Owens Corning
ASBESTOS TIMELINE

November 1, 2006: Stock in the reorganized company begins trading on the NYSE under the ticker symbol OC.

October 31, 2006: Owens Corning’s Plan of Reorganization becomes effective and the company emerges from Chapter 11.

September 2006: Owens Corning's Plan of Reorganization was confirmed by the bankruptcy court.

July 2006: The Disclosure Statement with respect to the Sixth Amended Joint Plan of Reorganization for Owens Corning and its Affiliated Debtors and Debtors in Possession was approved by the bankruptcy court.

May 2006: Owens Corning reached an agreement with its key creditors on a consensual plan of reorganization. The Court set a new disclosure hearing date of July 10, 2006. If confirmed, this agreement paves the way for Owens Corning to exit Chapter 11 in 2006.

April 2006: The April 5 hearing to consider the Disclosure Statement with respect to the Fifth Amended Joint Plan of Reorganization for Owens Corning and its Affiliated Debtors and Debtors in Possession has been adjourned until May 10, 2006.

January 2006: Judge Fitzgerald sets April 5, 2006 for the hearing on Owens Corning's Disclosure Statement and sets the timing for the Confirmation Hearing for July 2006.

December 2005: Owens Corning files an amended plan of reorganization that reflects developments that took place in the case over the past year, including the resolution of the substantive consolidation issue and the ruling on our asbestos liability.

August 2005: Federal Appeals Court reverses Judge Fullam's earlier ruling to allow the Debtors to substantively consolidate their case.

March 2005: Judge Fullam estimates Owens Corning's overall asbestos liability at $7 billion. Decision is appealed by banks.

January 2005: Senate Judiciary Committee begins consideration of FAIR Act.

October 2004: Judge Fullam approves Debtors' motion to substantively consolidate their cases. Decision is appealed by banks.

May 2004: District Court Judge John P. Fullam replaces Judge Wolin.

April 2004: Fairness in Asbestos Litigation Injury (FAIR) Act stalls in the Senate.

December 2003: Bankruptcy Court conditionally approves the Disclosure Statement with respect to the Fourth Amended Joint Plan of Reorganization for Owens Corning and its Affiliated Debtors and Debtors in Possession.

October 2003: Owens Corning files Fourth Amended Joint Plan of Reorganization for Owens Corning and its Affiliated Debtors and Debtors in Possession.

April 2003: District Court Judge Alfred M. Wolin holds hearings on Owens Corning's motion for substantive consolidation.

October 2000: Owens Corning files for Chapter 11 bankruptcy protection; in the same month, four other FORTUNE 500 companies, Armstrong, USG, W.R. Grace and Federal-Mogul, also file for bankruptcy.

1999: Supreme Court rejects another global class action settlement involving Fibreboard; combined with 1997 ruling, this makes it impossible for asbestos companies to use global settlements to resolve asbestos liability.

1998: Owens Corning develops the National Settlement Program (NSP), involving more than 100 agreements with 120 plaintiffs' firms across the country and resolving 90% of all pending cases.

1998: Fairness in Asbestos Compensation Act of 1998 (H.R. 3905) fails in the House of Representatives.

1997: Owens Corning files lawsuits against tobacco companies calling for reimbursement to Owens Corning for tobacco's fair share of payments to asbestos plaintiffs with lung damage.

1997: Owens Corning acquires Fibreboard Corporation.

1997: Supreme Court upholds Third Circuit ruling.

1996: Third Circuit Court of Appeals rejects the legal validity of global class-action settlements in asbestos cases.

1996-7: Owens Corning files RICO lawsuits against testing labs that provided questionable medical evidence for nearly 40,000 cases.

1995-6: Owens Corning attempts to negotiate a global settlement for its asbestos cases.

1994: Congress creates Section 524(g) of the Bankruptcy Code, allowing companies filing for bankruptcy protection to create a trust to pay out future asbestos claims.

1991: Judicial Panel on Multi-District Litigation agrees to consolidate all pending federal asbestos cases.

1990-7: Owens Corning takes 2,141 asbestos cases to verdict, incurring more than $731 million in compensatory and punitive damage awards.

1989: United States Environmental Protection Agency bans most uses of asbestos.

1988: Asbestos Claims Facility is dissolved.

1985: Owens Corning joins with 36 other defending companies and their insurance companies to form the Asbestos Claims Facility.

1982: Johns Manville files for bankruptcy, leaving Owens Corning as the chief target for asbestos claims.

1977-1984: Numerous bills are introduced in Congress seeking solutions for compensating asbestos claimants. All fail.

1973: Fifth Circuit Court of Appeals rules that asbestos suits can be filed as product liability cases in addition to workers' compensation cases; ruling means juries determine awards and punitive damages apply. Ruling sets the stage for unprecedented number of additional case filings.

1972-3: Owens Corning stops manufacturing Kaylo and sells the division.

1969: Product liability suit filed against Owens Corning and other manufacturers of asbestos-containing insulation products, including Johns Manville and Fibreboard. Verdict against defendants appealed to Fifth Circuit Court of Appeals on grounds that it should have been a workers' compensation case.

1953-8: Owens Corning begins distributing asbestos-containing Kaylo insulation in 1953 and purchases the Kaylo manufacturing business from Owens Illinois in 1958.