EX-99.1 2 dex991.htm INVESTOR PRESENTATION Investor Presentation
Owens Corning Investor Day
Dave Brown, President and CEO
Exhibit 99.1

2
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, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in these statements.  The
forward-looking statements speak as of the date May 16, 2007, hereof and
are subject to change. The Company does not undertake any duty to update
or revise forward-looking statements.
Further information on factors that could affect the Company's financial and
other results is included in the Company's Forms 10-Q and 10-K, filed with
the Securities and Exchange Commission. Additional Company information
is available on 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 in accordance with
generally accepted accounting principles can be found in our
most recent
Form10-K and on our Web site referenced above.
Results for 2006 reflect
the application of Fresh Start accounting as of October 31, 2006.

3
The Foundation for Today’s Discussion
•
“The Owens Corning House”

4
The Foundation for Today’s Discussion
•
“The Owens Corning House”
•
Build awareness of Owens Corning and our
business segments

5
The Foundation for Today’s Discussion
•
“The Owens Corning House”
•
Build awareness of Owens Corning and our business
segments
•
Introduce you to the leaders of Owens Corning

6
The Foundation for Today’s Discussion
•
“The Owens Corning House”
•
Build awareness of Owens Corning and our business
segments
•
Introduce you to the leaders of Owens Corning
•
Inform, while learning from you

7
Owens Corning At A Glance
•
Founded in 1938, an industry leader in
glass fiber insulation, roofing and asphalt,
and glass fiber composite solutions

8
Owens Corning At A Glance
•
Founded in 1938, an industry leader in
glass fiber insulation, roofing and asphalt, 
and glass fiber composite solutions
•
Sales: $6.5 billion

9
Owens Corning At A Glance
•
Founded in 1938, an industry leader in
glass fiber insulation, roofing and asphalt, 
and glass fiber composite solutions
•
Sales: $6.5 billion
•
18,500 employees in 26 countries

10
Owens Corning At A Glance
•
Founded in 1938, an industry leader in
glass fiber insulation, roofing and asphalt, 
and glass fiber composite solutions
•
Sales: $6.5 billion
•
18,500 employees in 26 countries
•
Market capitalization: $4.2 billion

11
Owens Corning At A Glance
•
Founded in 1938, an industry leader in
glass fiber insulation, roofing and asphalt, 
and glass fiber composite solutions
•
Sales: $6.5 billion
•
18,500 employees in 26 countries
•
Market capitalization: $4.2 billion
•
Diluted shares outstanding:
131.1 million

12
Owens Corning At A Glance
•
Founded in 1938, an industry leader in
glass fiber insulation, roofing and asphalt, 
and glass fiber composite solutions
•
Sales: $6.5 billion
•
18,500 employees in 26 countries
•
Market capitalization: $4.2 billion
•
Diluted shares outstanding: 131.1 million
•
Senior debt ratings: Baa3/BBB-

13
Owens Corning At A Glance
•
Founded in 1938, an industry leader in
glass fiber insulation, roofing and asphalt, 
and glass fiber composite solutions
•
Sales: $6.5 billion
•
18,500 employees in 26 countries
•
Market capitalization: $4.2 billion
•
Diluted shares outstanding: 131.1 million
•
Senior debt ratings: Baa3/BBB-
•
A Most Admired Company in
FORTUNE magazine’s buildings
materials –
glass category for 2007

14
Owens Corning At A Glance
•
Founded in 1938, an industry leader in
glass fiber insulation, roofing and asphalt, 
and glass fiber composite solutions
•
Sales: $6.5 billion
•
18,500 employees in 26 countries
•
Market capitalization: $4.2 billion
•
Diluted shares outstanding: 131.1 million
•
Senior debt ratings: Baa3/BBB-
•
A Most Admired Company in FORTUNE
magazine’s buildings materials –
glass
category for 2007
•
FORTUNE 500 company for 53 years

15
Owens Corning Highlights
•
Market leader
•
Long-standing, successful
customer relationships
•
Multiple channels to diverse
end markets
•
Strong financial position and
cash-flow generation
•
Cost-competitive asset base
•
Management team with a
proven record
•
Strong and recognizable
brand equity

16
Market Leadership &
Strong Brand Equity
Leading North American
Market Positions
•
Residential Insulation
•
Commercial & Industrial
Insulation
•
Manufactured Stone Veneer
•
Residential Shingles
•
Roofing Asphalts
Global Leader
•
Glass Fiber Reinforcement
Materials for Composites

17
Balanced Portfolio of Varied
End-Use Markets
International 12%
U.S. & Canada
Commercial
& Industrial 18%
U.S. & Canada
Residential Repair &
Remodeling 34%
U.S. & Canada
Residential
Construction 36%
Source: Management Estimates
Revenue by End Market
2006 Revenue: $6.5 billion

18
Business Segment Overview
(1)
Percentages by segment based on revenue of $6.6B before corporate eliminations
(2)
Percentages
based
on
segment
results
before
Chapter
11-related
reorganization
Items,
asbestos
litigation,
restructuring
costs
and
other
credits,
impact
of
Fresh
Start Accounting, general corporate expenses, interest expense, gain on settlement of liabilities subject to compromise and Fresh Start Accounting adjustments
2006 Income Before Income
Tax
Expense:
$711
million
(2)
Insulating
Systems
32%
Roofing &
Asphalt
26%
Composite
Solutions
23%
Other Building
Materials & Services
19%
Insulating
Systems
66%
Roofing &
Asphalt
10%
Composite
Solutions
22%
Other Building
Materials & Services
2%
2006 Revenue:
$6.5
billion
(1)

19
A Global Company Where Market-Leading
Businesses Are Built
Diversified Business
Mix
Strong Corporate
Governance
Experienced
Management Team
Engaged and
Committed Workforce
Focus on Strong
Financial Performance
(Cash generation, taxes, pension &
product liability)
Unsurpassed Brand
Strength
Leading Market
Share Positions
Diversified End
Markets

20
Experienced Operating Team
•
Dave Brown
President & Chief Executive Officer
29 Years of Service
•
Mike Thaman
Chairman & Chief Financial Officer
15 Years of Service
•
Joseph High
Senior Vice President, Human Resources
3 Years of Service
•
David Johns
Senior Vice President, CIO
& Chief Supply Chain Officer
12 Years of Service
•
Steve Krull
Senior Vice President,
General Counsel & Secretary
11 Years of Service
•
Sheree Bargabos
President, Roofing and Asphalt
29 Years of Service
•
Brian Chambers
President, Siding Solutions
6 Years of Service
•
Chuck Dana
President, Composite Solutions
11 Years of Service
•
Roy Dean
President, Insulating Systems
26 Years of Service
•
Bill LeBaron
President, Construction Services
1 Year of Service
•
Chuck Stein
President, Cultured Stone®
10 Years of Service
•
Frank O'Brien-Bernini
Vice President, Chief Research &
Development and Sustainability Officer
24 Years of Service

