Date S&P Adj Close Rm (%) Rf Annualized Rf Monthly Rf (%)

8/1/2012 1406.579956 8/1/2012 0.18% 0.02%

9/1/2012 1440.670044 -2.366% 9/1/2012 0.17% 0.01%
10/1/2012 1412.160034 2.019% 10/1/2012 0.17% 0.01%
11/1/2012 1416.180054 -0.284% 11/1/2012 0.17% 0.01%
12/1/2012 1426.189941 -0.702% 12/1/2012 0.15% 0.01%
1/1/2013 1498.109985 -4.801% 1/1/2013 0.14% 0.01%
2/1/2013 1514.680054 -1.094% 2/1/2013 0.15% 0.01%
3/1/2013 1569.189941 -3.474% 3/1/2013 0.14% 0.01%
4/1/2013 1597.569946 -1.776% 4/1/2013 0.12% 0.01%
5/1/2013 1630.73999 -2.034% 5/1/2013 0.11% 0.01%
6/1/2013 1606.280029 1.523% 6/1/2013 0.14% 0.01%
7/1/2013 1685.72998 -4.713% 7/1/2013 0.12% 0.01%
8/1/2013 1632.969971 3.231% 8/1/2013 0.12% 0.01%
9/1/2013 1681.550049 -2.889% 9/1/2013 0.11% 0.01%
10/1/2013 1756.540039 -4.269% 10/1/2013 0.11% 0.01%
11/1/2013 1805.810059 -2.728% 11/1/2013 0.12% 0.01%
12/1/2013 1848.359985 -2.302% 12/1/2013 0.13% 0.01%
1/1/2014 1782.589966 3.690% 1/1/2014 0.11% 0.01%
2/1/2014 1859.449951 -4.133% 2/1/2014 0.11% 0.01%
3/1/2014 1872.339966 -0.688% 3/1/2014 0.12% 0.01%
4/1/2014 1883.949951 -0.616% 4/1/2014 0.10% 0.01%
5/1/2014 1923.569946 -2.060% 5/1/2014 0.09% 0.01%
6/1/2014 1960.22998 -1.870% 6/1/2014 0.10% 0.01%
7/1/2014 1930.670044 1.531% 7/1/2014 0.10% 0.01%
8/1/2014 2003.369995 -3.629% 8/1/2014 0.10% 0.01%
9/1/2014 1972.290039 1.576% 9/1/2014 0.10% 0.01%
10/1/2014 2018.050049 -2.268% 10/1/2014 0.10% 0.01%
11/1/2014 2067.560059 -2.395% 11/1/2014 0.12% 0.01%
12/1/2014 2058.899902 0.421% 12/1/2014 0.20% 0.02%
1/1/2015 1994.98999 3.204% 1/1/2015 0.18% 0.02%
2/1/2015 2104.5 -5.204% 2/1/2015 0.21% 0.02%
3/1/2015 2067.889893 1.770% 3/1/2015 0.24% 0.02%
4/1/2015 2085.51001 -0.845% 4/1/2015 0.22% 0.02%
5/1/2015 2107.389893 -1.038% 5/1/2015 0.22% 0.02%
6/1/2015 2063.110107 2.146% 6/1/2015 0.26% 0.02%
7/1/2015 2103.840088 -1.936% 7/1/2015 0.28% 0.02%
8/1/2015 1972.180054 6.676% 8/1/2015 0.36% 0.03%
9/1/2015 1920.030029 2.716% 9/1/2015 0.35% 0.03%
10/1/2015 2079.360107 -7.662% 10/1/2015 0.25% 0.02%
11/1/2015 2080.409912 -0.050% 11/1/2015 0.45% 0.04%
12/1/2015 2043.939941 1.784% 12/1/2015 0.63% 0.05%
1/1/2016 1940.23999 5.345% 1/1/2016 0.52% 0.04%
2/1/2016 1932.22998 0.415% 2/1/2016 0.52% 0.04%
3/1/2016 2059.73999 -6.191% 3/1/2016 0.64% 0.05%
4/1/2016 2065.300049 -0.269% 4/1/2016 0.54% 0.05%
5/1/2016 2096.949951 -1.509% 5/1/2016 0.57% 0.05%
6/1/2016 2098.860107 -0.091% 6/1/2016 0.54% 0.05%
7/1/2016 2173.600098 -3.439% 7/1/2016 0.50% 0.04%
8/1/2016 2170.949951 0.122% 8/1/2016 0.55% 0.05%
9/1/2016 2168.27002 0.124% 9/1/2016 0.58% 0.05%
10/1/2016 2126.149902 1.981% 10/1/2016 0.64% 0.05%
11/1/2016 2198.810059 -3.305% 11/1/2016 0.71% 0.06%
12/1/2016 2238.830078 -1.788% 12/1/2016 0.84% 0.07%
1/1/2017 2278.870117 -1.757% 1/1/2017 0.80% 0.07%
2/1/2017 2363.639893 -3.586% 2/1/2017 0.79% 0.07%
3/1/2017 2362.719971 0.039% 3/1/2017 0.98% 0.08%
4/1/2017 2384.199951 -0.901% 4/1/2017 1.01% 0.08%
5/1/2017 2411.800049 -1.144% 5/1/2017 1.09% 0.09%
6/1/2017 2423.409912 -0.479% 6/1/2017 1.17% 0.10%
7/1/2017 2470.300049 -1.898% 7/1/2017 1.19% 0.10%
8/1/2017 2471.649902 -0.055% 8/1/2017 1.20% 0.10%
Stock price Re (%) Rm-Rf Re-Rf
31.503519
31.597952 -0.299% -2.38% -0.31% 99.701%
31.720707 -0.387% 2.00% -0.40% 99.613%
32.655621 -2.863% -0.30% -2.88% 97.137%
34.931507 -6.515% -0.71% -6.53% 93.485%
39.351059 -11.231% -4.81% -11.24% 88.769%
36.650219 7.369% -1.11% 7.36% 107.369%
37.235718 -1.572% -3.49% -1.58% 98.428%
39.719364 -6.253% -1.79% -6.26% 93.747%
41.268089 -3.753% -2.04% -3.76% 96.247%
36.905193 11.822% 1.51% 11.81% 111.822%
37.292377 -1.038% -4.72% -1.05% 98.962%
35.356464 5.475% 3.22% 5.47% 105.475%
35.866409 -1.422% -2.90% -1.43% 98.578%
33.930492 5.706% -4.28% 5.70% 105.706%
36.98074 -8.248% -2.74% -8.26% 91.752%
38.453922 -3.831% -2.31% -3.84% 96.169%
36.026955 6.737% 3.68% 6.73% 106.737%
43.213448 -16.630% -4.14% -16.64% 83.370%
40.767586 6.000% -0.70% 5.99% 106.000%
38.717255 5.296% -0.62% 5.29% 105.296%
38.868908 -0.390% -2.07% -0.40% 99.610%
36.660553 6.024% -1.88% 6.02% 106.024%
32.272282 13.598% 1.52% 13.59% 113.598%
34.265476 -5.817% -3.64% -5.82% 94.183%
30.220245 13.386% 1.57% 13.38% 113.386%
30.515308 -0.967% -2.28% -0.97% 99.033%
33.341587 -8.477% -2.40% -8.49% 91.523%
34.269875 -2.709% 0.40% -2.73% 97.291%
38.499096 -10.985% 3.19% -11.00% 89.015%
38.12421 0.983% -5.22% 0.97% 100.983%
41.719379 -8.618% 1.75% -8.64% 91.382%
37.321426 11.784% -0.86% 11.77% 111.784%
40.893311 -8.735% -1.06% -8.75% 91.265%
39.821747 2.691% 2.12% 2.67% 102.691%
43.2971 -8.027% -1.96% -8.05% 91.973%
43.097149 0.464% 6.65% 0.43% 100.464%
40.62532 6.084% 2.69% 6.06% 106.084%
44.134346 -7.951% -7.68% -7.97% 92.049%
45.587616 -3.188% -0.09% -3.23% 96.812%
45.772533 -0.404% 1.73% -0.46% 99.596%
45.116673 1.454% 5.30% 1.41% 101.454%
41.922661 7.619% 0.37% 7.58% 107.619%
46.181343 -9.222% -6.24% -9.27% 90.778%
45.179577 2.217% -0.31% 2.17% 102.217%
50.082947 -9.790% -1.56% -9.84% 90.210%
50.52425 -0.873% -0.14% -0.92% 99.127%
51.887379 -2.627% -3.48% -2.67% 97.373%
54.038357 -3.980% 0.08% -4.03% 96.020%
52.532921 2.866% 0.08% 2.82% 102.866%
47.996929 9.451% 1.93% 9.40% 109.451%
50.727993 -5.384% -3.36% -5.44% 94.616%
50.905712 -0.349% -1.86% -0.42% 99.651%
54.758572 -7.036% -1.82% -7.10% 92.964%
57.969753 -5.539% -3.65% -5.61% 94.461%
60.824135 -4.693% -0.04% -4.77% 95.307%
60.512192 0.516% -0.98% 0.43% 100.516%
62.053593 -2.484% -1.24% -2.57% 97.516%
66.548492 -6.754% -0.58% -6.85% 93.246%
66.67778 -0.194% -2.00% -0.29% 99.806%
73.943527 -9.826% -0.15% -9.93% 90.174%
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.4111580693
R Square 0.169050958
Adjusted R Squar 0.1544729046
Standard Error 0.0619189777
Observations 59

