Owens Corning presented information on its Q2 2017 performance focused on shareholder value. It operates three strong businesses: Insulation, Roofing, and Composites. The presentation discussed OC's investment thesis of having market leading businesses, improved portfolio performance and earnings, and attractive macroeconomic drivers. It also provided an overview of each business segment and their financial profiles.

1. Owens Corning
Focused on Shareholder Value
Q2 2017
This presentation shared at the following event(s):
5/25/17 OC Roadshow Hosted by Longbow – New York Mike Thaman, Chief Executive Officer
5/23/17 OC Roadshow Hosted by Zelman – Texas Michael McMurray, Chief Financial Officer
5/19/17 OC Roadshow Hosted by RBC – Boston Brian Chambers, President, Roofing & Asphalt

2. 2
Forward-Looking Statements and Non-GAAP Measures
This presentation and the associated remarks and comments contain forward-looking statements. We caution you against relying on these
statements as they involve risks and uncertainties that are difficult to predict and the Company’s actual results may differ materially from
those projected in these statements. Such risks and uncertainties include, without limitation: relationships with key customers and demand
for our products; macroeconomic factors like levels of construction activity, global industrial production, industry, economic and political
conditions, including new legislation, policies or other governmental actions by the new U.S. presidential administration and Congress;
competitive and pricing factors; currency, commodity and interest rate fluctuations; our level of indebtedness and the availability and cost of
credit; weather conditions; energy and raw material availability, price volatility and cost issues; ability to protect our intellectual property and
information technology systems; labor disputes, legal and regulatory proceedings; our ability to utilize our net operating loss carry-forwards;
issues related to acquisitions, divestitures and joint ventures; and, factors detailed from time to time in the Company’s SEC filings.
For purposes of this presentation, any discussion referring to “year to date” or last twelve months (“LTM”) refers to the period ended on the
last calendar day of the quarter preceding the date of the investor event referred to on the first page of this document. Otherwise the
information in this presentation speaks as of the date of the investor event, and is subject to change. The Company does not undertake any
obligation to update or revise forward-looking statements beyond what is required under applicable securities laws. Any distribution of this
presentation after the date of the investor event is not intended and should not be construed as updating or confirming such information.
This presentation contains references to certain "non-GAAP financial measures" as defined by the SEC, including EBIT, adjusted EBIT,
adjusted earnings, adjusted EPS, adjusted pre-tax earnings, free cash flow, free cash flow conversion of adjusted earnings, free cash flow
yield and return on capital. Management uses non-GAAP measures for various purposes, including reporting results of operations to the
Board of Directors, analysis of performance and related employee compensation measures. Although management believes these
measures, and exclusions from GAAP therein, provide a useful representation of performance or liquidity, non-GAAP measures should not
be considered in isolation or as a substitute for the corresponding GAAP measures. A reconciliation of these non-GAAP financial measures
to their most directly comparable financial measures calculated and presented in accordance with GAAP can be found in the text and tables
of our most recent earnings Press Release filed with the SEC on Form 8-K and in Appendix B. When the company provides forward-
looking expectations for non-GAAP measures, the most comparable GAAP measures and a reconciliation between the non-GAAP
expectations and the corresponding GAAP measures are generally not available without unreasonable effort due to the variability,
complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP measures in future periods. The variability
in timing and amount of adjusting items could have significant and unpredictable effects on future GAAP results.
Adjusted EBIT, adjusted earnings, adjusted EPS, adjusted pre-tax earnings and return on capital exclude certain items that management
does not allocate to its segment results because it believes they are not representative of the Company’s ongoing operations. Free cash
flow is a non-GAAP liquidity measure used by investors, financial analysts and management to help evaluate the company's ability to
generate cash to pursue opportunities that enhance shareholder value. Free cash flow is not a measure of residual cash flow available for
discretionary expenditures due to the company’s mandatory debt service requirements. As a conversion ratio, free cash flow is compared to
adjusted earnings. Free cash flow yield is a non-GAAP liquidity measure that management believes is useful to investors to compare a
company’s ability to generate free cash flow to its market valuation. Free cash flow yield is not a measure of cash flow which accrues
directly to the benefit of common stock share owners.

