1

Roofing and Asphalt

Brian Chambers President, Roofing and Asphalt

Roofing and Asphalt Highlights

A leading brand within a $10 billion market expected to strengthen

A Roofing Components business that we are growing at attractive

margins

A track record of financial performance despite weaker market conditions

A strong market position expected to continue generating mid-teen

operating margins on average

2

Source: Owens Corning management estimates based upon Principia Partners (2014) Residential Roofing Study.

Source: Owens Corning management estimates based upon Principia Partners (2014) Residential Roofing Study, RS Means (2014). Regional materials and labor for residential roofing.

Average roof size of 30 squares.

$10 Billion Residential Roofing Market

U.S. Steep-Slope Roofing Market

$9

$16$18 $18

$21

$29

$0

$5

$10

$15

$20

$25

$30

$35

Asphalt Tile Metal Wood Composite Slate

Installed Cost of a Typical Roof

Asphalt Shingles

55% Metal 13%

Tile 4%

Other 3%

Components 20%

Slate 5%

In T

ho

usa

nd

s o

f D

olla

rs

Asphalt Shingles – the Product of Choice

Materials Represent

30-50% of Installed Cost

3

U.S. Asphalt Shingle Market

Recent Market Volumes have Lagged Expectations Source: Asphalt Roofing Manufacturers Association - Summary of Asphalt Roofing Industry Shipments, National Association of Realtors, and management estimates assuming market

volumes are flat in Q4 2015.

MM Sq.

136

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15E

New Construction Repair & Remodeling

145 155

120 108

122 118 111 107 107

143 154 161

173

129 135

4

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

Imp

ac

t

5

Low

High

U.S. Asphalt Shingle Market

Expect Modest Growth with Weather-Driven Upside Potential 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.

6

Total 136 143 145 154 161 173 155 129 135 120 108 122 118 111 107 107

30 31 32 34 37 39 35 26 17 11 11 11 14 17 18 19

71 75 81 86 87 95

77 75

73 71 63 61 59 58 60 60

32 34

30 27 28 21

35

25 23

21 28 31 34 30 23 23

3 3 2

7 8

18

8

3 22

17 6

19 11 6 6 5

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15E

New Construction Age Related/Economic Other Weather Events Major Storms

26% 35%

23%

29%

26%

33%

27% 23% 28%

18% 16% 16%

'07-'11 Avg

'12-'14 Avg

2015 Fcst

Seasonal Industry Shipment Profile

Historically, about 25% of full-year

manufacturer volumes shipped in Q1

In 2012–2014, heavy winter discounts

drove distributor channel stocking and

pulled disproportional volume into Q1

Healthier 2015 shipment pattern more in

line with seasonal contractor demand

Seasonal Demand Pattern Returning to Historical Norms

Q1

Q2

Q3

Q4

2015 Forecast based on Asphalt Roofing Manufacturers Association data and management estimates assuming a flat full-year market.

Source: Asphalt Roofing Manufacturers Association - Summary of Asphalt Roofing Industry Shipments. 7

The Total Protection Roofing System

1

2

3

4

5

6

7 Owens Corning® Hip & Ridge Shingles

VentSure® Exhaust Ventilation Products

Owens Corning® Shingles

Owens Corning® Starter Shingles

ProArmor® Synthetic

Underlayment Products

WeatherLock® Self-Sealing Ice

& Water Barrier Products

VentSure® Soffit in InFlow®

Intake Ventilation Products

Components Enhance Roof Performance and Deliver Strong Margins

8

Expanding Our Components Portfolio

Providing Total Roofing Solutions and Enabling Adjacent Growth

ProArmor ® Ice & Water Shield

9

2009 2010 2011 2012 2013 2014 2015E

A Growing Business

Roofing Components Revenue Growing Double Digits

Components Revenue

10 Source: Owens Corning management estimates.

0%

5%

10%

15%

20%

25%

$0

$500

$1,000

$1,500

$2,000

$2,500

2012 2013 2014 LTM

Averaging 16% EBIT Margins Since 2012

EBIT as % of Sales Sales – Millions of $

Roofing and Asphalt Financial Performance

11 LTM reflects actual results Q4 2014 - Q3 2015.

Source: Owens Corning SEC filings.

Asphalt Deflation

12

Rapid Decline in Oil Prices Delays Asphalt Return to Parity Source: Poten & Partners average flux price (Selling Prices Roofing Flux); U.S. Energy Information Administration (EIA) average WTI Spot Price FOB Cushing, OK.

40%

60%

80%

100%

120%

140%

160%

Roofing Flux Selling Price / 90-Day Lagged WTI

Average

Product Line

National Footprint

Brand Preference

Material Science

13

Roofing and Asphalt Sources of Differentiation

Leading Brand & Strong Market Position

Owens Corning is Well Positioned to Service Contractors & Builders with Partners in All Channels

Roofing Distribution

(1-Step)

Building Materials

Distribution

(2-Step)

Home Centers

Pro Chain

Lumberyard

14

Unique High-Performance Products

Duration® Shingles

Differentiated Product in the Market 15

Creating Value Through Material Science

Chopped

Glass Mat

Asphalt

Laminate Shingle

Driving Cost Advantage, Product Quality, Supply Flexibility

Blending science

Oxidization capability

Refinery

relationships

Shingle composition improvement

Joint product innovation & testing

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Facility

Roofing

Components

Asphalt

Portland

Compton

Denver

Irving

Houston

Minneapolis

Kearny

Savannah Jacksonville

Oklahoma City

Summit

Atlanta

Medina

Brookville

Memphis

Brentwood

West Midwest

Southwest

Northeast

Southeast

Strong Manufacturing Network

A Flexible National Network to Serve Regional Demand

17

Delivering Strong Returns

Expect modest mid-term shingle demand growth with upside potential

from weather-driven demand

Expanding our Components business with value-added products for our

distributors and contractors

Investing in key differentiators to maintain our strong market position

Confident in sustaining mid-teen operating margins on average

Strong Business Performance in an Improving Market 18

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Questions and Discussion

Brian Chambers President, Roofing and Asphalt