ANOVA
df SS MS
Regression 1 0.0444596107 0.0444596107
Residual 57 0.2185357086 0.0038339598
Total 58 0.2629953193

Coefficients Standard Error t Stat

Intercept -0.0028766718 0.0085013854 -0.3383768212
-0.0238026618 1.0154205152 0.2981857488 3.4053287906

Beta 1.02
Alpha -0.29%
Adjusted Beta 1.01
Annualized Alpha -3.45%
% of Systematic Risk 16.91% Percentage of OC's Returns that are not d
% of Unsystematic Risk 83.09% Percentage of OC's Returns that are dive

Ball Corp. Risk and Return Daily Annualized

Arithmetic Mean HRP -1.19% -14.30%
Varience 0.0045 5.35%
Standard Deviation 0.07 0.23
Geometric Mean HPR 2.69% 32.29%

Market Risk and Return Daily Annualized

Arithmetic Mean HRP -0.90% -10.79%
Varience 0.00074 0.00882
Standard Deviation 2.71% 9.39%
Geometric Mean HPR 1.78% 23.64%
 F Significance F
11.596264172 0.0012166464

P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%

0.7363224923 -0.0199004024 0.0141470589 -0.0199004024 0.0141470589
0.0012166464 0.4183138529 1.6125271776 0.4183138529 1.6125271776

ntage of OC's Returns that are not diversifiable.