3. The Company
Investment Thesis
Three Strong Businesses
Additional Financial Information
Agenda

4. 4
Owens Corning at a Glance
1938
Founded
Over 79
Years Ago
2016
Sales
Countries
Around
the World
Employees
Worldwide
Consecutive
Years on the
Fortune 500®
Three
Strong
Businesses
$5.7
BILLION
Source: Owens Corning SEC filings and Fortune Magazine
16k 26 62

5. 5
Balanced End Market Exposure
Source: Owens Corning management estimates; estimated error margin below 5%. Consolidated figures eliminate intercompany sales between reportable segments.
15%
38%
21%
26%
2016 OC REVENUE BY END MARKET
U.S. & Canada Residential New Construction
U.S. & Canada Repair and Remodeling
U.S. & Canada Commercial and Industrial
International
8%
79%
12%
1%
Roofing
36%
23%
25%
16%
Insulation
3%
11%
26%60%
Composites

6. The Company
Investment Thesis
Three Strong Businesses
Additional Financial Information
Agenda

7. 7
OC Investment Thesis
Focused on Shareholder Value
Market
Leading
Businesses
2
Improved
Portfolio,
Earnings &
Cash Flow
3
Attractive
Macro
Drivers
1
 Favorable
global trends
 Positive
market outlook
 Leadership
positions in
attractive industries
 Valuable brands
 Low-cost assets
 Disciplined
capital allocation
 Access to growth
opportunities
 Improving capital
intensity

8. 8
Portfolio Improvement Has Lifted Margin Profile
 Implemented sustainable cost improvements
 Drove substantial Components growth
 Acquired synthetic underlayment leader InterWrap
 Served market needs with premium products
 Acquired and expanded mineral fiber assets
 Grew business outside North America
 Returned engineered & regional business to record levels
 Lowered breakeven point
 Repositioned low-cost network
 Reduced capital intensity
 Accelerated pace of product innovation
 Demonstrated industry supply tension
Adjusted
EBIT
Margin:
Insulation
Roofing
Composites
13%
2007 - 10
2011 - 16
2016
9%7%
Please refer to Table 1 of Appendix B for reconciliation to Owens Corning SEC filings.

9. 9
Return on capital is defined as net operating profit after tax divided by total capital. Please refer to Table 2 in Appendix B for reconciliation to Owens Corning SEC filings. Total capital is
the average of beginning and ending balances of property, plant and equipment, accounts receivable, inventories, post-emergence goodwill and intangibles, less accounts payable.
Portfolio Improvement Has Boosted
Return on Capital
4%
6%
8%
10%
12%
2012 2013 2014 2015 2016
Return on Capital

10. 10
18%
Significantly Improved Free Cash Flow
Please refer to Table 3 in Appendix B for reconciliation to Owens Corning SEC filings.
-100
0
100
200
300
400
500
600
2012 2013 2014 2015 2016
Millionsof$
 2012-2014 management
actions to improve portfolio
constrained cash flow
performance
 Free cash flow conversion
of adjusted earnings expected
to be about 100% on average
over 2015 to 2018
Free Cash Flow
Free Cash Flow
Conversion: 126%

11. 11
Source: Management estimates, based on 2016 data from CapitalIQ. Management believes this disclosure is useful to investors to compare a company’s ability to generate free cash
flow to its market valuation. Free cash flow yield is not a measure of cash flow which accrues directly to the benefit of common stock share owners. Calculation may differ from methods
used by peers in similar disclosures. Peer group represents building materials companies most covered by sell-side analysts who publish on Owens Corning. For detail on the formula
and GAAP reconciliation of the Owens Corning measurement, please refer to Table 4 in Appendix B.
Superior Free Cash Flow Yield Within Sector
Peer Average
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%

12. 12
Disciplined Capital Allocation Strategy
 Drive shareholder returns by enabling organic and inorganic
growth and supporting the balance sheet
o Maintain investment grade
 Capital allocation strategy
o Investing in attractive organic growth
o Pursuing value-creating acquisitions
o Returning cash to shareholders
 Strong cash flow outlook supports dividend growth, share
repurchase and acquisitions
 Benefit from $1.8B U.S. Federal N.O.L. with estimated
present value of approximately $5 per share
Source: U.S. Federal et operating loss (“N.O.L.”) as of 12/31/2016, as reported in Owens Corning SEC filings.

