

Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their

most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

Our Insulating Products

•

Residential

Insulating

Batt

–

used

wall

cavities

newly

constructed and existing homes

•

Foam

Insulation

–

used

above-

and

below-grade

construction applications

•

Flexible

Duct

Media

–

insulated

duct

used

new

and

existing homes as a more energy-efficient HVAC solution

than metal ducts

•

Metal

Building

Insulation

–

insulation

used

commercial

and industrial metal buildings

•

Commercial

and

Industrial

Pipe

Insulation

–

fiberglass

insulated pipe used in hot and cold industrial applications

North American Insulation Market –

Product Share

•

Buildings are the #1 user of

energy in the United States

•

Building code adoption will

continue to drive improved

energy efficiency and

insulation demand in new

construction

•

Nearly 80 million existing

homes in the United States

are under insulated

Owens

Corning

holds

the

leading

market

position

residential,

commercial and industrial insulation

Source:

Product

and

market

estimates

based

“Insulation

Residential

and

Commercial

Construction

2007”

Principia

Partners

Fiberglass

48%

Rigid Foam

38%

Spray Foams

Mineral Wool

Cellulose

Attractive North American Fiberglass

Insulation Market

•

Three manufacturers account for about 80% of

market share

•

Residential, commercial and industrial market

penetration provides good diversity in mix

•

Customer and channel diversity gives us an

advantage

Market is served by:

•

Retail –

Big Box

•

Contractors

Market accessed through:

•

Direct service

•

Distribution

•

Pro-oriented dealers

•

Buying groups

Average EBIT margin 2004-2008 of

about 16% over the past 25 years

Q2 2008 Revenue by End Market

Company estimates

Current Market Environment

Sales

EBIT as % of Sales

Four-Year and LTM Financial Performance

Insulating Systems

•

Experiencing inflation, weak demand,

low selling prices and capacity

utilization in the 60% to 70% range

•

Expect to remain profitable for the full

year 2008

$500

$1,000

$1,500

$2,000

$2,500

2004

2005

2006

2007

LTM

10%

15%

20%

25%

U.S. & Canada

Commercial

& Industrial

28%

U.S. & Canada

Residential Repair

& Remodeling

21%

U.S. & Canada

New Residential

Construction

39%

International

12%

Net sales before inter-segment eliminations

D&A

-74%

11%

EBIT as %

of sales

-76%

EBIT

-9%

860

786

Net sales

Change

Half

2007

Half

2008

($ in millions)

Insulating Systems Profitable Growth

•

The United States housing market will strengthen and we will be ready

•

Growing our customers’

businesses

–

Contemporary aisle logic, consumer-friendly packaging and innovative

premium products for retail-facing customers

–

Building science and energy-efficiency training for contractors

–

Powerful Owens Corning brand recognition and promotions

•

Expanding the energy-efficiency marketplace and creating a

reinsulation industry

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements

are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s

Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

as of the date September 8, 2008, and is subject to change. The Company does not undertake any duty

to update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional

Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their

most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

The Reinsulation Market Opportunity

•

40% of all energy in the United States is used in

buildings

–

More than industry and more than transportation

•

Concern for energy efficiency and the environment is

front-page news around the world

•

Oil and natural gas prices are near historic highs

•

Insulation is the single-most cost-effective solution in

the world to reduce greenhouse gases*

Nearly 80 million homes in United States

are under insulated

*Source: McKinsey & Company

Reinsulation: “Do It Yourself”

•

Create the awareness of the

need to insulate

•

Make information

easily

available

•

Clarify retail

shopping experience

How Owens Corning is

capturing the opportunity

How to move “Do It Yourself”

consumers into action

•

Make the decision to insulate

an easy one

•

Quantify the benefit and

savings

•

Make the project execution

seamless

•

Help me

understand

what I need

to get it done

Reinsulation: “Do It For Me”