ntage of OC's Returns that are diversifiable.
Date S&P Adj Close Rm (%) Annualized Rf Daily Rf (%)
7/29/2016 2,173.60 7/29/2016 0.49%
8/1/2016 2170.840088 -0.13% 8/1/2016 0.49% 0.0013%
8/2/2016 2157.030029 -0.64% 8/2/2016 0.49% 0.0013%
8/3/2016 2163.790039 0.31% 8/3/2016 0.01% 0.0000%
8/4/2016 2164.25 0.02% 8/4/2016 0.01% 0.0000%
8/5/2016 2182.870117 0.86% 8/5/2016 0.01% 0.0000%
8/8/2016 2180.889893 -0.09% 8/8/2016 0.01% 0.0000%
8/9/2016 2181.73999 0.04% 8/9/2016 0.53% 0.0015%
8/10/2016 2175.48999 -0.29% 8/10/2016 0.53% 0.0015%
8/11/2016 2185.790039 0.47% 8/11/2016 0.53% 0.0015%
8/12/2016 2184.050049 -0.08% 8/12/2016 0.54% 0.0015%
8/15/2016 2190.149902 0.28% 8/15/2016 0.54% 0.0015%
8/16/2016 2178.149902 -0.55% 8/16/2016 0.56% 0.0015%
8/17/2016 2182.219971 0.19% 8/17/2016 0.57% 0.0016%
8/18/2016 2187.02002 0.22% 8/18/2016 0.57% 0.0016%
8/19/2016 2183.870117 -0.14% 8/19/2016 0.58% 0.0016%
8/22/2016 2182.639893 -0.06% 8/22/2016 0.57% 0.0016%
8/23/2016 2186.899902 0.20% 8/23/2016 0.57% 0.0016%
8/24/2016 2175.439941 -0.52% 8/24/2016 0.58% 0.0016%
8/25/2016 2172.469971 -0.14% 8/25/2016 0.58% 0.0016%
8/26/2016 2169.040039 -0.16% 8/26/2016 0.60% 0.0016%
8/29/2016 2180.379883 0.52% 8/29/2016 0.60% 0.0016%
8/30/2016 2176.120117 -0.20% 8/30/2016 0.59% 0.0016%
8/31/2016 2170.949951 -0.24% 8/31/2016 0.59% 0.0016%
9/1/2016 2170.860107 0.00% 9/1/2016 0.58% 0.0016%
9/2/2016 2179.97998 0.42% 9/2/2016 0.57% 0.0016%
9/6/2016 2186.47998 0.30% 9/6/2016 0.55% 0.0015%
9/7/2016 2186.159912 -0.01% 9/7/2016 0.54% 0.0015%
9/8/2016 2181.300049 -0.22% 9/8/2016 0.55% 0.0015%
9/9/2016 2127.810059 -2.45% 9/9/2016 0.55% 0.0015%
9/12/2016 2159.040039 1.47% 9/12/2016 0.56% 0.0015%
9/13/2016 2127.02002 -1.48% 9/13/2016 0.55% 0.0015%
9/14/2016 2125.77002 -0.06% 9/14/2016 0.62% 0.0017%
9/15/2016 2147.26001 1.01% 9/15/2016 0.61% 0.0017%
9/16/2016 2139.159912 -0.38% 9/16/2016 0.59% 0.0016%
9/19/2016 2139.120117 0.00% 9/19/2016 0.60% 0.0016%
9/20/2016 2139.76001 0.03% 9/20/2016 0.59% 0.0016%
9/21/2016 2163.120117 1.09% 9/21/2016 0.60% 0.0016%
9/22/2016 2177.179932 0.65% 9/22/2016 0.60% 0.0016%
9/23/2016 2164.689941 -0.57% 9/23/2016 0.58% 0.0016%
 9/26/2016 2146.100098 -0.86% 9/26/2016 0.58% 0.0016%
9/27/2016 2159.929932 0.64% 9/27/2016 0.56% 0.0015%
9/28/2016 2171.370117 0.53% 9/28/2016 0.56% 0.0015%
9/29/2016 2151.129883 -0.93% 9/29/2016 0.58% 0.0016%
9/30/2016 2168.27002 0.80% 9/30/2016 0.57% 0.0016%
10/3/2016 2161.199951 -0.33% 10/3/2016 0.57% 0.0016%
10/4/2016 2150.48999 -0.50% 10/4/2016 0.61% 0.0017%
10/5/2016 2159.72998 0.43% 10/5/2016 0.62% 0.0017%
10/6/2016 2160.77002 0.05% 10/6/2016 0.62% 0.0017%
10/7/2016 2153.73999 -0.33% 10/7/2016 0.62% 0.0017%
10/10/2016 2163.659912 0.46% 10/10/2016 0.63% 0.0017%
10/11/2016 2136.72998 -1.24% 10/11/2016 0.64% 0.0018%
10/12/2016 2139.179932 0.11% 10/12/2016 0.68% 0.0019%
10/13/2016 2132.550049 -0.31% 10/13/2016 0.67% 0.0018%
10/14/2016 2132.97998 0.02% 10/14/2016 0.65% 0.0018%
10/17/2016 2126.5 -0.30% 10/17/2016 0.65% 0.0018%
10/18/2016 2139.600098 0.62% 10/18/2016 0.64% 0.0018%
10/19/2016 2144.290039 0.22% 10/19/2016 0.64% 0.0018%
10/20/2016 2141.340088 -0.14% 10/20/2016 0.63% 0.0017%
10/21/2016 2141.159912 -0.01% 10/21/2016 0.64% 0.0018%
10/24/2016 2151.330078 0.47% 10/24/2016 0.64% 0.0018%
10/25/2016 2143.159912 -0.38% 10/25/2016 0.64% 0.0018%
10/26/2016 2139.429932 -0.17% 10/26/2016 0.64% 0.0018%
10/27/2016 2133.040039 -0.30% 10/27/2016 0.65% 0.0018%
10/28/2016 2126.409912 -0.31% 10/28/2016 0.66% 0.0018%
10/31/2016 2126.149902 -0.01% 10/31/2016 0.64% 0.0018%
11/1/2016 2111.719971 -0.68% 11/1/2016 0.64% 0.0018%
11/2/2016 2097.939941 -0.65% 11/2/2016 0.63% 0.0017%
11/3/2016 2088.659912 -0.44% 11/3/2016 0.62% 0.0017%
11/4/2016 2085.179932 -0.17% 11/4/2016 0.62% 0.0017%
11/7/2016 2131.52002 2.22% 11/7/2016 0.60% 0.0016%
11/8/2016 2139.560059 0.38% 11/8/2016 0.61% 0.0017%
11/9/2016 2163.26001 1.11% 11/9/2016 0.70% 0.0019%
11/10/2016 2167.47998 0.20% 11/10/2016 0.71% 0.0019%
11/11/2016 2164.449951 -0.14% 11/11/2016 0.71% 0.0019%
11/14/2016 2164.199951 -0.01% 11/14/2016 0.73% 0.0020%
11/15/2016 2180.389893 0.75% 11/15/2016 0.75% 0.0021%
11/16/2016 2176.939941 -0.16% 11/16/2016 0.76% 0.0021%
11/17/2016 2187.120117 0.47% 11/17/2016 0.74% 0.0020%
11/18/2016 2181.899902 -0.24% 11/18/2016 0.75% 0.0021%
11/21/2016 2198.179932 0.75% 11/21/2016 0.75% 0.0021%
11/22/2016 2202.939941 0.22% 11/22/2016 0.75% 0.0021%
11/23/2016 2204.719971 0.08% 11/23/2016 0.75% 0.0021%
11/25/2016 2213.350098 0.39% 11/25/2016 0.77% 0.0021%
11/28/2016 2201.719971 -0.53% 11/28/2016 0.77% 0.0021%
11/29/2016 2204.659912 0.13% 11/29/2016 0.78% 0.0021%
11/30/2016 2198.810059 -0.27% 11/30/2016 0.76% 0.0021%
12/1/2016 2191.080078 -0.35% 12/1/2016 0.75% 0.0021%
12/2/2016 2191.949951 0.04% 12/2/2016 0.77% 0.0021%
12/5/2016 2204.709961 0.58% 12/5/2016 0.78% 0.0021%
12/6/2016 2212.22998 0.34% 12/6/2016 0.76% 0.0021%
12/7/2016 2241.350098 1.32% 12/7/2016 0.78% 0.0021%
12/8/2016 2246.189941 0.22% 12/8/2016 0.81% 0.0022%
12/9/2016 2259.530029 0.59% 12/9/2016 0.83% 0.0023%
12/12/2016 2256.959961 -0.11% 12/12/2016 0.82% 0.0022%
12/13/2016 2271.719971 0.65% 12/13/2016 0.83% 0.0023%
12/14/2016 2253.280029 -0.81% 12/14/2016 0.83% 0.0023%
12/15/2016 2262.030029 0.39% 12/15/2016 0.86% 0.0024%
12/16/2016 2258.070068 -0.18% 12/16/2016 0.89% 0.0024%