Owens Corning Investor Day
Let’s Get Started…
THE PINK PANTHER™
& ©
1964-2007 Metro-Goldwyn-Mayer Studios Inc.
All
Rights
Reserved.
The
color
PINK
is
a
registered
trademark
of
Owens
Corning.
©
2007 Owens Corning

Owens Corning Investor Day
Composite Solutions
Chuck Dana
President, Composite Solutions

2
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, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in these statements.  The
forward-looking statements speak as of the date May 16, 2007, hereof and
are subject to change. The Company does not undertake any duty to update
or revise forward-looking statements.
Further information on factors that could affect the Company's financial and
other results is included in the Company's Forms 10-Q and 10-K, filed with
the Securities and Exchange Commission. Additional Company information
is available on 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 in accordance with
generally accepted accounting principles can be found in our
most recent
Form10-K and on our Web site referenced above.
Results for 2006 reflect
the application of Fresh Start accounting as of October 31, 2006.

3
What is a “Composite”?
•
An engineered material system…
•
combining reinforcement fibers…
–
glass, carbon, aramid
•
with another material…
–
e.g., thermoset or thermoplastic resins, gypsum, ceramic
•
resulting in unique, high performance
attributes…
–
strong, durable, lightweight, non-corrosive, design flexibility
•
used to replace traditional materials
–
steel, wood, concrete, aluminum
Today, 95% of composite materials use glass reinforcement fibers

4
Owens Corning in Composites
•
Commercialized glass fibers in 1938
•
Pioneered the use of glass as a
reinforcement in composites
•
Instrumental in converting applications
to composites
•
Continues our legacy of innovation and
transformation today
Owens Corning is the leading global supplier of
glass reinforcements to the composites industry

5
Owens Corning is the Global Leader
in Glass Fiber Reinforcements
Source: U.S. Fiber Economic Bureau, APFE, Owens Corning Global Industry Database
We are
We are
Number One
Number One
In Share Around
In Share Around
The World
The World

6
Manufacturing Glass Reinforcements
Batch
House
Raw
Materials
Furnace
Channel
Forehearth
Forming,
Coating &
Winding
Bushing

7
Making a Glass Fiber
Glass fiber flowing through a bushing
The heart and soul of our technology

We Create Products for
Customers in Numerous Markets
Chopped Fibers
Chopped Fibers
Fabrics
Fabrics
Continuous Fibers
Continuous Fibers
Mats
Mats

OC
®
Chopped Fibers
Primary Markets
•
Transportation
•
Automotive
•
Electronics
•
Appliances

10
OC
®
Continuous Fibers
Primary Markets
•
Infrastructure
•
Fabrics

11
OC
®
Fabrics
Primary Markets
•
Energy
•
Defense
•
Aerospace
•
Recreational

OC
®
Mats
Primary Market
•
Construction

13
A World of Opportunities
for Composites
Source: E-Composites, Owens Corning
Steel
Wood
Plastics
Aluminum
Composites
1.5%
Global Materials Market
by Volume

14
Global Demand
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
A Fast Growing Business Environment
Driven by key macro trends:
•
Globalization/emerging
economies
•
Green solutions
•
Energy consumption
•
Style/functionality
5%
CAGR
Source: U.S. Fiber Economic Bureau, APFE, Owens Corning Global Industry Database
Growing

15
Composite Materials is
an Attractive Industry
There has never been a more exciting time
to be in composites
Unique
Attributes
Fast
Growing
and Global
Diverse
Markets and
Applications

16
Composite Materials Have Unique Attributes
That Align To The Current Market Needs
High Strength
Lightweight
Durable
Design Flexibility
Power pole
installation with
out cranes
Sulfuric acid
flue gas
scrubber
Injection molded
part replaces 23
welded steel
parts
Composites provide solutions to meet the needs of the materials market
Advantex
®
Formulation   
Concrete
31.7x
stronger
Steel
8.3x
stronger
Wood
3.4x stronger
Aluminum
2.8x stronger
Pound for pound, glass reinforced
composites has a higher tensile strength
than traditional materials

17
Diverse Industry Markets
Key drivers in major markets:
•
Low cost, lightweight transportation
•
High strength and durable
infrastructure
•
Affordable and renewable energy
•
Smaller, more functional electronics
•
Aesthetically pleasing,
low-maintenance housing
Source: Owens Corning 2005 Global Market Analysis
Infrastructure
13%
Consumer
14%
Electronics
11%
Transportation
11%
Marine
5%
Aerospace
& Defense
2%
Construction
24%
Automotive
20%
Global Composites Markets

18
Large, Stable Companies Are a Major Part of Our
Customer Base in the Composites Value Chain

19
Growth Rates
2003-2007
A Global Market Base
Composite Consumption
per capita
•
North America: 12.3 kg
•
Western Europe: 6.5 kg
•
Japan: 6.3 kg
•
Rest of world: 1.7 kg
Source:
Owens
Corning
2005
Global
Market
Analysis,
2007
Industry
Structure
Database;
U.S. Fiber Economic Bureau; APFE, Global Insight 1Q World Overview 2007
Asia
28%
Americas
40%
Europe
32%
•
Americas
7%
•
Europe
7%
•
Asia
14%

20
It Is An Exciting Time for Owens Corning’s
Composite Solutions Business (CSB)
•
Global revenues of $1.6 billion
•
Growing at a CAGR of 7%
•
Market leading supplier of glass
reinforcements, fabrics and mats
•
More than 2,000 customers
•
More than 40% of sales outside U.S.
Source: 2006 Owens Corning CSB Sales to External Customers
29 plants and 5,000 people serving customers in more than 75 countries

21
A World View of CSB

22
Strategic Themes
CSB’s Strategy
Key Actions
•
Manage a global business
regionally
•
Drive returns on existing
assets
•
Increase supply from
emerging countries
•
Grow through innovation
•
Close to customers
•
Asahi acquisition in Japan
•
Saint Gobain JV in Mexico
•
25% increase in plant
throughput since 2002
•
Focus on Mexico, Brazil & India
•
Opportunity in China & Russia
•
Coated veil mat for buildings
•
HiPer-tex™
for wind energy/armor
•
Silentex™
for automotive

