1. Differentiate, Perform,
Grow
Q3 Results Based on Strong
Global Composites & Roofing
Performance
Duncan Palmer
Chief Financial Officer
November 18, 2008
Imperial Capital Conference

2. Forward-Looking Statements 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 to risks, uncertainties and other factors that
could cause actual results to differ materially from those projected in these statements.
Such factors include, without limitation, competitive factors, pricing pressures, availability
and cost of energy and materials, acquisitions and achievement of expected synergies
therefrom, general economic conditions, the effect of industry and economic conditions on
the market and operating conditions of our customers and factors detailed from time to time
in the Company’s Securities and Exchange Commission filings. The information in this
presentation speaks as of the date October 29, 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 is available on the Owens Corning Web site:
www.owenscorning.com.
Certain data included within this presentation contains quot;non-GAAP financial measuresquot; 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
Current Report on Form 8-K filed with the Securities and Exchange Commission on
October 29, 2008.
2

3. 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
• 18,000 employees in 26 countries
• 127.4 million diluted shares outstanding at
September 30, 2008
• Senior debt ratings: BBB- and Ba1
• FORTUNE 500 company for 54 consecutive years.
Leading North American
Global Leader
Market Positions
•
• Glass Fiber Reinforcement
Residential Insulation
Materials for Composites
• Commercial & Industrial Insulation
• Manufactured Stone Veneer
• Residential Shingles
• Roofing Asphalts
The Pink Panther™ © 1964-2008 Metro-Goldwyn-Mayer Studios Inc. All Rights Reserved.
3
The color PINK is a registered trademark of Owens Corning. ©2008 Owens Corning.

4. Business Segment Overview
Nine Months 2008 YTD EBIT:
Nine Months 2008 YTD Revenue:
$316 million(2)
$4.7 billion(1)
Other Building
Other Building Materials
Materials and
and Services
Services
-3%
4%
Roofing
Roofing and and
Asphalt Asphalt
30% 36%
Composite
Insulating
Solutions Composite
Insulating Systems
41% Solutions
Systems 7%
25% 60%
(1) Percentages by segment based on revenue of $4.7B before corporate eliminations
(2) Percentages based on segment results before restructuring costs and other credits, general corporate expenses,
4
Income taxes and interest expense.

5. Composites Group

6. What is a “Composite”?
An engineered material system…
+ Other Materials
Reinforcements
• Resins
• Additives
Glass Other
95%* • Filler
…resulting in unique attributes replacing traditional materials
High Strength Light Weight Non-Conductive
Durable
Up to 50% Lighter
Longer Blades Non-Corrosive Safety
Than Steel
6
Source: Owens Corning

7. Composites
Q3 2008 Highlights ($ in millions) Q3 2008 Q3 2007 % Change
Net sales* 589 397 48%
• Sales up 48% and EBIT up 108% year-over-
year, primarily due to acquisition EBIT 54 26 108%
• About two-thirds of earnings increase due to EBIT as % of
9% 7%
sales
acquisition, net of the divestiture
EBIT as % of
37 % 29 %
• Improved manufacturing productivity all segments
• Inflation not fully offset by higher prices D&A 33 20 65%
*Net sales before inter-segment eliminations
Four-Year and LTM Financial Performance*
Q3 2008 YTD Revenue by End Market
Sales EBIT as % of Sales
U.S. & Canada
$3,000 30%
Commercial & Industrial
20% $2,500 25%
$2,000 20%
U.S. & Canada
Residential $1,500 15%
Construction
$1,000 10%
9%
International
71% $500 5%
$0 0%
2004 2005 2006 2007 LTM
Company estimates *2004 is not recast for the effect of discontinued operations
7

8. Greater Value through Synergy Attainment
Successful Acquisition Market Position Innovation
Composition of Synergies
Operating Expenses:
• Eliminating redundancies 30%
Technology:
50%
• Upgrading to Advantex®
20%
Supply Chain:
• Reconfiguring plants
• Fewer ocean shipments
At least $100 million of total synergies by 2011
8
Source: Owens Corning

9. Demand for Glass Reinforcements is Growing
Successful Acquisition Market Position Innovation
Trends Driving Growth
• Emerging economies
1.5 to 2X
Global GDP
$8 B
• Global energy demand
5% to 7%
CAGR
• Green solutions
… in glass fibers
Owens Corning is #1 … in technical fabrics
… in specialty glass mats
9
Source: U.S. Fiber Economic Bureau, APFE, Owens Corning