12/19/2016 2262.530029 0.20% 12/19/2016 0.88% 0.0024%
12/20/2016 2270.76001 0.36% 12/20/2016 0.88% 0.0024%
12/21/2016 2265.179932 -0.25% 12/21/2016 0.87% 0.0024%
12/22/2016 2260.959961 -0.19% 12/22/2016 0.87% 0.0024%
12/23/2016 2263.790039 0.13% 12/23/2016 0.85% 0.0023%
12/27/2016 2268.879883 0.22% 12/27/2016 0.84% 0.0023%
12/28/2016 2249.919922 -0.84% 12/28/2016 0.84% 0.0023%
12/29/2016 2249.26001 -0.03% 12/29/2016 0.84% 0.0023%
12/30/2016 2238.830078 -0.46% 12/30/2016 0.85% 0.0023%
1/3/2017 2257.830078 0.85% 1/3/2017 0.86% 0.0024%
1/4/2017 2270.75 0.57% 1/4/2017 0.81% 0.0022%
1/5/2017 2269 -0.08% 1/5/2017 0.81% 0.0022%
1/6/2017 2276.97998 0.35% 1/6/2017 0.83% 0.0023%
1/9/2017 2268.899902 -0.35% 1/9/2017 0.80% 0.0022%
1/10/2017 2268.899902 0.00% 1/10/2017 0.80% 0.0022%
1/11/2017 2275.320068 0.28% 1/11/2017 0.80% 0.0022%
1/12/2017 2270.439941 -0.21% 1/12/2017 0.79% 0.0022%
1/13/2017 2274.639893 0.18% 1/13/2017 0.79% 0.0022%
1/17/2017 2267.889893 -0.30% 1/17/2017 0.78% 0.0021%
1/18/2017 2271.889893 0.18% 1/18/2017 0.77% 0.0021%
1/19/2017 2263.689941 -0.36% 1/19/2017 0.79% 0.0022%
1/20/2017 2271.310059 0.34% 1/20/2017 0.80% 0.0022%
1/23/2017 2265.199951 -0.27% 1/23/2017 0.79% 0.0022%
1/24/2017 2280.070068 0.66% 1/24/2017 0.76% 0.0021%
1/25/2017 2298.370117 0.80% 1/25/2017 0.77% 0.0021%
1/26/2017 2296.679932 -0.07% 1/26/2017 0.78% 0.0021%
1/27/2017 2294.689941 -0.09% 1/27/2017 0.78% 0.0021%
1/30/2017 2280.899902 -0.60% 1/30/2017 0.78% 0.0021%
1/31/2017 2278.870117 -0.09% 1/31/2017 0.77% 0.0021%
2/1/2017 2279.550049 0.03% 2/1/2017 0.82% 0.0022%
2/2/2017 2280.850098 0.06% 2/2/2017 0.81% 0.0022%
2/3/2017 2297.419922 0.73% 2/3/2017 0.82% 0.0022%
2/6/2017 2292.560059 -0.21% 2/6/2017 0.80% 0.0022%
2/7/2017 2293.080078 0.02% 2/7/2017 0.77% 0.0021%
2/8/2017 2294.669922 0.07% 2/8/2017 0.78% 0.0021%
2/9/2017 2307.870117 0.58% 2/9/2017 0.77% 0.0021%
2/10/2017 2316.100098 0.36% 2/10/2017 0.78% 0.0021%
2/13/2017 2328.25 0.52% 2/13/2017 0.79% 0.0022%
2/14/2017 2337.580078 0.40% 2/14/2017 0.79% 0.0022%
2/15/2017 2349.25 0.50% 2/15/2017 0.81% 0.0022%
2/16/2017 2347.219971 -0.09% 2/16/2017 0.83% 0.0023%
2/17/2017 2351.159912 0.17% 2/17/2017 0.79% 0.0022%
2/21/2017 2365.379883 0.60% 2/21/2017 0.79% 0.0022%
2/22/2017 2362.820068 -0.11% 2/22/2017 0.79% 0.0022%
2/23/2017 2363.810059 0.04% 2/23/2017 0.79% 0.0022%
2/24/2017 2367.340088 0.15% 2/24/2017 0.78% 0.0021%
2/27/2017 2369.75 0.10% 2/27/2017 0.77% 0.0021%
2/28/2017 2363.639893 -0.26% 2/28/2017 0.77% 0.0021%
3/1/2017 2395.959961 1.37% 3/1/2017 0.77% 0.0021%
3/2/2017 2381.919922 -0.59% 3/2/2017 0.86% 0.0024%
3/3/2017 2383.120117 0.05% 3/3/2017 0.90% 0.0025%
3/6/2017 2375.310059 -0.33% 3/6/2017 0.96% 0.0026%
3/7/2017 2368.389893 -0.29% 3/7/2017 0.96% 0.0026%
3/8/2017 2362.97998 -0.23% 3/8/2017 0.95% 0.0026%
3/9/2017 2364.870117 0.08% 3/9/2017 0.99% 0.0027%
3/10/2017 2372.600098 0.33% 3/10/2017 1.00% 0.0027%
3/13/2017 2373.469971 0.04% 3/13/2017 1.01% 0.0028%
3/14/2017 2365.449951 -0.34% 3/14/2017 1.00% 0.0027%
3/15/2017 2385.26001 0.84% 3/15/2017 1.03% 0.0028%
3/16/2017 2381.379883 -0.16% 3/16/2017 1.03% 0.0028%
3/17/2017 2378.25 -0.13% 3/17/2017 0.99% 0.0027%
3/20/2017 2373.469971 -0.20% 3/20/2017 0.98% 0.0027%
3/21/2017 2344.02002 -1.24% 3/21/2017 0.97% 0.0027%
3/22/2017 2348.449951 0.19% 3/22/2017 0.97% 0.0027%
3/23/2017 2345.959961 -0.11% 3/23/2017 0.97% 0.0027%
3/24/2017 2343.97998 -0.08% 3/24/2017 0.95% 0.0026%
3/27/2017 2341.590088 -0.10% 3/27/2017 0.95% 0.0026%
3/28/2017 2358.570068 0.73% 3/28/2017 0.96% 0.0026%
3/29/2017 2361.129883 0.11% 3/29/2017 0.96% 0.0026%
3/30/2017 2368.060059 0.29% 3/30/2017 1.01% 0.0028%
3/31/2017 2362.719971 -0.23% 3/31/2017 1.02% 0.0028%
4/3/2017 2358.840088 -0.16% 4/3/2017 1.01% 0.0028%
4/4/2017 2360.159912 0.06% 4/4/2017 1.01% 0.0028%
4/5/2017 2352.949951 -0.31% 4/5/2017 1.00% 0.0027%
4/6/2017 2357.48999 0.19% 4/6/2017 1.00% 0.0027%
4/7/2017 2355.540039 -0.08% 4/7/2017 1.00% 0.0027%
4/10/2017 2357.159912 0.07% 4/10/2017 1.02% 0.0028%
4/11/2017 2353.780029 -0.14% 4/11/2017 1.05% 0.0029%
4/12/2017 2344.929932 -0.38% 4/12/2017 1.04% 0.0028%
4/13/2017 2328.949951 -0.68% 4/13/2017 1.02% 0.0028%
4/17/2017 2349.01001 0.86% 4/17/2017 1.01% 0.0028%
4/18/2017 2342.189941 -0.29% 4/18/2017 1.00% 0.0027%
4/19/2017 2338.169922 -0.17% 4/19/2017 1.00% 0.0027%
4/20/2017 2355.840088 0.76% 4/20/2017 1.01% 0.0028%
4/21/2017 2348.689941 -0.30% 4/21/2017 0.99% 0.0027%
4/24/2017 2374.149902 1.08% 4/24/2017 0.99% 0.0027%
4/25/2017 2388.610107 0.61% 4/25/2017 0.98% 0.0027%
4/26/2017 2387.449951 -0.05% 4/26/2017 0.96% 0.0026%
4/27/2017 2388.77002 0.06% 4/27/2017 0.99% 0.0027%
4/28/2017 2384.199951 -0.19% 4/28/2017 1.07% 0.0029%
5/1/2017 2388.330078 0.17% 5/1/2017 1.05% 0.0029%
5/2/2017 2391.169922 0.12% 5/2/2017 1.04% 0.0028%
5/3/2017 2388.129883 -0.13% 5/3/2017 1.05% 0.0029%
5/4/2017 2389.52002 0.06% 5/4/2017 1.06% 0.0029%
5/5/2017 2399.290039 0.41% 5/5/2017 1.05% 0.0029%
5/8/2017 2399.379883 0.00% 5/8/2017 1.07% 0.0029%
5/9/2017 2396.919922 -0.10% 5/9/2017 1.08% 0.0030%
5/10/2017 2399.629883 0.11% 5/10/2017 1.07% 0.0029%
5/11/2017 2394.439941 -0.22% 5/11/2017 1.09% 0.0030%
5/12/2017 2390.899902 -0.15% 5/12/2017 1.11% 0.0030%
5/15/2017 2402.320068 0.48% 5/15/2017 1.10% 0.0030%
5/16/2017 2400.669922 -0.07% 5/16/2017 1.10% 0.0030%
5/17/2017 2357.030029 -1.82% 5/17/2017 1.08% 0.0030%