23
Composite Solutions
2006 Revenue by End Market
U.S. & Canada
Commercial
& Industrial
36%
U.S. & Canada
Residential Repair
& Remodeling
13%
U.S. & Canada
New Residential
Construction
4%
International
47%
1,250
1,300
1,350
1,400
1,450
1,500
1,550
1,600
1,650
2004
2005
2006
LTM-
3/31/07
0%
4%
8%
12%
Financial Performance ($MM)
Sales
EBIT Margin
*Excludes gains from the sale of metal ($37 million LTM, $45 million in 2006, $7 million in 2005), Source: Owens Corning 2006 10K and 2007 10Q1

24
Productivity Has Offset
Inflationary Pressure
Source: Owens Corning CSB 2006 Global Cost Report
Productivity
2006
2005
$MM
Inflation
Improvements in productivity have offset inflation
for the past two years
$0
$10
$20
$30
$40
$50

25
Opportunity: Gypsum Wallboard
•
Owens Corning has partnered with Georgia-Pacific to
develop mold-resistant interior and exterior wallboard
•
The U.S. drywall market is $6 billion with this product
only penetrating 1% of the market
Atlantic Station Project (Atlanta)
Source: Freedonia, 2004

Opportunity: Renewable Energy
Wind Energy
•
Wind energy accounts for less than
1% of the world’s electricity
•
$150 million of glass fibers in 2007
•
Wind energy expected to grow an
average 16% annually over next
decade
16%
CAGR
Source: BTM World Market Update 2006
Growth in Wind Energy
New Megawatt (MW) Installations

27
Adapting to Industry Challenges
Challenges
Our Solution
Chinese Competition
Expanding emerging country
supply
Market leading products
Innovation
Inflation
Advantex
®
formulation
Advanced glass melting
technology
Capital Efficiency
Leveraging existing assets

28
Composite Materials is
an Attractive Industry
There has never been a more exciting time
to be in composites
Unique
Attributes
Fast
Growing
and Global
Diverse
Markets and
Applications

29
OCV Update

Questions & Discussion
THE PINK PANTHER™
& ©
1964-2007 Metro-Goldwyn-Mayer Studios
Inc. All Rights Reserved.  The color PINK is a registered trademark of
Owens Corning. ©2007 Owens Corning

Owens Corning Investor Day
Insulating Systems
Roy Dean
President, Insulating Systems

2
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, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in these statements.  The
forward-looking statements speak as of the date May 16, 2007, hereof and
are subject to change. The Company does not undertake any duty to update
or revise forward-looking statements.
Further information on factors that could affect the Company's financial and
other results is included in the Company's Forms 10-Q and 10-K, filed with
the Securities and Exchange Commission. Additional Company information
is available on 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 in accordance with
generally accepted accounting principles can be found in our
most recent
Form10-K and on our Web site referenced above.
Results for 2006 reflect
the application of Fresh Start accounting as of October 31, 2006.

3
Energy Efficiency:
A never-ending concern, a never-ending opportunity
•
Worries of World War II
•
Owens Corning successfully commercializes the fiber glass
process and opens for business

4
•
Worries about the Oil Embargo
•
Owens Corning begins expanding nationally…
insulation is cheaper than oil
Energy Efficiency:
A never-ending concern, a never-ending opportunity

5
Energy Efficiency:
A never-ending concern, a never-ending opportunity
•
Fears of political instability when Iraq invades Kuwait
•
Owens Corning continues to expand and innovate to meet
ever increasing customer needs

6
Energy Efficiency:
A never-ending concern, a never-ending opportunity
•
Collective fears about energy security, depleting resources,
carbon
emissions
and
climate
change
from
a
“whisper”
to
“every day news”

7
Total U.S. Energy Use*
Buildings are
the #1 user
of energy
in the U.S.
Homes and
Commercial
Buildings
39%
Industry
33%
Transportation
28%
*Source: Department of Energy

8
Insulation Has Never Been More Relevant
•
“Checking home insulation is one of
the fastest and most cost-efficient
ways to use a whole-house approach
to reduce energy waste and make the
most of energy dollars.”
–
U.S. Department of Energy, 2005
•
“Insulation is the single most
cost-effective greenhouse gas
abatement measure.”
–
McKinsey & Company Report on
Greenhouse Gas Reduction, 2007

9
How Our Products are Used in the Home
Insulation in existing homes saves 48% of the energy that
otherwise would have been consumed
Attic/Flat Ceilings
Cathedral
Ceilings
Interior/
Exterior
Walls
Ductwork
Rigid Foam
Insulated
Concrete Forms
Under Floor
Water Resistant
Membrane
Foam Sheathing
House Wrap

10
How Our Products are Used Commercially
Insulation in existing commercial buildings saves at least
30% of the total U.S. commercial energy consumption
Insulation for Noise Control
And Thermal Protection in
Interior & Exterior Walls
Owens Corning
Duct Solutions
Pipe
Insulation
Metal Building
Insulation
Foam
Sheathing

11
How Our Products are Used
Oven Door
Insulation
Oven Cavity
Insulation
Oven Bottom
Insulation
Duct Board*
Fiberglass Duct Systems alone,
are estimated to be 75% more energy efficient than
uninsulated unsealed sheet metal ducts.
Pipe Insulation

12
The Markets We Serve
2006 Insulating Systems
Revenue by End Market
U.S. & Canada
New Residential
Construction
60%
U.S. & Canada
Repair & Remodeling
13%
U.S. & Canada
Commercial & Industrial
19%
International
8%
Owens Corning has majority share of the
North American fiberglass insulation market

13
Our Customers and Our Channels
L&W Supply
Retail/Big Box
Pro-Dealers
Contractors
Distributors
Commercial Distributors
United Subcontractor Inc.