10. Attractive End-Use Market Growth
Successful Acquisition Market Position Innovation
Power & Aerospace
Water
Distribution & Defense Transportation Housing
Industrial Consumer
Energy
1,000
Glass Reinforcements (kt)
Growth
CAGR ’08-’13
Market Size for
>10% ~5%
0
Owens Corning has played a major role
in the development of these markets
10
Source: Owens Corning

11. 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
Owens Corning is the leading supplier of glass
reinforcements for wind power today
Source: International Energy Agency; Morgan Stanley Clean Energy Report, May 2008; BTM Consultant ApS – March 2008; Owens Corning11

12. Building Materials
Group

13. Residential and Commercial Building Materials
• Attractive building materials segments:
– Insulating Systems
– Roofing and Asphalt
– Other Building Materials and Services
• Leading market shares
• Powerful brand
• Broad distribution
• Used in virtually every home built in America
13

14. Roofing and
Asphalt

15. 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
15

16. Roofing and Asphalt
($ in millions) Q3 2008 Q3 2007 % Change
Q3 2008 Highlights
• Sales up 63% on higher selling prices due to Net sales* 616 379 63%
raw material and delivery costs EBIT 95 15 533%
• EBIT up on improved productivity, higher selling EBIT as % of
15 % 4%
sales
prices and improved mix
EBIT as % of
• Selling price increases offset inflation for first 65 % 17 %
all segments
nine months of the year
D&A 11 10 10%
• Storm-related demand expected to continue into
Net sales before inter-segment eliminations
2009
Q3 2008 YTD Revenue by End Market Four-Year and LTM Financial Performance
Sales EBIT as % of Sales
U.S. & Canada
Commercial & Industrial $2,000 8%
11%
U.S. & Canada
Residential Repair $1,500 6%
& Remodeling
U.S. & Canada
64%
New Residential $1,000 4%
Construction
25%
$500 2%
$0 0%
Company estimates 2004 2005 2006 2007 LTM
16

17. 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
17

18. Providing “Top of the House” Solutions
Hip & Ridge Shingles
VentSure® Ventilation Products
Owens Corning Felt Underlayment Products
Owens Corning Shingles
Owens Corning Starter Shingle Products
WeatherLock® Self-Sealing
Ice & Water Barrier Products
RapidFlowTM Gutter Drainage Protection
raft-R-mate® Attic Rafter Vent
Undereave Ventilation Products
AttiCat® Expanding Blown-In
Pink FiberglasTM Insulation
18

19. Insulating Systems

20. Our Insulating Products
• Residential Insulating Batt – used in wall cavities of newly
constructed and existing homes
• Foam Insulation – used in above- and below-grade
construction applications
• Flexible Duct Media – insulated duct used in new and
existing homes as a more energy-efficient HVAC solution
than metal ducts
• Metal Building Insulation – insulation used in commercial
and industrial metal buildings
• Commercial and Industrial Pipe Insulation – fiberglass
insulated pipe used in hot and cold industrial applications
20

21. Insulating Systems Strategic Priorities
• Remain profitable in a weak market
• Responsive capacity management
• Focus on operational execution
• Commercialize innovation supporting
energy efficiency
Customer focus, cycle management and
innovation are key to our success
21

22. Insulating Systems
($ in millions) Q3 2008 Q3 2007 % Change
Q3 2008 Highlights
Net sales* 412 462 (11)%
• Reached breakeven profitability in very weak U.S. EBIT 0 42 (100)%
housing market
EBIT as % of
0% 9%
• Sales down on lower volumes sales
EBIT as % of
• About 70% of EBIT decline due to lower selling prices 0% 46 %
all segments
and inflation
D&A 31 33 (6)%
*Net sales before inter-segment eliminations
Q3 2008 YTD Revenue by End Market Four-Year and LTM Financial Performance
International Sales EBIT as % of Sales
13% $2,500 25%
U.S. & Canada
New Residential
$2,000 20%
Construction
39%
U.S. & Canada
$1,500 15%
Commercial
& Industrial
$1,000 10%
27%
$500 5%
U.S. & Canada
Residential Repair
$0 0%
& Remodeling
2004 2005 2006 2007 LTM
Company estimates 21%
22

23. 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
• In 2008, Oil and natural gas prices reached 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
23
*Source: McKinsey & Company

