Owens Corning : 2023 SUSTAINABILITY REPORT

INTRODUCTION

PEOPLE

PURPOSE

PLANET

APPENDICES

INTRODUCTION | CEO & CSO LETTER: 2023 IN REVIEW

 3 

Our 2023 Progress

In our work to reduce our environmental impacts, we have made significant achievements in two areas - reducing greenhouse gas emissions and waste to landfill.

Reduce emissions. We are working to combat climate change by reducing our greenhouse gas (GHG) emissions across our operations, and we have made considerable progress to date compared to our 2018 baseline. We have reduced our absolute Scope 1 and Scope 2 GHG emissions by 28% since 2018, which puts us more than halfway to our goal of 50% by 2030. In addition, we reduced them by approximately 6% compared to 2022. As it stands, we have a clear line of sight to how we can achieve the goal we have set.

Reduce waste. Waste-to-landfill (WTL) is another critical footprint measure that must be addressed, and it's one that has proven to be a challenge over the years. In 2023, we experienced a breakthrough - a 14% absolute reduction in WTL compared to 2022. While there were some tailwinds in 2023 related to production volume, progress was still made due to such drivers as reduction, recycling, and diversion. Although we recognize that we are still a long way from our goal of zero WTL, we believe we can repeat our performance this year as we make our way to 2030.

Across the entire enterprise, people at every level are working together to deliver the innovations that can help us continue to reduce our environmental footprint. Their progress has been inspiring, and it is a testament to the way they embody our core values - caring, curious, collaborative, and committed.

Safer Together

Our approach to sustainability extends beyond our efforts to reduce our environmental footprint. We also strive to protect our employees by working to ensure their safety and well-being. One way we're doing that is through Safer Together, a refreshed safety identity created by our employees, for our employees. Safer Together reminds employees and leaders of our expectations around safety, outlined in our refreshed safety commitment, which is as follows:

I commit to work safely and to speak up when I see something unsafe. I will value your feedback and trust you will accept mine - because I know you care. Today, and every day, we are committed to working safely for ourselves, our colleagues, and our loved ones. We are Safer Together.

By continuing to invest in both our safety culture, and processes and systems, we are ensuring that our commitment to safety permeates everything we do.

Looking Ahead

Our 2030 sustainability goals are growing ever closer, and we believe that the targets we have set for ourselves are well within our reach. New insights and focus have given us confidence that we will be able to drive sustained performance improvements as more of our solutions are tested, implemented, and continuously improved. Importantly, our employees consistently express unparalleled engagement and enthusiasm for our mission, as 77% of employees agree that their work has a direct impact on achieving our sustainability goals.

As we strive to make continued progress and maintain our success, we recognize the need to attract, develop, and retain the best talent in the world. To do that, we must operate in an inclusive environment, one in which our people feel connected, valued, and respected for what they bring to our company.

As it is every year, this report is filled with stories demonstrating our progress toward our 2030 goals for sustainability. Behind every one of these stories is a team of Owens Corning employees coming together to help ensure a more sustainable future. This report is a celebration of their ingenuity, talent, and dedication.

We thank all our stakeholders for their continued interest in Owens Corning, and we hope that every reader of this report is inspired by the many ways that our people make a difference.

 4 

ABOUT

OWENS CORNING

Owens Corning is a global building and construction materials leader dedicated to leveraging our unique material science, manufacturing, and market knowledge to provide durable, sustainable, energy-efficient solutions that help our customers win and grow.

Our achievements are thanks in large part to our employees around the world. These individuals share their talents - and share our vision - as we strive to build a sustainable future together. This report is a tribute to all 18,000 people, each of whom is helping Owens Corning make a

real difference.

Photo submitted by:

Nathaniel Bauer | Denver, Colorado, U.S.

The Denver skyline with the Denver Trumbull plant in the foreground.

Roofing

Roofing products and systems help protect and preserve homes and commercial buildings while enhancing curb appeal.

Our primary products in this segment are laminate and strip asphalt roofing shingles. Additional products in this segment include roofing components and oxidized asphalt.

Owens Corning® shingles and roofing components are sold mainly through distributors, centers, and lumberyards in the U.S., while oxidized asphalt is a significant input used in the production of our roofing shingles.

