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Owens Corning Reports Year 2000 Results

26 January 2001

Owens Corning today reported financial results for the fourth quarter ended December 31, 2000, as well as results for the full year 2000. For the full year 2000, Owens Corning had net sales of $4.94 billion, compared to $5.048 billion for the full year 1999. Income from Operations before other charges was $404 million compared to $578 million for 1999. The Company reported a net loss for 2000 of $465 million compared to net income of $270 million in 1999. The net loss in 2000 reflects approximately $200 million of pretax charges for restructuring and other actions, and $790 million of net pretax charges related to asbestos taken in the second quarter. These reported financial results do not reflect any adjustment to the Company's asbestos reserves that may be required as a result of its year-end review, which is expected to be completed in March in conjunction with its filing of Form 10-K. Owens Corning and 17 of its United States subsidiaries, including Fibreboard, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code on October 5, 2000. The Company ended the year 2000 with approximately $550 million in cash. In addition, the Company has available a $500 million Debtor in Possession credit facility. Owens Corning is a world leader in building materials systems and composites systems. The Company has sales of $5 billion and employs approximately 20,000 people worldwide. Additional information is available on Owens Corning's Web site at http://www.owenscorning.com