Bank of America Merrill LynchLeveraged Finance ConferenceDecember 5, 2018

Forward-Looking Statements & Non-IFRS Financial Information

2

Notices

• All financial references are expressed in US$ unless otherwise noted.

• This presentation contains forward-looking statements and estimates.

• Such statements and estimates are based on assumptions as to the future and on management’s current expectations and are, naturally, subject to risks and uncertainties.

• Actual company results could differ materially from a conclusion, forecast or projection in the forward-looking information.

• Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

• Additional information can be found in the Company’s annual information form, annual and quarterly MD&A, and on Norbord’s website (www.norbord.com) about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information, and the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

• During the course of this presentation, certain non-IFRS financial information will be presented. Definitions and reconciliation of terms can be found in the Company’s annual and quarterly MD&A.

Norbord Snapshot

• Leading manufacturer of wood-based panel products

• Largest global producer of Oriented Strand Board (OSB)

– Stated OSB capacity of 8.4 Bsf-3/8”(1)

– Stated panel capacity (including particleboard & MDF) of 9.4 Bsf-3/8”(1)

– Approximately 2,750 employees at 17 plants across the US, Canada and Europe

• Listed on the NYSE and TSX (“OSB”)

• Report in US dollars and in accordance with IFRS

• Q3/18 LTM sales of $2.5 billion

3

Company Overview

North America

Europe

Oriented Strand Board (OSB)

Particleboard

Medium Density Fiberboard (MDF)

Furniture

Panel Capacity by Region(1)

(1) Based on stated annual capacity as of December 31, 2017.

Favourable Long-term OSB Industry Fundamentals

4

Industry Overview

North American OSB Demand and Capacity

Source: Forest Economic Advisors, LLC (FEA)

24.0 24.8 25.9

26.9 28.0 28.6 29.2

28.3 27.6 27.0 26.7 26.9 27.9 28.3 28.4 27.9 27.9

29.3 29.9 30.2

30%

40%

50%

60%

70%

80%

90%

100%

–

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Effective

De

man

d / C

apacity

Cap

acit

y (B

sf-3

/8")

Effective Capacity Mothballed Capacity Effective Demand / Capacity

North American Capacity Restarts Needed to Meet Growing Demand

5

Industry Overview

37 Mills in Operation

3 Mills Restarted in 2017/18

North American OSB Installed Capacity:

Norbord Mill

7 Mills (Re)started in 2012/13

Note: Excludes OSB siding production and capacity.

Source: APA, company documents and other public filings

(in Bsf-3/8”)

2012 2017

Production 16.2 22.1

Restarts 4.4 1.6

New 1.2

=27% =13%

2 Greenfield Mills started in 2018

1 Idled Mill

LP’s Dawson Creek, BC mill converting to

siding by middle of Q1 2019

Norbord’s Chambord, QC mill only

remaining idled mill

Attractive North American OSB Price

6

Industry Overview

Source: Random Lengths

• OSB prices are tied to demand for building products, which is influenced by the general economy, demographics and the need for housing

North Central Benchmark OSB Price

Q1 163 175 423 364 285 145 137 154 212 198 203 417 219 193 226 293 370

Q2 159 215 443 297 238 156 179 146 295 173 235 347 219 193 264 330 426

Q3 159 381 351 303 181 177 201 178 180 184 313 252 216 204 301 409 363

Q4 156 401 264 317 166 165 170 172 191 190 332 245 216 242 285 379

Average 159 293 369 320 217 161 172 163 219 186 271 315 218 209 269 353

$100

$150

$200

$250

$300

$350

$400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

An

nu

al A

vera

ge N

C P

rice

US$

per

Msf

7/1

6"

15-year average: $249

Significant OSB Substitution Opportunity in Industrial End Uses

7

2017 North American Panel Consumption

EWPFurniture Commercial Roofing Engineered Packaging

79%

21%

New Home

62%

38%

Repair & Remodel

OSB Plywood

Source: APA – The Engineered Wood Association, FEA, RISI, US Forest Products Annual Market Review and Prospects (USDA FS), US International Trade Commission, Norbord estimates

Business Strategy

17%

33%

50%

Industrial

MDF & PB

Norbord is a leading supplier to current industrial end uses

~21 Bsf-3/8” 16 Bsf-3/8” 8 Bsf-3/8”

Europe: Strong Demand Growth

8

Industry Overview

OSB Share of Structural Panels

Source: Forest Economic Advisors, LLC (FEA), European Panel Federation (EPF) and Norbord estimates

0%

25%

50%

75%

1982 1987 1992 1997 2002 2007 2012 2017

European OSB Demand (million m3)

Source: Eurostat, UN Comtrade Database, Destatis and Norbord estimates

8%2005-2018F CAGR

North America

Europe

Inverness Mill Expansion Supports Increasing European Customer Demand

9

Business Strategy

- New continuous press line started up in Q4/2017 - Original two press lines demolished during Q2/2018- Installation of new finishing end will be complete in Q4/2018

10

Business Strategy

Capex Investment (US$ millions)

• Three main priorities:

– Re-invest in the business– Optimize capital structure– Return cash to shareholders

• 2018 capex forecast of $200 million

Includes investments to prepare Chambord, Quebec mill for restart (when warranted by customer demand) and expand capacity at Grande Prairie, Alberta and Huguley, Alabama mills.

• 2019 capex budget of $150 million

Disciplined Capital Allocation

(1)

(1) 2015 onwards reflects Norbord following completion of merger with Ainsworth. Pre 2015 reflects Norbord excluding Ainsworth.

Minimum Maintenance $25 million

0x

3x

6x

9x

12x

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

$250

$275

$300

Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

Leverage Metrics Significantly Improved

11

Financial Overview

Adjusted EBITDA vs Net Debt

Quarterly Adj. EBITDA

(in US$ millions)

Net Debt toLTM Adj. EBITDA

11.0x

0.4x

24%

0%

5%

10%

15%

20%

25%

Norbord Peer1 Peer2 Peer3 Peer4 Peer5 Peer6 Peer7 Peer8

Track Record of Value Creation

12

Financial Overview

15 Year Average ROCE %(1)

Source: Capital IQ

$200MDebt permanently repaid

>$1BCapital invested

>$1BDividends paid out

(1) Return on capital employed (ROCE) is a measure of financial performance focusing on cash generation and the effective use of capital. ROCE is calculated as Adjusted EBITDA divided by average capital employed (operating working capital, PP&E, goodwill, intangibles, timberlands & licences).

Norbord Inc.

Suite 600One Toronto Street

Toronto, Ontario, M5C 2W4Canada

Tel: 416-365-0705

www.norbord.com