24. Owens Corning 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
24

25. Differentiate, Perform,
Grow
Questions & Discussion
Duncan Palmer
Chief Financial Officer
November 18, 2008
Imperial Capital Conference

26. Appendix

27. Key Financial Data
Q3 YTD Q3 YTD
($ in millions, except per share data) Q3-2008 Q3-2007
2008 2007
Net sales 1,629 1,268 4,556 3,674
Net earnings (loss)* (810) 112 (794) 142
Earnings (loss) from continuing operations* (810) 38 (794) 67
Earnings from discontinued operations - 74 - 75
EPS (diluted) from continuing operations* (6.36) 0.30 (6.17) 0.52
EPS (diluted) from discontinued operations - 0.57 - 0.58
EBIT from continuing operations 98 83 181 191
Adjusted EBIT from continuing operations 111 102 242 253
Adjusted EPS (diluted) from continuing 0.72 0.42 1.06 0.89
operations
Adjusted EBIT as a % of sales 7% 8% 5% 7%
Marketing and administrative expenses 151 102 458 365
D&A from continuing operations 84 83 240 234
Debt, net of cash 2,014 1,915 2,014 1,915
*Includes Impact of Income Tax Valuation Allowance of $899 million
27

28. Q3 2008 Reconciliation from Adjusted EBIT
to EBIT
150
$(20)
$16
$111
120
$(6) $(2) $(1) $98
EBIT ($MM)
90
60
30
0
st s
r ts
IT e e
he IT
ns ns
os
EB Co
Ot EB
pe pe
rC
d n
d 08
x x
ste the
o
an ct i yE eE 20
dju uit
ets dO
sa as Q3
n
s e
A q an
ra
As lL
eE
08
n/T et a
ing
of
20 nc r
io e
les
Q3 sM
ct u
rat rg
Sa me iou
tru
te g
n ec
s
E
n
so Re
nI ee Pr
loy
ain tio et
i N
p
uis
G
Em
cq
A
28

29. Adjusted EBIT
($MM)
0
50
100
150
200
Q
2
20
08
Ro
$77
o f in
g
an
d
A
Co sp
m h
po al
t
si
te
$58
So
lu
tio
ns
Bu
si
In n
su es
s
la
tin
g
$(17)
Sy
st
O em
th s
e B
rB us
in
ui
ld e
in ss
g
M
$(7)
at
er
ia
ls
&
Se
rv
ic
es
$2
Co
r po
ra
Q3 2008 Compared with Q2 2008
te
$(2)
Adjusted EBIT by Business Segment
Q
3
20
08
$111
29

30. Other Building Materials & Services
Q3 2008 Highlights ($ in millions) Q3 2008 Q3 2007 % Change
• Masonry products continued to face weak Net sales* 67 78 (14)%
construction-related demand leading to EBIT (3) 7 (143)%
majority of the sales and EBIT decline
EBIT as % of
(4) % 9%
• Basement finishing and SunSuites™ sales sales
down due to weak consumer credit markets EBIT as % of
(2) % 8%
and impact on home remodeling all segments
D&A 3 4 (25)%
*Net sales before inter-segment eliminations
Q3 2008 YTD Revenue by End Market Four-Year and LTM Financial Performance*
Sales EBIT as % of Sales
International
15% $1,600 8%
U.S. & Canada
$1,200 4%
Commercial & U.S. & Canada
Industrial New Residential
18% $800 0%
Construction
50%
$400 -4%
U.S. & Canada
$0 -8%
Residential Repair
2004 2005 2006 2007 LTM
& Remodeling
17% Company estimates *2004 is not recast for the effect of discontinued operations
30

31. Other Items
• Energy used in manufacturing
– Represents about 10% of cost of sales
– About 60% natural gas, 30% electricity, 10% other
• Capital expenditures estimated to be somewhat higher
than $350 million in 2008
• Liquidity position remains strong
• Net Debt is currently expected to be at or close to last
year’s level of $1.9 billion at year’s end
31

32. Share Buy-Back Program
• Announced a share buy-back program in the first quarter
of 2007
• Authorized to repurchase up to 5%, approximately 6.5
million shares, of Owens Corning outstanding stock
• During Q3 Owens Corning repurchased 1.9 million
shares of the Company’s common stock at an average
price paid of $22.23
• Through September 2008, Owens Corning repurchased
approximately 2.9 million shares of the Company’s
common stock at an average price of $22.70 per share
• As of September 30, 2008, the company has about 3.6
million shares remaining available for repurchase under
the current authorization
32