14
The Glass Insulation Manufacturing Process

15
Our Global Business Platform
5,400 Employees   
29 Manufacturing Facilities

16
Insulating Systems Business Team
•
President
26 years
•
VP & GM Residential Insulation 
20 years
•
VP & GM Commercial & Industrial
18 years
•
GM Foam 
11 years
•
VP Sales National Accounts 
31 years
•
VP Manufacturing 
28 years
•
VP Technology 
14 years
•
VP Latin America 
10 years
•
VP Asia Pacific 
29 years

17
Insulating Systems Financial Overview
Sales
EBIT%
500
1,000
1,500
2,000
$2,500
2003
2004
2005
2006
LTM-
3/31/07
0%
5%
10%
15%
20%
25%

18
Strategies for Success
•
Leading through the cycle
•
Grow the North American market
•
Global expansion

19
Strategies for Success
•
Leading through the cycle
–
Responsive capacity management
•
Delay greenfield construction
•
Shutter high-cost capacity
•
Extend maintenance downtimes
•
Reduce production rates
–
Focus on operational execution
•
Optimize logistics
•
Manage working capital
•
Adjust overhead and capital spending rates

20
Strategies for Success
•
Grow the North American market
–
55 percent of attics in existing homes in the U.S. are
under insulated* (69MM)
–
90 percent of consumers will pay up to $5,000 for a
more
energy
efficient
home
†
–
98 percent of consumers want to reduce America’s
dependence
on
foreign
oil
‡
–
71 percent of homeowners say they would be
interested in noise-control products if they were
offered by a builder**
*International Energy Conservation Code
†
American Institute of Architects, 2006, www.aia.org
‡
OC Omnibus, 2006, www.owenscorning.com
** TNS-Global Noise Reduction Market Understanding Study,
January 2005

21
Strategies for Success
•
Grow the North American market
–
Focus on thermal upgrades in new and existing homes
•
Drive new construction upgrades
•
Grow retrofit opportunities
•
Accelerate building code upgrades and compliance
•
Promote U.S. Energy Policy Act and enhance green
marketing initiatives
–
Drive noise control solutions for interior walls
–
Grow an emerging Mexican residential market

22
A Never-Ending Opportunity
Opportunities for the AttiCat
™
System
•
55% of attics in existing homes in the U.S. are
under insulated* (69MM)
•
The most cost-effective way to enhance energy
efficiency is to insulate the attic
•
Lightweight and consumer friendly
*According to the International Energy Conservation Code

23
Strategies for Success
•
Grow the North American market
–
Focus on thermal upgrades in new and existing homes
•
Drive new construction thermal upgrades
•
Grow retrofit opportunities
•
Accelerate building code upgrades and compliance
•
Promote US Energy Policy Act and enhance green
marketing initiatives
–
Drive noise control solutions for interior walls
–
Grow an emerging Mexican residential market

24
Strategies for Success
•
Global expansion
–
Grow our existing footprint with product innovations
•
Extend core product penetration
•
Customize products to meet regional needs
–
Expand presence in emerging markets
•
Greenfield
•
Mergers and Acquisitions
•
Joint Ventures

25
Engineered Exterior Solution for the China
Market
•
FEWEIS (Foam Exterior Wall Exterior Insulation
System) combines foam, scrim and exterior
surface material
•
Provides thermal and aesthetic benefits

26
Strategies for Success
•
Global expansion
–
Grow our existing footprint with product innovations
•
Extend core product penetration
•
Customize products to meet regional needs
–
Expand presence in emerging markets
•
Greenfield
•
Mergers and Acquisitions
•
Joint Ventures

27
THE PINK PANTHER™
& ©
1964-2007
Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved.
The color PINK is a registered trademark of Owens
Corning. ©2007 Owens Corning
A Never Ending Opportunity
•
Winning customers
•
Powerful brand
•
Innovative products
•
Talented team
•
Great business

Questions & Discussion
THE PINK PANTHER™
& ©
1964-2007 Metro-Goldwyn-Mayer Studios
Inc. All Rights Reserved. The color PINK is a registered trademark of
Owens Corning. ©2007 Owens Corning

Owens Corning Investor Day
Building the
Owens Corning Brand
Christian Nolte
Strategic Marketing Director

2
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, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in these statements.  The
forward-looking statements speak as of the date May 16, 2007, hereof and
are subject to change. The Company does not undertake any duty to update
or revise forward-looking statements.
Further information on factors that could affect the Company's financial and
other results is included in the Company's Forms 10-Q and 10-K, filed with
the Securities and Exchange Commission. Additional Company information
is available on 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 in accordance with
generally accepted accounting principles can be found in our
most recent
Form10-K and on our Web site referenced above.
Results for 2006 reflect
the application of Fresh Start accounting as of October 31, 2006.

3
The Owens Corning Brand
is Most Recognized

4
We’re the #1 Recognized
Brand of Shingles in America

5
We’re the #1 Recognized Brand
in Asphalt

6
Nobody Knows Basements Better™
*drywall not included

7
We’re the Preferred Name
in Manufactured Stone Veneer

8
We’re the #1 Brand
of Commercial and Industrial Insulation

9
We’re the #1 Brand
of Residential Insulation

10
Owens Corning brand essence
•
Energy
•
Comfort
•
Aesthetics
Owens Corning brand reputation
•
Known and trusted
•
Innovation
•
Education around
energy efficiency
The Owens Corning Brand Today

11
An Industry is Born

12
The Power of PINK Emerges

13
The Evolution of Our Leadership
Around Energy Efficiency

14
Video

15
Video

16
The Pink Panther™
and PINK Join Forces

17
Video

18
Video

19
Our Aesthetic Story Broadens

20
Our Energy Efficiency Positioning
Takes Center Stage

21
Warren McGrew, Academy Roofing, Atlanta
•
Brand sells itself
•
Consumers know Owens Corning
•
With Owens Corning, Academy gets the job
The Owens Corning Brand:
Driving Customer Value

22
The Owens Corning Brand:
Driving Customer Value
Dan Bawabe, Bay State, Boston
•
Owens Corning brand builds confidence
with consumers
–
It’s a name they know and trust
•
Make more money by reducing marketing
costs and increasing response rates
Gary Fanelli, Basement Finishing
System of Pennsylvania, Mt. Carmel
•
Owens Corning
name gets immediate
response
•
Sales are 3-to-4 times higher

23
The Pink Panther™
Re-signs
Pink Panther™
contract extended to 2021
•
Global
•
Endearing
•
94% of Americans ages 39-49 are familiar

24
Invigorating Our Brand
Before                                           After

25
Before                                           After
Improving the Homeowner
Shopping Experience

26
•
Simplifies shingle selection
process by reducing error and
increasing comfort level
•
Presents materials in an
inviting way by highlighting
performance and aesthetic
features
•
Builds consumer confidence
that they have the right
products
Improving the Homeowner
Shopping Experience