5/18/2017 2365.719971 0.37% 5/18/2017 1.08% 0.0030%
5/19/2017 2381.72998 0.68% 5/19/2017 1.08% 0.0030%
5/22/2017 2394.02002 0.52% 5/22/2017 1.05% 0.0029%
5/23/2017 2398.419922 0.18% 5/23/2017 1.06% 0.0029%
5/24/2017 2404.389893 0.25% 5/24/2017 1.07% 0.0029%
5/25/2017 2415.070068 0.44% 5/25/2017 1.08% 0.0030%
5/26/2017 2415.820068 0.03% 5/26/2017 1.12% 0.0031%
5/30/2017 2412.909912 -0.12% 5/30/2017 1.15% 0.0032%
5/31/2017 2411.800049 -0.05% 5/31/2017 1.13% 0.0031%
6/1/2017 2430.060059 0.76% 6/1/2017 1.14% 0.0031%
6/2/2017 2439.070068 0.37% 6/2/2017 1.14% 0.0031%
6/5/2017 2436.100098 -0.12% 6/5/2017 1.13% 0.0031%
6/6/2017 2429.330078 -0.28% 6/6/2017 1.14% 0.0031%
6/7/2017 2433.139893 0.16% 6/7/2017 1.13% 0.0031%
6/8/2017 2433.790039 0.03% 6/8/2017 1.13% 0.0031%
6/9/2017 2431.77002 -0.08% 6/9/2017 1.13% 0.0031%
6/12/2017 2429.389893 -0.10% 6/12/2017 1.13% 0.0031%
6/13/2017 2440.350098 0.45% 6/13/2017 1.14% 0.0031%
6/14/2017 2437.919922 -0.10% 6/14/2017 1.16% 0.0032%
6/15/2017 2432.459961 -0.22% 6/15/2017 1.17% 0.0032%
6/16/2017 2433.149902 0.03% 6/16/2017 1.16% 0.0032%
6/19/2017 2453.459961 0.83% 6/19/2017 1.18% 0.0032%
6/20/2017 2437.030029 -0.67% 6/20/2017 1.17% 0.0032%
6/21/2017 2435.610107 -0.06% 6/21/2017 1.18% 0.0032%
6/22/2017 2434.5 -0.05% 6/22/2017 1.18% 0.0032%
6/23/2017 2438.300049 0.16% 6/23/2017 1.18% 0.0032%
6/26/2017 2439.070068 0.03% 6/26/2017 1.19% 0.0033%
6/27/2017 2419.379883 -0.81% 6/27/2017 1.19% 0.0033%
6/28/2017 2440.689941 0.88% 6/28/2017 1.19% 0.0033%
6/29/2017 2419.699951 -0.86% 6/29/2017 1.18% 0.0032%
6/30/2017 2423.409912 0.15% 6/30/2017 1.17% 0.0032%
7/3/2017 2429.01001 0.23% 7/3/2017 1.19% 0.0033%
7/5/2017 2432.540039 0.15% 7/5/2017 1.18% 0.0032%
7/6/2017 2409.75 -0.94% 7/6/2017 1.20% 0.0033%
7/7/2017 2425.179932 0.64% 7/7/2017 1.21% 0.0033%
7/10/2017 2427.429932 0.09% 7/10/2017 1.21% 0.0033%
7/11/2017 2425.530029 -0.08% 7/11/2017 1.21% 0.0033%
7/12/2017 2443.25 0.73% 7/12/2017 1.21% 0.0033%
7/13/2017 2447.830078 0.19% 7/13/2017 1.20% 0.0033%
7/14/2017 2459.27002 0.47% 7/14/2017 1.19% 0.0033%
7/17/2017 2459.139893 -0.01% 7/17/2017 1.19% 0.0033%
7/18/2017 2460.610107 0.06% 7/18/2017 1.17% 0.0032%
7/19/2017 2473.830078 0.54% 7/19/2017 1.18% 0.0032%
7/20/2017 2473.449951 -0.02% 7/20/2017 1.19% 0.0033%
7/21/2017 2472.540039 -0.04% 7/21/2017 1.18% 0.0032%
7/24/2017 2469.909912 -0.11% 7/24/2017 1.18% 0.0032%
7/25/2017 2477.129883 0.29% 7/25/2017 1.16% 0.0032%
7/26/2017 2477.830078 0.03% 7/26/2017 1.20% 0.0033%
7/27/2017 2475.419922 -0.10% 7/27/2017 1.19% 0.0033%
7/28/2017 2472.100098 -0.13% 7/28/2017 1.19% 0.0033%
7/31/2017 2470.300049 -0.07% 7/31/2017 1.20% 0.0033%
8/1/2017 2476.350098 0.24% 8/1/2017 1.21% 0.0033%
OC Daily CloseRe (%) Rm-Rf Re-Rf
52.0606
52.700199 1.23% -0.13% 1.23%
53.093773 0.75% -0.64% 0.75% SUMMARY OUTPUT
53.103615 0.02% 0.31% 0.02%
52.336128 -1.45% 0.02% -1.45% Regression Statistics
52.601799 0.51% 0.86% 0.51% Multiple R
53.762856 2.21% -0.09% 2.21% R Square
53.3988 -0.68% 0.04% -0.68% Adjusted R Squa
53.35944 -0.07% -0.29% -0.08% Standard Error
53.172489 -0.35% 0.47% -0.35% Observations
52.926506 -0.46% -0.08% -0.46%
53.221691 0.56% 0.28% 0.56% ANOVA
52.493561 -1.37% -0.55% -1.37%
52.2771 -0.41% 0.19% -0.41% Regression
52.483727 0.40% 0.22% 0.39% Residual
52.650997 0.32% -0.15% 0.32% Total
53.123295 0.90% -0.06% 0.90%
53.615269 0.93% 0.19% 0.92%
53.930126 0.59% -0.53% 0.59% Intercept
53.32008 -1.13% -0.14% -1.13% -0.001283167
53.103615 -0.41% -0.16% -0.41%
53.782539 1.28% 0.52% 1.28%
53.831734 0.09% -0.20% 0.09% Beta
54.038357 0.38% -0.24% 0.38% Alpha
54.304024 0.49% -0.01% 0.49% Adjusted Beta
54.628735 0.60% 0.42% 0.60% Annualized Alpha
54.372902 -0.47% 0.30% -0.47% % of Systematic Risk
54.097397 -0.51% -0.02% -0.51% % of Unsystematic Risk
53.989162 -0.20% -0.22% -0.20%
51.391544 -4.81% -2.45% -4.81% Owens Corning. Risk and Return
51.726086 0.65% 1.47% 0.65% Arithmetic Mean HRP
50.850376 -1.69% -1.48% -1.69% Varience
50.42728 -0.83% -0.06% -0.83% Standard Deviation
50.614227 0.37% 1.01% 0.37% Geometric Mean HPR
50.210804 -0.80% -0.38% -0.80%
51.057003 1.69% 0.00% 1.68% Market Risk and Return
50.830696 -0.44% 0.03% -0.44% Arithmetic Mean HRP
50.899574 0.14% 1.09% 0.13% Varience
51.391544 0.97% 0.65% 0.96% Standard Deviation
52.473888 2.11% -0.58% 2.10% Geometric Mean HPR
52.621479 0.28% -0.86% 0.28%
52.985538 0.69% 0.64% 0.69%
53.408638 0.80% 0.53% 0.80%
52.129505 -2.39% -0.93% -2.40%
52.532921 0.77% 0.80% 0.77%
51.991756 -1.03% -0.33% -1.03%
52.257416 0.51% -0.50% 0.51%
52.641155 0.73% 0.43% 0.73%
54.008839 2.60% 0.05% 2.60%
52.286938 -3.19% -0.33% -3.19%
52.660843 0.72% 0.46% 0.71%
51.883514 -1.48% -1.25% -1.48%
51.991756 0.21% 0.11% 0.21%
50.866222 -2.16% -0.31% -2.17%
50.895836 0.06% 0.02% 0.06%
51.271019 0.74% -0.31% 0.74%
51.458603 0.37% 0.61% 0.36%
51.122921 -0.65% 0.22% -0.65%
50.471294 -1.27% -0.14% -1.28%
50.846474 0.74% -0.01% 0.74%
51.527718 1.34% 0.47% 1.34%
49.128555 -4.66% -0.38% -4.66%
49.414871 0.58% -0.18% 0.58%
47.637714 -3.60% -0.30% -3.60%
47.864796 0.48% -0.31% 0.47%
48.160988 0.62% -0.01% 0.62%
46.640533 -3.16% -0.68% -3.16%
46.344337 -0.64% -0.65% -0.64%
45.988907 -0.77% -0.44% -0.77%
46.245605 0.56% -0.17% 0.56%
47.074947 1.79% 2.22% 1.79%
47.667336 1.26% 0.38% 1.26%
48.180733 1.08% 1.11% 1.08%
49.335888 2.40% 0.19% 2.40%