How to move

“Do It For Me”

consumers into action

•

Expanding contractors’

ability to tap into the

reinsulation

market by

providing business

models, marketing

tools and training

–

Hundreds of roofing

and HVAC contractors

upselling

insulation

while already in the

home

–

Insulation contractors

extending business

into retrofit from new

construction

How Owens Corning

is capturing the

opportunity

Homeowners

have simple

and easy

solution for

energy

efficiency

upgrades

•

Make it easier for me

to get the project

done –

this is not

work I do myself

•

Help me find

contractors I trust to

do the job

•

Help me understand

the benefit and

savings

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

of the date September 8, 2008, and is subject to change. The Company does not undertake any duty to

update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s

Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

as of the date September 8, 2008, and is subject to change. The Company does not undertake any duty

to update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

Proprietary Technology and Processes

Recycled Glass Use in Insulation

Leading Edge Technology

•

Energy

and emissions

reduction

•

Manufacturing cost reduction

•

Capacity increase

•

Longer asset life

2002

2003

2004

2005

2006

2007

2008

More than

1 billion lbs/yr

Composites

Furnace

Insulation

Furnace

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements

are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s

Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

of the date September 8, 2008, and is subject to change. The Company does not undertake any duty to

update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional

Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their

most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

Advantex

Technology: Using Less Energy

•

35% less fossil fuels

•

Lower emissions

Advantex

is the most energy efficient melting technology*

*Source: Owens Corning, and TNO Science and Report, Energy Efficiency Benchmark of Glass Furnaces, May 10, 2005

100

120

Energy Consumption Index

per ton of production

35%

Advantex

Technology: More Asset Efficient

•

Higher output from plants

•

Eliminates treatment costs

•

Enables capital-efficient expansion

Advantex

technology provides higher investment returns

Source: Owens Corning, Industry Average Compiled from Data Collected During Recent Acquisitions

100

120

140

160

Asset Efficiency Index

Output of furnace per square meter

50%

Advantex

Technology: A Case Study

•

Raw materials: 5% reduction

•

Energy:

42% reduction

•

Output:

35% increase

Hangzhou, China

•

Raw materials: 35% reduction

•

Energy:

50% reduction

•

Output:

45% increase

•

Closed one inefficient furnace

Leveraging the benefits by

upgrading the acquired assets

Thimmapur, India

Forward-looking Statement and Non-GAAP

Measures

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements

are

subject

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially from those projected in these statements. Such factors include competitive factors, pricing

pressures, availability and cost of energy and materials, acquisitions and achievement of expected

synergies therefrom, general economic conditions and factors detailed from time to time in the

Company’s

Securities

and

Exchange

Commission

filings.

The

information

this

presentation

speaks

as of the date September 8, 2008, and is subject to change. The Company does not undertake any duty

to update or revise forward-looking statements. Any distribution of this presentation after that date is not

intended and will not be construed as updating or confirming such information.

Additional

Company

information

available

the

Owens

Corning

Web

site:

www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial measures" as defined by

the Securities and Exchange Commission. A reconciliation of these non-GAAP financial measures to

their

most

directly

comparable

financial

measures

calculated

and

presented

accordance

with

generally accepted accounting principles can be found in our Current Report on Form 8-K filed with the

Securities and Exchange Commission on July 30, 2008.

Financial Strategies

•

Financial performance and discipline

–

Strong operating cash flow to support growth and

innovation

–

Continual focus on return on net assets in excess of

cost of capital

•

Balanced use of free cash flow

–

Maintain strong balance sheet and ample liquidity

–

Disciplined capital investment to maintain the core

business and to grow through international opportunities

–

Support shareholder returns

Balance Sheet Snapshot

34%

Debt/Total Capitalization

3.0

3.2

Debt/Adjusted LTM EBITDA

910

869

Available Liquidity

(1)

6,038

6,154

Total Capitalization

3,988

4,054

Shareholder Equity

2,050

2,100

Total Debt

$ 135

$ 121

Cash

December 31,

2007

June 30,

2008

($ in millions)

Owens Corning

(1)

Unused portion of the $1 billion revolving credit facility and cash on hand

Guidance for 2008

•

EBIT at least $265 million for the fiscal year

•

Cash taxes will be less than the $40 million paid in 2007

•

Capital expenditures estimated to be $350 million in 2008

•

Energy used in manufacturing

–

Represents about 10% of cost of sales

–

About 60% natural gas, 30% electricity, 10% other