27
Changing the Conversation
•
Community-by-community
•
House-by-house

28
Responding to Trends

29
Responding to Trends

30
Responding to Trends

31
Owens Corning is Everywhere
•
Product placement
•
Email marketing
•
POD casts
•
VOD casts
•
Social media

32
Owens Corning is Everywhere
•
Product placement
•
Email marketing
•
POD casts
•
VOD casts
•
Social media

Questions & Discussion
THE PINK PANTHER™
& ©
1964-2007 Metro-Goldwyn-Mayer Studios
Inc. All Rights Reserved.  The color PINK is a registered trademark of
Owens Corning. ©2007 Owens Corning

Owens Corning Investor Day
Roofing & Asphalt
Sheree Bargabos
President, Roofing and Asphalt

2
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, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in these statements.  The
forward-looking statements speak as of the date May 16, 2007, hereof and
are subject to change. The Company does not undertake any duty to update
or revise forward-looking statements.
Further information on factors that could affect the Company's financial and
other results is included in the Company's Forms 10-Q and 10-K, filed with
the Securities and Exchange Commission. Additional Company information
is available on 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 in accordance with
generally accepted accounting principles can be found in our
most recent
Form10-K and on our Web site referenced above.
Results for 2006 reflect
the application of Fresh Start accounting as of October 31, 2006.

3
A History of Innovation
•
1947 –
Developed
fiber
glass
shingle
-
lower
cost,
higher performing, Class A fire-rated
versus organic
•
1959 –
Began commercial production
•
1977 –
Acquired Fry Roofing Company/
Trumbull
®
Asphalt
subsidiary
–
National producer
–
Converted
the
industry
to
Fiberglas
®
mat
shingles

4
We’re the #1 Recognized
Brand of Shingles in America
Source: Study conducted by MAI Research, 2006

We’re the #1 Recognized Brand
in Processed Asphalt
Source: Asphalt Institute Data and Management Estimates

6
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
Installed Cost of a Roof
Asphalt
Metal
Tile
Steep Slope Roofing
Asphalt Shingle
Tile
Concrete
Slate
Wood
Metal
Asphalt Shingles are the product of choice
(1)
The Freedonia
Group, Inc.
(2)
Owens Corning Management Estimate
(2)
$8 Billion Market
(1)

7
•
$6 billion+ market
•
80% reroof and 20% new construction
•
Market growth primarily driven by aging
of existing housing stock
•
Market volatility driven by storm activity
and fluctuations in new construction
•
Eight producers with 50+ roofing plants
and varying degrees of vertical
integration
•
Top 3 producers have approximately
80% market share
Asphalt Shingle Industry
Aesthetics, performance and cost drive value 

8
Asphalt Shingle Market Demand
Market Size (Million Squares)
(1) Based on Owens Corning management estimates and ARMA data
Trend line growth of 2%
144
137
144
143
136
143
145
154
161
173
155
140
149
154
157
50
100
150
200
40%
50%
60%
70%
80%
90%
100%
110%

9
Asphalt Shingle Product Trend
Aesthetics and performance are driving the                     
upgrade to premium asphalt shingles
0
20
40
60
80
100
120
140
160
180
200
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007E
2008E
2009E
2010E
HVY LAMS
LAMINATES
STRIP
Market Size (Million Squares)

10
Materials are the primary cost components
Asphalt Shingle Cost Drivers
Mineral surface granules
Fiberglas
®
mat
Backdusting
Headlap &
Weathering-grade filled asphalt

11
•
Asphalt is a refining byproduct
•
Approximately 3% of a barrel of
oil is asphalt
•
Paving represents 74% of all
asphalt sold
•
OC Trumbull
®
is the market
leader in processed asphalts
•
Products include coatings for
shingles, bulk and packaged
asphalt for commercial roofs, and
industrial and specialty asphalts
Asphalt Industry Overview
(1) Based on Freedonia, Asphalt Institute and internal Owens Corning estimates
Asphalt Market
(1)
Paving 74%
Emulsions
8%
Oxidized/Processed
18%
2005
$11 billion market

12
Our Markets
2006 R&A Revenue by End Market
U.S. & Canada
Commercial & Industrial
11%
U.S. & Canada
New
Residential
Construction
25%
U.S. & Canada
Residential
Repair & Remodeling
64%

13
Our Customers
Distributors
Shingle Manufacturers
Industrial/Specialty

14
Roofing and Asphalt –
Our Products
•
Shingle coating
•
Commercial
roofing
•
Waterproofing
•
Industrial and
specialty applications
•
Hip & ridge shingles
•
Ventilation products
•
WeatherLock
®
underlayment
•
Starter strip shingles
•
Strips
•
Laminates
•
Heavyweight
laminates

15
Roofing and Asphalt –
Our Facilities
•
Approx 2,000 employees in 32 facilities
•
Export sales to Canada, Latin America, Europe
•
Asia Pacific –
plants in China and Korea
Portland
Compton
Denver
Irving
Houston
Minneapolis
Kearny
Savannah
Jacksonville
Detroit
Ennis
Morehead
City
Oklahoma
City
Summit
Memphis
Medina
Toledo
Brookville
Granite
City
Roofing
LEGEND:
WHQ
Asphalt
Atlanta
Mobile*
S&T
Granville
* Leased facility

16
Our Shingle Manufacturing Process

17
Our Asphalt Manufacturing Process

18
Strategic Priorities
•
Growth through innovation
–
Aesthetics, ease of application, performance
•
Margin enhancement
–
Product mix
–
Productivity
•
Return on invested capital
–
Laminate shingles
–
Accessories
A market-leading business

19
2001-2007
1977-2000
SureNail
®
Technology
WOODCREST
®
Oakridge
PRO
®
Series
WeatherLock
®
Granular
Duration
™
WOODMOOR
®
Double
Shadow Line
Prominence
®
ACC  Asphalt
BERKSHIRE
®
COLLECTION
VentSure
®
Algae Resistant
Shingles
WeatherLock
®
G Squared
WeatherGuard
®
Low fuming
PermaMop
®
Poly Wrapper
Slantback
Vent
TruMelt
®
WeatherLock
®
Line Extension
Shadow Series
Skyview
®
TruBond
®
High Ridge
Hip & Ridge
Oakridge
®
DPMS modified
Shingle Adhesives
Barged
PMA Paving
Supreme
®
30
Fungus Resistant
Shingles
Tri-Built Granular
SEBS Modified
BURA
TruLo
®
Low fuming; BURA
Next Generation
Shingle Sealant
Starter
Shingle Roll
TruPave
®
Roadbond
®
Convert Industry
To Glass Shingle
Product Innovations
Bringing value to our customers