We are vertically integrated and have manufacturing facilities that process asphalt for use in our roofing shingle manufacturing. In addition, we sell processed asphalt to other shingle manufacturers, to contractors for built-up roofing asphalt systems, and to manufacturers in other industries such as automotive, chemical, rubber, and construction.

Insulation

Insulation products help conserve energy while improving acoustics and fire resistance in the places where we work, live, and play.

Our insulation segment includes a diverse portfolio of high-,mid-, and low-temperature products; a market mix of residential, commercial, industrial, and other markets; and a channel mix of retail, contractor, and distribution.

Our products in the residential channel include thermal and acoustical batts, loosefill insulation, spray foam, and foam sheathing accessories. In the commercial and industrial channel, our products include glass fiber pipe insulation, energy-efficient flexible duct media, bonded and granulated mineral wool insulation, cellular glass insulation, and foam insulation used in above- and below-grade construction applications.

We sell our insulation products primarily to insulation installers, home centers, lumberyards, retailers, and distributors in the U.S., Canada, Latin America, Europe, and Asia Pacific.

Composites

Composite materials make products lighter, so less energy is needed to transport and operate them. They also help make products stronger and more durable, which reduces the need to repair or replace them.

Glass reinforcement materials are used downstream by our Composites business to manufacture and sell glass fiber products in the form of nonwovens, fabrics, and composite lumber. Composites are used in more than 40,000 end-use applications primarily within three markets: building and construction, renewable energy, and infrastructure.

We serve a range of market segments: building and construction, power and energy, industrial, and consumer products. Examples of end-use applications include building structures, roofing shingles, tubs and showers, pools, decking, flooring, pipes and tanks, poles, electrical equipment, and wind-energy turbine blades.

INTRODUCTION

PEOPLE

PURPOSE

PLANET

APPENDICES

INTRODUCTION | ABOUT OWENS CORNING

 7 

INTRODUCTION

PEOPLE

PURPOSE

PLANET

APPENDICES

INTRODUCTION | ABOUT OWENS CORNING

 8 

Best Corporate Citizens List

Owens Corning was ranked number 10 on 3BL Media's list of the 100 Best Corporate Citizens. This marks

the sixth consecutive year that Owens Corning has been ranked in the top 10, including an unprecedented four-year run as the top-ranked company. Owens Corning was ranked first in the Capital Goods category on this year's list.

The list recognizes outstanding global ESG (environmental, social, and governance) performance among the 1,000 largest U.S.-based public companies. Companies are ranked based on a blend of performance and disclosure. This is the ninth year Owens Corning has been named to the list.

CDP Lists

In 2023 Owens Corning earned a place on the CDP A list for Water Security for the fifth year in a row as well as being recognized on CDP's Supplier Engagement Leaderboard for our efforts to reduce climate risk in our supply chain. CDP uses a detailed

and independent methodology to assess companies based on the comprehensiveness of disclosure, awareness, and management of environmental risks, and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets.

Fair360 Companies for Diversity

After three years on the Fair360 Noteworthy Companies list, Owens Corning was named No. 44 on

their Top 50 list for the first time in 2023. The Top 50 list honors companies for their workplace fairness and inclusion

practices and policies. Fair360 measured our performance and progress across six key areas of inclusion and diversity management: leadership accountability, talent programs, workforce practices, supplier diversity, philanthropy, and human capital diversity metrics.

Dow Jones Sustainability Indices

In 2023, for the 14th consecutive year, Owens Corning earned placement in the Dow Jones Sustainability World Index

(DJSI) in recognition of our sustainability initiatives. The DJSI World Index is an elite listing of the world's largest companies based on long-term economic, environmental, and social criteria. The company is also on the DJSI North America list for the sixth consecutive year.

EcoVadis

In our last assessment, in 2023, Owens Corning received a score of 77/100, earning us a Gold rating with EcoVadis, a company that provides holistic sustainability ratings for businesses worldwide. The rating comes after analyzing our responses to an

extensive questionnaire in comparison with over 65,000 other companies. Owens Corning was ranked among the top 1% of all companies rated by EcoVadis.