49.977638 1.30% -0.14% 1.30%
49.95789 -0.04% -0.01% -0.04%
51.05381 2.19% 0.75% 2.19%
50.609524 -0.87% -0.16% -0.87%
52.189213 3.12% 0.47% 3.12%
52.909954 1.38% -0.24% 1.38%
52.199085 -1.34% 0.74% -1.35%
51.893024 -0.59% 0.21% -0.59%
52.258331 0.70% 0.08% 0.70%
53.028431 1.47% 0.39% 1.47%
52.416298 -1.15% -0.53% -1.16%
52.327438 -0.17% 0.13% -0.17%
50.727993 -3.06% -0.27% -3.06%
51.241402 1.01% -0.35% 1.01%
51.25127 0.02% 0.04% 0.02%
51.981876 1.43% 0.58% 1.42%
52.939571 1.84% 0.34% 1.84%
53.917011 1.85% 1.31% 1.84%
54.963554 1.94% 0.21% 1.94%
55.318985 0.65% 0.59% 0.64%
54.311932 -1.82% -0.12% -1.82%
54.479774 0.31% 0.65% 0.31%
53.097538 -2.54% -0.81% -2.54%
51.863403 -2.32% 0.39% -2.33%
51.182159 -1.31% -0.18% -1.32%
51.596828 0.81% 0.20% 0.81%
51.705429 0.21% 0.36% 0.21%
52.189213 0.94% -0.25% 0.93%
51.428986 -1.46% -0.19% -1.46%
51.902901 0.92% 0.12% 0.92%
52.189213 0.55% 0.22% 0.55%
51.567211 -1.19% -0.84% -1.19%
51.626675 0.12% -0.03% 0.11%
51.101391 -1.02% -0.47% -1.02%
51.497833 0.78% 0.85% 0.77%
51.388809 -0.21% 0.57% -0.21%
52.033031 1.25% -0.08% 1.25%
51.676231 -0.69% 0.35% -0.69%
51.44828 -0.44% -0.36% -0.44%
51.2005 -0.48% 0.00% -0.48%
51.24015 0.08% 0.28% 0.08%
51.785252 1.06% -0.22% 1.06%
53.390846 3.10% 0.18% 3.10%
52.627689 -1.43% -0.30% -1.43%
52.330364 -0.56% 0.17% -0.57%
53.380936 2.01% -0.36% 2.01%
53.688171 0.58% 0.33% 0.57%
53.876488 0.35% -0.27% 0.35%
54.927055 1.95% 0.65% 1.95%
56.06683 2.08% 0.80% 2.07%
55.452343 -1.10% -0.08% -1.10%
55.036079 -0.75% -0.09% -0.75%
54.83786 -0.36% -0.60% -0.36%
54.758572 -0.14% -0.09% -0.15%
54.669373 -0.16% 0.03% -0.17%
54.37204 -0.54% 0.05% -0.55%
54.510796 0.26% 0.72% 0.25%
54.877502 0.67% -0.21% 0.67%
54.768482 -0.20% 0.02% -0.20%
54.035065 -1.34% 0.07% -1.34%
56.235321 4.07% 0.57% 4.07%
56.681316 0.79% 0.35% 0.79%
56.998466 0.56% 0.52% 0.56%
57.067848 0.12% 0.40% 0.12%
56.978645 -0.16% 0.50% -0.16%
56.711048 -0.47% -0.09% -0.47%
56.919178 0.37% 0.17% 0.36%
57.840912 1.62% 0.60% 1.62%
57.712063 -0.22% -0.11% -0.22%
57.494019 -0.38% 0.04% -0.38%
57.236336 -0.45% 0.15% -0.45%
58.167973 1.63% 0.10% 1.63%
57.969753 -0.34% -0.26% -0.34%
59.595165 2.80% 1.37% 2.80%
59.119438 -0.80% -0.59% -0.80%
59.505966 0.65% 0.05% 0.65%
59.109524 -0.67% -0.33% -0.67%
58.960861 -0.25% -0.29% -0.25%
59.656971 1.18% -0.23% 1.18%
60.313309 1.10% 0.08% 1.10%
61.009418 1.15% 0.32% 1.15%
60.850307 -0.26% 0.03% -0.26%
60.760807 -0.15% -0.34% -0.15%
61.864643 1.82% 0.83% 1.81%
62.083427 0.35% -0.17% 0.35%
61.675701 -0.66% -0.13% -0.66%
61.34753 -0.53% -0.20% -0.53%
60.800587 -0.89% -1.24% -0.89%
60.909973 0.18% 0.19% 0.18%
60.999474 0.15% -0.11% 0.14%
60.900032 -0.16% -0.09% -0.17%
60.512192 -0.64% -0.10% -0.64%
60.800587 0.48% 0.72% 0.47%
60.601692 -0.33% 0.11% -0.33%
60.651421 0.08% 0.29% 0.08%
61.029305 0.62% -0.23% 0.62%
60.293419 -1.21% -0.17% -1.21%
60.273529 -0.03% 0.05% -0.04%
59.875748 -0.66% -0.31% -0.66%
60.223808 0.58% 0.19% 0.58%
60.005028 -0.36% -0.09% -0.37%
60.21386 0.35% 0.07% 0.35%
60.691196 0.79% -0.15% 0.79%
60.333195 -0.59% -0.38% -0.59%
60.044804 -0.48% -0.68% -0.48%
61.29781 2.09% 0.86% 2.08%
61.307755 0.02% -0.29% 0.01%
61.25803 -0.08% -0.17% -0.08%
61.526531 0.44% 0.75% 0.44%
61.228199 -0.48% -0.31% -0.49%
61.775143 0.89% 1.08% 0.89%
61.874592 0.16% 0.61% 0.16%
60.482361 -2.25% -0.05% -2.25%
60.45253 -0.05% 0.05% -0.05%
60.512192 0.10% -0.19% 0.10%
59.975193 -0.89% 0.17% -0.89%
59.338745 -1.06% 0.12% -1.06%
59.448135 0.18% -0.13% 0.18%
59.547581 0.17% 0.06% 0.16%
61.924313 3.99% 0.41% 3.99%
61.307755 -1.00% 0.00% -1.00%
62.013817 1.15% -0.11% 1.15%
61.983978 -0.05% 0.11% -0.05%
61.566311 -0.67% -0.22% -0.68%
60.532082 -1.68% -0.15% -1.68%
63.018208 4.11% 0.47% 4.10%
61.64587 -2.18% -0.07% -2.18%
60.372971 -2.06% -1.82% -2.07%
60.661366 0.48% 0.37% 0.47%
61.158588 0.82% 0.67% 0.82%
61.287865 0.21% 0.51% 0.21%
61.38731 0.16% 0.18% 0.16%
61.715481 0.53% 0.25% 0.53%
61.516586 -0.32% 0.44% -0.33%
61.287865 -0.37% 0.03% -0.37%
60.611645 -1.10% -0.12% -1.11%
62.053593 2.38% -0.05% 2.38%
62.391705 0.54% 0.75% 0.54%
63.883373 2.39% 0.37% 2.39%
63.53532 -0.54% -0.12% -0.55%
63.137543 -0.63% -0.28% -0.63%
64.390549 1.98% 0.15% 1.98%
64.23143 -0.25% 0.02% -0.25%
64.191658 -0.06% -0.09% -0.07%
64.181717 -0.02% -0.10% -0.02%
64.63916 0.71% 0.45% 0.71%
65.026985 0.60% -0.10% 0.60%
64.370659 -1.01% -0.23% -1.01%
63.813763 -0.87% 0.03% -0.87%
65.474487 2.60% 0.83% 2.60%
65.832489 0.55% -0.67% 0.54%
66.896545 1.62% -0.06% 1.61%
66.051277 -1.26% -0.05% -1.27%
66.32972 0.42% 0.15% 0.42%
66.32972 0.00% 0.03% 0.00%
65.683327 -0.97% -0.81% -0.98%
67.005943 2.01% 0.88% 2.01%
66.041336 -1.44% -0.86% -1.44%
66.548492 0.77% 0.15% 0.76%
66.449051 -0.15% 0.23% -0.15%
66.429169 -0.03% 0.14% -0.03%
65.076721 -2.04% -0.94% -2.04%
65.514267 0.67% 0.64% 0.67%
65.305435 -0.32% 0.09% -0.32%
65.056824 -0.38% -0.08% -0.38%
65.345215 0.44% 0.73% 0.44%
66.033478 1.05% 0.18% 1.05%
65.963654 -0.11% 0.46% -0.11%
65.784103 -0.27% -0.01% -0.28%
65.395088 -0.59% 0.06% -0.59%
65.534737 0.21% 0.53% 0.21%
64.686874 -1.29% -0.02% -1.30%
64.597099 -0.14% -0.04% -0.14%
64.128281 -0.73% -0.11% -0.73%
63.928783 -0.31% 0.29% -0.31%
67.888794 6.19% 0.02% 6.19%
67.769104 -0.18% -0.10% -0.18%
67.050911 -1.06% -0.14% -1.06%
66.88134 -0.25% -0.08% -0.26%
67.36013 0.72% 0.24% 0.71%
MMARY OUTPUT