20
Duration
™
Series Shingles
with SureNail
®
Technology
•
Value for homeowners
–
Choice of bold, vibrant colors
–
Lays flat right from the start
–
Up to 130 mph wind resistance &
limited lifetime warranty
•
Value for re-roof contractors
–
Up to 15% * improved job closing
rate
–
Up to 30% faster to install
–
Fewer post-install callbacks*
•
Value for roofing
distributors/retailer
–
Premium sales versus traditional
laminates
–
Strong demand from re-roof
contractors
* Source: Feedback from Owens
Corning preferred contractors
Beauty, Performance
and Profits for All

21
Connecting the Homeowner and
the Contractor
•
Software allows Owens Corning Preferred Contractors to
show customers how their home will look after installation

22
Our Financials
Financial performance ($MM)
Sales
EBIT Margin
500
1,000
1,500
2,000
2003
2004
2005
2006
LTM -
3/31/07
0%
2%
4%
6%
8%
10%
Sales and EBIT performance expected to
improve through 2007

23
Near-Term Market Outlook
•
2007 Total demand projected down:
–
Lower storm-related demand compared to
record first-half 2006
–
Softness in new residential construction
–
First quarter inventory correction in the
channel
•
Demand for aesthetics and higher
performance will continue
•
Asphalt inflation expected to moderate
following seasonal summer peak
Market expected to improve year over year
in second half

Questions & Discussion
THE PINK PANTHER™
& ©
1964-2007 Metro-Goldwyn-Mayer Studios
Inc. All Rights Reserved.  The color PINK is a registered trademark of
Owens Corning. ©2007 Owens Corning

Owens Corning Investor Day
Manufactured Stone Veneer
Chuck Stein
President, Cultured Stone®

2
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, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in these statements.  The
forward-looking statements speak as of the date May 16, 2007, hereof and
are subject to change. The Company does not undertake any duty to update
or revise forward-looking statements.
Further information on factors that could affect the Company's financial and
other results is included in the Company's Forms 10-Q and 10-K, filed with
the Securities and Exchange Commission. Additional Company information
is available on 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 in accordance with
generally accepted accounting principles can be found in our
most recent
Form10-K and on our Web site referenced above.
Results for 2006 reflect
the application of Fresh Start accounting as of October 31, 2006.

3
We Focus On:
•
Growing
demand
–
U.S.
and
globally
•
Increasing margins
•
Product and system innovation

4
Cultured Stone
®
Industry Leadership & Profitable Growth
•
Ranked #1 by independent industry surveys
by a factor of 3:1
•
Broadest choice of high-quality products
•
Continuous double-digit, top-line growth
•
Global expansion sustains revenue and
profit growth
•
Offering outstanding customer service with
global market coverage
Global market share and brand leader

5
Manufactured Stone Veneer (MSV) Process
•
Select stone for
“master copies”
•
Create molds of
master set
•
Design coloring 
of materials to
replicate look of
natural stone
Copy
Natural Stone
Manufactured
Stone
Packaging &
Distribution
Installation
•
Applied with
mortar over
lathe and
weather barrier
or other
prepared
surfaces
•
Raw materials
–
Cement
–
Aggregate
–
Fly ash
–
Sand
–
Color / Paints
•
Poured into
molds and
allowed to cure
•
Professional
channel through
1 and 2 step 
distribution
•
Do-It-Yourself
and small
contractors
through Big Box
retail

6
Lifestyles

7
MSV –
Market Dynamics
•
Demand
–
Industry predominantly based in North America and
beginning to expand in Europe
–
Historic annual market growth 10-20%
–
Overall market size approaching $1 billion
–
Continued high-growth potential from increasing share of
wall cladding (< 4%)
•
Supply
–
High growth entices new entrants in manufacturing and
distribution
–
With market-leading quality, Cultured Stone
®
is one of only
5% of manufacturers that has ICC Evaluation Service
approval of AC-51 compliance
–
Masonry Veneer Manufacturers Association created in
2006 to drive manufacturing and installation standards

8
MSV Category Growth
Taking Share of Exterior Wall Covering
We Create and Grow Markets
•
Cultured Stone
®
has led MSV’s
growth in share of exterior wall
cladding products to more than
10% CAGR, and there is still
ample room for growth
Our Customers Prosper
•
In a recent independent study
(2)
homeowners said they were
50% more likely to consider
purchasing a home with an
external application of Cultured
Stone
®
than without
Stucco
Vinyl
Brick
Fiber Cement
Manufactured Stone
Natural Stone
Other Materials
(1)
2005 NAHB estimates
1998
18.4 % 
30.5 % 
19.0 % 
6.8 % 
1.6 % 
1.2 % 
22.5 % 
2005
23.2 % 
22.1 % 
19.5 % 
16.6 % 
3.2 % 
2.9 % 
12.4 % 
CAGR
3.4 % 
(4.5)% 
0.3 % 
13.6 % 
10.2 % 
14.3 % 
(8.1)% 
(2)
Study conducted by the Gilmore Research Group
“The stone you use says something 
about the designs you create
I choose the stone that says 
something memorable”
(1)

9
Cultured Stone
®
An Emerging Global Business

10
Supply Chain
•
Ability to produce all products at all
facilities enables flexibility with demand
•
Hardware and software enhancements
enable information access to maintain
best in market service levels
•
Global capacity enables speed to all
markets and sourcing leverage
•
Logistics optimization and
management through the Owens
Corning network

11
Customer Engagement
•
A national network of loyal, independent
distribution with average tenure > 15 years
•
Global coverage with representation in
more than 25 countries
•
80%+ of distributors are exclusive sellers
of Cultured Stone
®
branded products
•
Introduction of Owens Corning products
into U.S. retail (The Home Depot, Menards)
improves remodeling market access

12
Future Growth
•
Global expansion
–
Global growth rates continue to
exceed those in the U.S.
–
China expansion
•
Market development
–
From materials to lifestyle solutions
–
Architectural representation
•
Product offering
–
Colors and textures
–
Accessories

13
Strategic Intent
•
A growth
business
•
An outstanding product
•
A preferred brand
•
On an improved cost
platform
•
Operating an efficient
supply chain
•
To an engaged
customer base

Questions & Discussion
THE PINK PANTHER™
& ©
1964-2007 Metro-Goldwyn-Mayer Studios
Inc. All Rights Reserved.  The color PINK is a registered trademark of
Owens Corning. ©2007 Owens Corning

Owens Corning Investor Day
Innovation & Sustainability
Frank O’Brien-Bernini
Vice President,
Chief Research & Development
and Sustainability Officer

2
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, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in these statements.  The
forward-looking statements speak as of the date May 16, 2007, hereof and
are subject to change. The Company does not undertake any duty to update
or revise forward-looking statements.
Further information on factors that could affect the Company's financial and
other results is included in the Company's Forms 10-Q and 10-K, filed with
the Securities and Exchange Commission. Additional Company information
is available on 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 in accordance with
generally accepted accounting principles can be found in our
most recent
Form10-K and on our Web site referenced above.
Results for 2006 reflect
the application of Fresh Start accounting as of October 31, 2006.