13. The Company
Investment Thesis
Three Strong Businesses
Additional Financial Information
Agenda

14. 14
2016
(Millions $)
Insulation Roofing Composites Corporate Total
Net sales 1,748 2,194 1,952 (217) 5,677
EBIT / Adj EBIT 126 486 264 (130) 746
EBIT / Adj EBIT as % of
sales
7% 22% 14% 13%
Portfolio Financial Profile
Source: Owens Corning SEC filings. For the Corporate column, Net sales reflects intercompany eliminations and EBIT reflects General corporate expense and other as disclosed in our
SEC filings. The Total column reflects total company Adjusted EBIT, which is reconciled to Owens Corning SEC filings in Table 5 of Appendix B.

15. 15
Margin >= 10% 0%<= Margin < 10% Margin < 0%
'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16
Insulation
Roofing
Composites
Strong Portfolio
Last 20 years of performance. Source: Owens Corning’s SEC filings since 2006. For comparability purposes, prior years have been provided based on Owens Corning’s SEC filings,
internal management reports, and management estimates.

16. 16
Insulation Business
 Track record of proven performance
 Strong brand and broad product portfolio
 Investment opportunities for global
expansion
 Confidence in return to historical
profitability
Source: Owens Corning SEC filings; segment reporting comparability may differ over time
* In millions
Sales* EBIT as % of sales
Progress supports confidence in
return to historical profitability
INSULATION
-5%
0%
5%
10%
15%
$0
$500
$1,000
$1,500
$2,000
2013 2014 2015 2016 LTM

17. 17
-10%
0%
10%
20%
30%
'85 '90 '95 '00 '05 '10 '15
EBIT Margin Avg EBIT Margin '85-'08 (15%)
Return to Historical Profitability Levels
Historically Delivered 15% EBIT Margins at 1.5 Million Housing Starts;
Expect to Average 50% Operating Leverage through the Housing Recovery
Source: Owens Corning management estimates and SEC filings of Owens Corning and predecessor company. Segment reporting comparability may
differ over time.
‘16
INSULATION

18. 18
( 0.5)
( 0.3)
( 0.2)
4.6
4.1
3.8 3.6
2005 Total
Capacity
Retired 2016 Total
Capacity
Mothballed Operating
Plants
Capacity
Cold Lines Operating
Lines Capacity
Capacity
Utilization: 100% 73% 85% 90%
2005
BLbs
U.S. & Canada Fiberglass Industry
Light Density Network Capacity and Demand
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. Capacity utilization reported in 5% increments. Source: Owens Corning management estimates as of January 2017
and various industry sources and publications (including North America Insulation Manufacturers Association); all competitive information legally obtained
from appropriate 3rd party sources.
80% 85% 90%
2016
2.1 MM
U.S. Housing Starts
1.2 MM
U.S. Housing Starts
INSULATION

19. 19
Market Pricing Still Significantly Below
Historical Levels
OC U.S. New Construction Price Index
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Source: Owens Corning management estimates as of January 2017. Owens Corning nominal price index based on average price of fiberglass
batts to U.S. contractors.
INSULATION

20. 20
Residential Fiberglass Below Historical
Levels; Non-Residential at Record Levels
Residential fiberglass building insulation includes batts & rolls and loosefill sold to insulation contractors and distributors, home centers, and
manufactured housing producers in the U.S. and Canada. Engineered insulation and other regions includes pipe and flexible duct media insulation,
foam, mineral fiber, and all building material products sold to Latin America and Asia. Source: Owens Corning management estimates. Comparability
may differ over time. Margin of error on intra-segment EBIT estimated to be below $15MM.
-200
-100
0
100
200
300
400
2006
(Peak)
2009
(Trough)
2015
MM$
EBIT
MM$ & Margins
U.S. & Canada Residential Fiberglass Building Insulation
Engineered Insulation & Other Regions
26%
17%
-23%
4% 2%
14%
INSULATION

21. 21
 Signed agreement to acquire global brand leader of cellular glass
insulation and accessory products for approximately $560MM in cash,
on a cash-free and debt-free basis, subject to regulatory approvals
 Consistent with Insulation business strategy of geographic and product
technology extension
 Value contributors:
o Broadens range of attractive industrial & commercial applications
o Adds strong and stable margins through the cycle
o Significantly strengthens our global Insulation platform
o Leverages OC core glass technology strength
 Business delivered revenue of over $240MM in 2016 and adjusted
EBITDA margins in a 25%-27% range over last 4 years
 Expect acquisition to be accretive to 2017 EPS, excluding transaction
and integration costs
 Anticipate a run rate of $20MM of operational and commercial synergies
by mid-2019
Sources: Owens Corning SEC filings; management estimates and press release issued May 15, 2017
Pittsburgh Corning Acquisition
Strengthens Position of Insulation Business
INSULATION