Regression Statistics
0.510331454
0.260438192
0.257479945
0.011557306
252

df SS MS F Significance F
1 0.011759352 0.011759352 88.03800772 4.09E-18
250 0.033392829 0.000133571
251 0.045152181

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

0.000372506 0.00073176 0.509054009 0.611163355 -0.001068695 0.001813706
1.349854304 0.143863888 9.382857119 4.09E-18 1.066514608 1.633193999

1.35
0.04%
1.23
ualized Alpha 0.45%
Systematic Risk 26.04% Percentage of OC's Returns that are not diversifiable.
Unsystematic Risk 73.96% Percentage of OC's Returns that are diversifiable.

ns Corning. Risk and Return Daily Annualized

metic Mean HRP 0.55% 6.55%
0.0002 0.22%
ard Deviation 0.01 0.05
metric Mean HPR 0.61% 7.32%

et Risk and Return Daily Annualized

metic Mean HRP 0.05% 0.63%
0.00003 0.00031
ard Deviation 0.51% 1.75%
metric Mean HPR -0.57% -6.63%
Lower 95.0% Upper 95.0%
-0.001068695 0.001813706
1.066514608 1.633193999
Value Line beta: from VL handout 1.2
Yahoo beta: from finance.Yahoo.com 0.7

Daily Beta Estimate:

Our raw beta: 1.35
Our Adjusted beta: 1.23

Monthly Beta Estimate:

Our raw beta: 1.02
Our Adjusted beta: 1.01 to use in RoR equation below

Expected Market Risk Premium (estimate): 5.50%

Rf rate for 1-year investment: 1.50% Rates as of November 6 2017
Rf rate for 10-year investment: 2.32% Rates as of November 6 2017

Calculation of OC's req rate of retrun:

Ke = Rf + B (Rm - Rf)