3
Innovation at Owens Corning
•
Market-leading products and waste-free processes
–
24% of sales from products launched in the last four years
•
Margin sweetening…
plus five points
•
Sales growth…one-half from new products
•
Aspiration…30% sales from new products
–
Sustainability driving profitability…EBIT
•
Efficient innovator…from a 1% investment
Ranked #2 in innovation for our industry by
FORTUNE’s
“America's Most Admired Companies 2007”
Turning knowledge into value for our customers
and Owens Corning

4
Sustainability at Owens Corning
Amplifying our net-positive impact…
•
Products
–
Creating demand for energy efficiency and
renewables
solutions
•
Processes
–
Profitably reducing our environmental footprint
•
People
–
Driving to zero injuries
–
Increasing employee engagement
–
Contributing to our communities
Delivering Solutions…
Transforming Markets…
Enhancing Lives

5
S&T Center Granville, OH
Tallmadge, OH
Battice, Belgium
Apeldoorn, The Netherlands
Summit, IL
Novi, MI
Rio Claro, Brazil
Mexico City, Mexico
Shanghai, China
Science & Technology:
Global Innovation
Ibaraki, Japan
Global capabilities…local product innovation

6
External
Today
Tomorrow
Internal
0
20
40
60
80
100
GHG
PM
VOC
Water
Waste to Landfill
NOx
2002 Base Year
2006
2012 Goal
Energy

7
Residential Energy Efficiency:
Innovation Opportunity
Code to U. S. Energy Policy Act
2005 to Net Zero
Practical energy retrofit
New Home
(1)
Existing Home
(1)
Windows
Walls
Attic
Foundation
Infiltration
Lighting
Gains
Solar
Gains
0
20
40
60
80
100
0
20
40
60
80
100
Windows
Solar
Gains
Walls
Attic
Foundation
Infiltration
Lighting
Gains
(1) Owens Corning engineering estimates

8
Demand Creation in Energy Efficiency:
AttiCat
™
PINK Fiberglas
™
Insulation
Attributes of AttiCat
™
System
•
Light-weight machine fits in an SUV
•
Insulation is super-compact (18x)
•
Most convenient
do-it-yourself installation
•
Half-day project

9
Aesthetic and Application Leadership: Duration
™
Shingles with SureNail
®
Technology
Attributes of SureNail
®
•
Aesthetic colors and textures
•
10-20% faster installation
•
Superior wind performance
•
Fewer call backs
SureNail
®
wider nailing area
Extra adhesive
power
Supersealing
action

10
Products for Sustainable Returns:
HiPer-tex
™
Reinforcements
Attributes of HiPer-tex
™
Cost
High
Low
High
HiPer-tex™
Advantex®
Fiber
Steel
Aluminum
Carbon Fiber
Low
Breakthrough
WindStrand™

11
Achieving significant footprint reductions,
while setting more aggressive goals
Intensity Reduction Goals
2012
GHG
30%
PM
20%
VOC
25%
Water
15%
Landfill
35%
NOx
25%
Energy
25%
Sustainability: Profitably Reducing  
Our Environmental Footprint
0
10
20
30
40
50
60
70
80
90
100
GHG
PM
VOC
Water
Waste to Landfill
NOx
Energy
2002 Base Year
2006
2012 Goal

12
Owens Corning is Among the World’s
Largest Consumers of Recycled Glass
Profitable source reduction
•
Energy, GHG, NOx
reduction
•
Manufacturing cost reduction
•
Capacity increase
•
Longer asset life
2002
2003
2004
2005
2006
Recycled glass use

13
Smart Melting Technology
Profitable source reduction
•
Energy,
GHG,
PM,
NOx
reduction
•
Manufacturing cost reduction
•
Capacity increase
•
Longer asset life
GHG
PM
VOC
Water
Waste to Landfill
NOx
Energy

14
VOC
Water
Waste to Landfill
NOx
External
Today
Tomorrow
Internal
Innovation Space:
•
Energy and CO
2
reduction in
new and existing buildings
•
Renewables…
wind, solar, bio
•
Light-weight vehicles
•
Aesthetics
•
Application ease / speed
•
China, India, Latin America
building systems
•
Cradle-to-Cradle…
recycling

15
Innovation and Sustainability Outlook
•
Commercialize market-leading products
–
30% sales from new products with sweet margins
–
Amplify our net-positive impact
•
Drive down unit cost and environmental footprint
–
Source reduction
–
Eco-efficient product design
•
Safety / engagement / community
Delivering Solutions…
Transforming Markets…
Enhancing Lives
Turning knowledge into value for our
customers and Owens Corning

Questions & Discussion
THE PINK PANTHER™
& ©
1964-2007 Metro-Goldwyn-
Mayer Studios Inc. All Rights Reserved.  The color PINK is
a registered trademark of Owens Corning. ©2007 Owens
Corning

Owens Corning Investor Day
Financial Strategy
Mike Thaman
Chairman of the Board and CFO

2
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, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in these statements.  The
forward-looking statements speak as of the date May 16, 2007, hereof and
are subject to change. The Company does not undertake any duty to update
or revise forward-looking statements.
Further information on factors that could affect the Company's financial and
other results is included in the Company's Forms 10-Q and 10-K, filed with
the Securities and Exchange Commission. Additional Company information
is available on 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 in accordance with
generally accepted accounting principles can be found in our
most recent
Form10-K and on our Web site referenced above.
Results for 2006 reflect
the application of Fresh Start accounting as of October 31, 2006.