22. 22
Roofing Business
 Strong market position and leading brands
 Performance track record through varied
market conditions
 Confidence in sustaining average operating
margins of mid-teens or better
* In millions
Sales* EBIT as % of sales
Strong market position sustaining
high operating margins
Source: Owens Corning SEC filings; segment reporting comparability may differ over time ROOFING
0%
5%
10%
15%
20%
25%
$0
$500
$1,000
$1,500
$2,000
$2,500
2013 2014 2015 2016 LTM

23. 23
U.S. Asphalt Shingle Re-Roof Demand Drivers
Replacement age
 Average replacement age increased
driven by technological advances
Major storms & other weather events
 Weather events drive demand and create
early replacement of roofs
 Weather-related demand estimated based on
NOAA data and insurance claims information
Economic factors
 Existing home sales, consumer income, and
borrowing capacity affect consumer decisions
on timing of re-roof
IMPACT
LOW
HIGH
ROOFING

24. 24
New Construction and Replacement Markets
Growing over Last Three Years
Source: Asphalt Roofing Manufacturers Association - Summary of Asphalt Roofing Industry Shipments. Management estimates based on data provided
by National Oceanic and Atmospheric Administration (NOAA), National Association of Realtors, EIA, Moody’s Analytics, Oxford Economics reports, U.S.
Bureau of Labor Statistics and U.S. Bureau of Economic Analysis.
MM Sq.
Total 136 143 145 154 161 173 155 129 135 120 108 122 118 111 107 112 133
U.S. Asphalt Shingle Market
30 31 32 34 37 39 35 26 17 11 11 11 14 17 18 19 20
71 75
81 86 87
95
77
75
73
71 63 61 59 58 60 65 68
32
34
30
27
28
21
35
25
23
21 28 31 34 30 23
24
30
3
3 2
7
8
18
8
3
22
17
6
19
11
6
6
4
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16
New Construction Age Related/Economic Other Weather Events Major Storms
15
ROOFING

25. 25
Track Record of Strong Financial Performance
 Delivered average EBIT
margins of 18% since
2010 (ranging from 13%
to 22%)
 Strong market position;
confidence in sustaining
average EBIT margins
of mid-teens or better
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016
%
Roofing EBIT Margin
Average 18%
Source: Owens Corning SEC filings; segment reporting comparability may differ over time ROOFING

26. 26
 Acquired and integrated leading manufacturer of synthetic
roofing underlayment and packaging materials for $452MM
on April 21st, 2016
 Value contributors:
o Established track record of double-digit revenue growth
o Benefit from conversion of tar paper to synthetic underlayments
o OC channel strength and InterWrap strong products, brands
and technology
o Commercial and operational synergies
o Access to new markets and construction applications
 Contributed $40MM of adjusted EBIT over last 8 months of
2016
 Continue to anticipate achieving a run rate of $20MM or more of
commercial and operational synergies by end of 2017
Sources: Owens Corning SEC filings; management estimates and press release issued February 24, 2016
Successful InterWrap Acquisition
Strengthens Position of Roofing Components Business
ROOFING

27. 27
Composites Business
 A leader in a stable industry with strong growth
prospects
 Improving economic conditions and higher
utilization rates
 Transformed business delivering double-digit
EBIT margins & ROC
 Strategy to deliver profitable, capital efficient
growth
Source: Owens Corning SEC filings. Segment ROC differs from total company ROC. Please refer to Table 2 of Appendix B for explanation.
* In millions
Sales* EBIT as % of sales
Market-leading business with improving
economic conditions and higher utilization rates
COMPOSITES
0%
5%
10%
15%
20%
$0
$500
$1,000
$1,500
$2,000
2013 2014 2015 2016 LTM

28. 28
Glass Fiber
A $7.5 Billion Global Market With Favorable Exposure
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 as of January 2017.
Markets
Size
Power & EnergyConsumerBuilding &
Construction
Transportation Industrial
COMPOSITES