ENERGY STAR®

Our world headquarters in Toledo, Ohio, U.S., earned the Environmental Protection Agency's ENERGY STAR® rating for 2023.

Ethisphere Institute: World's Most Ethical Companies

Owens Corning was recognized as one of the 2023 World's Most Ethical Companies by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. This marks the sixth consecutive year the company has been recognized with this honor.

Owens Corning was one of just two honorees in the Construction and Building Materials industry, underscoring our commitment to leading with integrity and prioritizing ethical business practices. In 2023, 135 honorees were recognized spanning 19 countries and 46 industries.

Fortune 500

As of 2023, Owens Corning has been recognized as a Fortune 500 company for 69 consecutive years. This year, we moved up 13 places on the list to No. 395.

Green Power Partnership - National Top 100

In its most recent rankings, Owens Corning placed at No.

24 on the U.S. Environmental Protection Agency's (EPA's)

National Top 100 List of the largest green power users from the Green Power Partnership. The company was also No. 17 on the list of Green Power Partners from the Fortune 500.

INTRODUCTION

PEOPLE

PURPOSE

PLANET

APPENDICES

INTRODUCTION | ABOUT OWENS CORNING

 9 

Investor's Business Daily

On their 100 Best ESG Companies in 2023 list, Investor's Business Daily ranked Owens Corning No. 23 overall and the top company in the Building - Construction Projects industry.

ISS QualityScore

Institutional Shareholder Services (ISS) awards QualityScore ratings based on a range of criteria related to environmental, social, and governance performance. A lower score, on a scale from one to 10, indicates lower risk and/or better disclosure on the part of the company. In 2023, our ISS QualityScore ratings were 1 in environmental and 1 in social.

JUST Capital

Owens Corning was ranked No. 96 in the JUST 100, our fourth year in this ranking. Companies are rated based on their performance across a range of categories, including the treatment of employees and customers, product quality, sustainability, jobs, and community support, as well as company leadership.

MSCI Ratings Report

In 2023, Owens Corning received an AA rating from MSCI, which measures a company's resilience to long-term, financially relevant sustainability-related risks.

Newsweek's Most Responsible Companies

Owens Corning placed No. 24 on Newsweek magazine's America's Most Responsible Companies 2023 list. Companies were selected based on publicly available key performance indicators derived from CSR and Sustainability reports. KPIs focused on company performance in the areas of environment, social, and corporate governance. Additionally, an independent survey was conducted to evaluate companies' reputations by asking U.S. citizens about their perception of company activities related to corporate social responsibility. The list recognizes the top 500 most responsible companies in the United States, spanning 14 industries.

S&P Global ESG Rankings

Owens Corning received a top 1% S&P Global ESG score in its 2023 Sustainability Yearbook. S&P Global is a leading provider of credit ratings, benchmarks, and analytics in the global capital and commodity markets. The S&P Sustainability Yearbook looks at performance across factors such as volunteerism, energy and emissions reduction, production efficiency, customer and supplier collaboration, and talent development.

Science Based Targets Initiative

Our 2030 goal to reduce Scope 1 and Scope 2 greenhouse gas emissions by 50% is in line with standards set to hold global warming to 1.5° Celsius. The Science Based Targets initiative, which set these standards, has approved our goal.

In addition, our commitment to reducing Scope 3 greenhouse gas emissions by 30% by 2030 has been approved by the Science Based Targets initiative.

Sustainalytics

Sustainalytics Peer Performance Insights provide analysis of a company's sustainability- related strengths and weaknesses within its industry. Owens Corning received a risk score of 19.1, ranking us 18th among building products manufacturers.

WSJ Management Top 250

Owens Corning has made the WSJ Management list since its inaugural year in 2017 and ranked No. 53 in 2023. The ranking, developed by the Drucker Institute, measures corporate effectiveness by examining performance in five areas: customer satisfaction, employee engagement and development, innovation, social responsibility, and financial strength. The Management Top 250 ranking is based on an analysis of 34 indicators based on data obtained from a variety of third-party providers.

INTRODUCTION

PEOPLE

PURPOSE

PLANET

APPENDICES

INTRODUCTION | ABOUT OWENS CORNING

 10 