Return in 1 years 7.07%

Return in 10 years 7.89%
e in RoR equation below

s as of November 6 2017
s as of November 6 2017
OWENS-CORNING INC (OC) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. USD in 2012 2013 2014 2015
Assets
Current assets
Cash
Cash and cash equivalents 55 57 67 96
Total cash 55 57 67 96
Receivables 600 683 674 709
Inventories 786 810 817 644
Other current assets 171 298 249 89
Total current assets 1612 1848 1807 1538
Non-current assets
Property, plant and equipment
Gross property, plant and equipmen 4381 4547 4623 4811
Accumulated Depreciation -1478 -1615 -1724 -1855
Net property, plant and equipment 2903 2932 2899 2956
Goodwill 1143 1166 1168 1167
Intangible assets 1045 1040 1017 999
Deferred income taxes 604 436 444 492
Other long-term assets 261 225 220 228
Total non-current assets 5956 5799 5748 5842
Total assets 7568 7647 7555 7380
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 9 4 34 169
Accounts payable 498 547 542 535
Taxes payable 98 95 93 110
Accrued liabilities 197 341 295 226
Deferred revenues 9
Other current liabilities 104 5 19 68
Total current liabilities 906 992 983 1117
Non-current liabilities
Long-term debt 2076 2024 1991 1702
Deferred taxes liabilities 38 23 22 8
Pensions and other benefits 754 336 699 637
Minority interest 37 37 38 40
Other long-term liabilities 219 442 130 137
Total non-current liabilities 3124 2862 2880 2524
Total liabilities 4030 3854 3863 3641
Stockholders' equity
Common stock 1 1 1 1
Additional paid-in capital 3925 3938 3954 3965
Retained earnings 87 655 805 1055
Treasury stock -475 -504 -518 -612
Accumulated other comprehensive income -297 -550 -670
Total stockholders' equity 3538 3793 3692 3739
Total liabilities and stockholders' equ 7568 7647 7555 7380
2016

112
112
678
710
86
1586

5131
-2019
3112
1336
1138
375
194
6155
7741

3
615
46
228
11
60
963

2099
36
367
40
387
2929
3892
 1
3984
1377
-803
-710
3849
7741
Debt-to-Assets (Book) Ratio
(numbers in millions) 2012 2013 2014 2015
Long-term debt $2,076 $2,024 $1,991 $1,702
Short-term debt $9 $4 $34 $169
Total debt $2,085 $2,028 $2,025 $1,871
Total assets $7,568 $7,647 $7,555 $7,380

Debt to Assets Ratio = 0.2755021142 0.26520204 0.2680344143 0.2535230352

Debt-to-Assets (Market) Ratio

(numbers in millions) 2012 2013 2014 2015
Closing Price (12/31/xx) $31.85 $39.35 $36.03 $38.50
Shares Outstanding 119.4 119.1 118.3 118.2
Market Capitalization (12/31/xx) 3,803 4,687 4,262 4,551
Market Value of Debt 2,085 2,028 2,025 1,871
Total Capitalization (MV of Assets) 5,888 6,715 6,287 6,422

Market Debt-to-Assets Ratio = 0.35411667 0.3020290904 0.3220753294 0.2913558715

 2016 First: download http://www.morningstar.com/
$2,099 Q1: calculate D/BV of debt/MV of debt
$3
$2,102
$7,741

0.2715411446 0.2667605497

2016 D/A ratio MarketMV of debt/ MV of equity

$45.12 MV of debt is not always possible to calculate
115.4 We use BV of debt as MV in part 1
5,207 Be careful about units
2,102
7,309

0.2875966226 0.3114347168
Debt - from the company's most recent (10Q 2017)
USD millions Book Value Market Value
4.20% Senior Notes, due December 2022 $597.00 $644.84
4.20% Senior Notes, due December 2024 $392.00 $430.83
3.40% Senior Notes, due August 2026 $395.00 $1,051.00
7.00% Senior Notes, due December 2036 $400.00 $563.91
4.30% Senior Notes, due July 2047 $588.00 $597.55
Total Senior Notes $2,372.00 $3,288.12
Other Long-term Debt
A/R Securitization facility, maturing in 2020 $133.00 $133.00
Various capital leases, due through and beyond 2050 $31.00 $31.00
Unamortized interest rate swap basis adjustment $6.00 $6.00

Other (including debt issuance costs)

Less: current portion of long term debt $ (3.00) $ (3.00)

Total Value of Debt $2,539.00 $3,458.12

Weight in Debt 27.38%
Pre-tax cost of debt (Longest maturity non convertible issue) 4.41%
Marginal Tax rate 25% (2017 tax rate determined by manageme
After Tax Cost of Debt 3.31%

Equity
Share Price (11/08/2017) $82.45
Shares Out (mn) 111.24
Market Value of Equity (mn) $9,171.74
Weight in Equity 72.62%
Beta (5 year, adjusted) 1.01
Risk Free Rate (10 year treasury as of 11/08/17) 2.23%
Risk Premium 5.50%
Cost of Equity (CAPM) 7.80%

WACC 6.57%

Market Value of All Capital $12,629.86

 Data from FINRA
CUSIP Name Coupon (%) Maturity

690742AD3 OWENS CORNING 4.20% 12/15/2022

690742AG6 OWENS CORNING 4.30% 7/15/2047
690742AE1 OWENS CORNING 4.20% 12/1/2024
690742AF8 OWENS CORNING 3.40% 8/15/2026
690742AB7 OWENS CORNING 7.00% 12/1/2036
MV=BV when no data available OC3675580**** OWENS CORNING 9.00%
MV=BV when no data available
MV=BV when no data available *FINRA data N/A

MV=BV when no data available

7 tax rate determined by management in 10Q)

$12,629.86
Issue Size (mn) S&P Rating Moody's Rating Callable/RefundinNext Call Date Call Price

600.00 BBB Ba1 Yes 09/15/2022

600.00 BBB Ba1 Yes 01/15/2047
400.00 BBB Ba1 Yes 09/01/2024
400.00 BBB Ba1 Yes 05/15/2026
410.25 BBB Ba1 Yes N/A

2,410.25
Currency Ask Price Pricing Source Quote Date Settlement Date Accrued Interest

USD 105.781 FINRA 11/7/2017 11/10/17 1.6916666667

USD 98.23 FINRA 11/6/2017 11/9/17 1.3616666667
USD 105.852 FINRA 11/7/2017 11/10/17 1.855
USD 99.083 FINRA 11/7/2017 11/10/17 0.8027777778
USD 134.363 FINRA 11/7/2017 11/10/17 3.0916666667
Invoice Price Market Value of DCurrent Yield Yield to Maturity

107.4726666667 644.84 3.97% 2.97%

99.5916666667 597.55 4.38% 4.41%
107.707 430.83 3.97% 3.26%
99.8857777778 399.54 3.43% 3.52%
137.4546666667 563.91 5.21% 4.33%
Longest Callable, Priced, Callable bonds for Owens Corning.
Coupon 9.00%
Maturity 7/15/47
Ask Price 134.363
Trade Date 11/7/17
Settlement Date 11/10/17
YTM 4.41%

Using the Excel function to compare duration

Excel Duration 14.50577554
Modified Duration 14.19302219 14.19302219

Using incremental prices to compute effecive duration and convexity

YTM Increment 0.10% < We assume a small change in yields for the duration approximation
V- 178.1869681
V+ 173.1195739
V0 134.363
Effective Duration 18.85710407
Convexity Duration 614607.7567

Rate Change Impact Pricing Error

Yield Change 0.50%
Actual Price Change 29.24728899
Forcasted price using duration -12.66848537 -0.069
Price change using convexity and durat 1019.58829 0.001

Spread Analysis
Owens Corning Notes YTM 4.41%
10 yr Treasury Benchmark YTM 2.32%
Treasury Spread BPS 208.7142346

Bloomberg credit spreads (bp)

AA 288.1
A 287.25
A- 297.46
BBB+ 320.07
BBB 328.95
BBB- 367.35
r the duration approximations.