29. 29
Positioned to Compete Anywhere in the World
% Market Revenue = market revenue in region as % of 2016 global market size; % OC Revenue = OC revenue in region as % of OC Composites global
2016 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 2016 global
market.
33%
47%
% Market
Revenue
% OC
Revenue
Americas
#1 Position
26%
11%
% Market
Revenue
% OC
Revenue
China
Emerging PositionWorld headquarters
Composites facilities
#1 Position
23%
28%
% Market
Revenue
% OC
Revenue
Europe
#1 Position
18%
14%
% Market
Revenue
% OC
Revenue
Rest of World
COMPOSITES

30. 30
0.5
1.8
0.8
1.7
0.9
0.8
2005-09 2010-16 2017E-19E50%
60%
70%
80%
90%
100%
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17E'18E'19E
Expect Continued Supply Tension
Change in global
demand (MM T)
Change in global
capacity (MM T)
EstimatedCapacityUtilization
China Emergence
Capacity Overbuild
Tightening Capacity
Price Inflection
Supply Tension
Improved Returns
90% Threshold
COMPOSITES
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 May 2017 (high probability capacity additions only). Estimated demand calculated as 2016
demand grown at 1.6x growth rate of global IP per April 2017 Oxford Economics.

31. The Company
Investment Thesis
Three Strong Businesses
Additional Financial Information
Agenda

32. 32
 Improved safety performance with recordable incident rate
down 11% year over year
 Record first-quarter adjusted EBIT of $171MM
 Roofing: $125MM EBIT; 20% EBIT margins
 Composites: record first-quarter EBIT of $71MM
 Insulation: return to revenue growth; $5MM EBIT
 Repurchased 1.0MM shares in Q1
 Anticipate continued growth in U.S. housing starts and
moderate global industrial production growth in 2017
Appendix A
Q1 2017 Highlights and Outlook
Source: Owens Corning SEC filings; Please refer to the tables in Appendix B for reconciliation of adjusted EBIT, free cash flow and free cash flow conversion to Owens
Corning SEC filings.

33. 33
($ in millions, except per share data)
Q1
2017
Q1
2016
Net sales $1,478 $1,231
Net earnings attributable to Owens Corning $101 $57
Diluted earnings per share attributable to Owens
Corning common stockholders
$0.89 $0.49
Earnings before interest and taxes (EBIT) $170 $116
Adjusted EBIT $171 $118
Adjusted Earnings $97 $62
Adjusted EPS (diluted) $0.85 $0.53
Adjusted EBIT as a % of sales 12% 10%
Depreciation and amortization $84 $76
Net cash flow provided by operating activities $7 $63
Free cash flow ($60) ($35)
Total debt (excluding rate swap), net of cash $2,151 $1,887
Appendix A
Key Financial Data - Corporate
Source: Owens Corning SEC filings; Please refer to the tables in Appendix B for reconciliation of EBIT, adjusted EBIT, adjusted earnings, adjusted EPS and free cash
flow to Owens Corning SEC filings.

34. 34
Insulation Roofing Composites
($ in millions) Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016
Net sales $399 $385 $627 $429 $511 $473
EBIT $5 $13 $125 $73 $71 $64
EBIT as % of sales 1% 3% 20% 17% 14% 14%
D&A $26 $25 $12 $10 $36 $34
Appendix A
Key Financial Data - Business
Source: Owens Corning SEC filings; reportable segment totals are shown in SEC filings before intercompany eliminations

35. 35
Macro Environment
 Environment consistent with consensus U.S. housing starts
 Expect moderate global industrial production growth
Primary Guidance
 Conversion of adjusted earnings into free cash
flow around 100%
 Insulation: $100MM of revenue growth;
EBIT of $160MM or more
 Composites: EBIT growth of about $25MM
 Roofing: growth in new construction and age-
related markets more than offset by decline of
storm demand; benefit from full year of InterWrap
 Corporate expenses in $120-$130MM range
 Interest expense about $110MM
 Capital expenditures about $375MM
 Depreciation & amortization about $345MM
 Cash tax rate of 10-12% and book tax rate of
32-34% on adjusted pre-tax earnings
Source: Owens Corning management estimates
Other Guidance Items
Appendix A
2017 Corporate Environment and Guidance

36. 36
Appendix B
Non-GAAP Reconciliations – Table 1

37. 37
Appendix B
Non-GAAP Reconciliations – Table 2

38. 38
Appendix B
Non-GAAP Reconciliations – Table 3

39. 39
Appendix B
Non-GAAP Reconciliations – Table 4

40. 40
Appendix B
Non-GAAP Reconciliations – Table 5

41. 41
Appendix B
Non-GAAP Reconciliations – Table 6