3
2006 At A Glance
•
Record sales of $6.5 billion, up 2.2% over 2005
•
Adjusted EBIT of $569 million, up 4.6% compared
with $544 million in 2005
•
Gross margin as a percent of sales, excluding
Fresh-Start Accounting and other restructuring
charges, 17.5% compared with 18.3% in 2005
•
SG&A 8.3%, compared with 8.9% in 2005

4
Reconciliation of 2006 Adjusted to
Reported EBIT ($MM)
2006 Earnings Before Interest & Taxes (EBIT)             $433
Adjustments to remove items impacting comparability
Provision for Asbestos Litigation
($13)
C-11 Related Reorganization Items
$55
Other
Items
1
$94
Total Adjustments
$136
2006 Adjusted EBIT
$569
2006
Depreciation
and
Amortiation
2
$278
1
Includes the impact of inventory write-up of  $44MM; write-off of in-process R&D of $21MM;
restructuring activities of  $55MM; gain on sale of  metals of ($45MM); and other of  $19MM
2
Includes $21MM write-off of in-process R&D

5
Owens Corning Annual Sales 1987 -
2006
0
1000
2000
3000
4000
5000
6000
7000
Year

6
Cash Flow Impact From Working Capital
Five-Year Average
-200
-150
-100
-50
0
50
100
150
200
250
Q1
Q2
Q3
Q4
-159
-40
-1
192

7
Q1 2007 At A Glance
•
Sales of $1.324 billion, compared with $1.601 billion
in Q1 2006, down 17%
•
EBIT of $33 million, compared with $115 million
in Q1 2006, down 71%
•
Adjusted EBIT of $61 million, compared with $114 million
in Q1 2006, down 46%
•
Gross margin as a percent of sales 14.6%, compared with
16.8% in Q1 2006, down 2.2 percentage points
•
Diluted Earnings Per Share 1 cent, 2006 N/M
•
Adjusted Diluted Earnings Per Share 14 cents, 2006 N/M

8
Reconciliation of Q1 2007 Adjusted to
Reported EBIT ($MM)
Q1 2007 EBIT
$33
Adjustments to remove items impacting comparability
Chapter 11 related reorganization items
$3
Restructuring credits and other credits
($2)
Employee emergence equity program
$8
OCV Reinforcements joint venture transaction costs
$11
Losses resulting from exiting HOMExperts service line
$8
Total Adjustments
$28
Q1 2007 EBIT
$61
Q1 2007 Depreciation and Amortization
$77

9
Balance Sheet Snapshot and
Credit Statistics
35%
36%
Debt/Total Capitalization
2.30
2.54
Debt/ Adjusted LTM EBITDA
1,058
848
Total Liquidity
(2)
5,632
5,775
Total Capitalization
3,686
3,712
Shareholder Equity
1,946
2,063
Total Debt
$        282
$         93
Cash
December 31,
2006
(1)
March 31,
2007
(MM)
Owens Corning
(1)
December 2006 balance sheet adjusted for January distribution to 524(g) Trust
(2)
Unused portion of the $1 billion revolving credit facility and cash on hand

10
Debt Maturity Schedule
0
100
200
300
400
500
600
700
800
$110 MM Revolver Debt
$600MM Term Loan
$650MM 10yr Bonds
$550MM 30yr Bonds
Other Debt

11
Current Macro Economic Conditions
•
Unemployment stable
•
Interest rates stable
•
30-year mortgage rates stable
•
Concern over sub-prime market and implications
•
U.S. housing starts at lower levels following steep decline,
down 31% compared with Q1 2006 levels of 2.12
•
New and existing home inventories high
•
NAHB housing start forecast: 2007 1.45 and 1.52 in 2008

12
Strategic Actions Taken
•
Proposed Owens Corning, Vetrotex global joint venture
•
Q4 2006 restructurings and subsequent announcements
–
Exited HOMExperts®
service line
–
Restructured Siding Solutions business
–
Roofing and Asphalt facilities closure and sale
–
Strategic review of Siding Solutions / Norandex Reynolds
–
Strategic review of Composite Solutions’
Fabwel organization
•
Share buy back of up to 5% authorized by Board of Directors

13
0.20
0.25
0.30
0.35
0.40
0.45
1Q
2Q
3Q
4Q
0.65
1.45
Not Seasonally Adjusted
Not Seasonally Adjusted-1Q Lag
Seasonally Adjusted
Estimated 2007 Housing Starts: Seasonally
and Not Seasonally Adjusted
1.45

14
Guidance for 2007
•
Reaffirmed earlier guidance of 2007 adjusted EBIT to exceed
$415 million, based on 1.45 million housing starts
•
Estimated effective tax rate 36.5%
•
Estimated cash tax rate (due to the NOL) 10-15%
•
Depreciation and amortization approximately $300 million

15
Segment Guidance for 2007
•
Insulating Systems business
–
Expect an upturn in the second half of 2007 due to construction seasonality
–
Working
to
boost
demand
and
leverage
the
sale
of
products
not
as
sensitive
to
starts
–
Will
continue
to
manage
capacity
utilization
based
on
demand
for
our
products
•
Composite Solutions business
–
Expect continued business improvement given strength of global GDP
–
Proposed JV: Great strategic opportunity
•
Roofing and Asphalt business
–
Sales and EBIT performance expected to show improvement through 2007
–
Continued gains during current quarter
–
Results in the second half of 2007 expected to show measurable improvement
•
Other Building Materials & Services
–
Strategic Review of Siding Solutions Business
–
Strategic actions expected to result in significant performance improvement
–
Continued growth expected in manufactured stone veneer

16
Financial Strategies
•
Financial performance and discipline
–
Strong operational Cash Flow to foster growth and innovation
–
Continued focus on Return on Net Assets in excess of
Cost of Capital
•
Balanced use of Free Cash Flow
–
Maintain strong balance sheet and sustain investment-grade
credit profile
–
Invest maintenance capital –
estimated at 80% of depreciation
–
Invest remainder of depreciation to improve and grow operations
–
Focused and disciplined organic growth and acquisitions
–
Support shareholder returns

17
Housing Starts: A Long-Term View
•
NAHB Economic and Housing Forecast (2006)
–
Demographic trends and utilization of existing housing stock are
likely to lead to production levels over the next decade that exceed
the average during the last
•
Harvard University Joint Center for Housing Studies (2006)
–
Record levels of new construction and remodeling spending will be
achieved during the next decade
–
Growth supports housing starts at average 1.80-1.85 million, net of
manufactured housing

18
Managing Transition for Success
•
Chief Financial Officer
•
Chief Executive Officer

Questions & Discussion
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