2015 Annual General Meeting May 12, 2015

Peter Gordon Chair

Peter Wijnbergen President & Chief Executive Officer

Forward-Looking Statements & Non-IFRS Financial Information

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

• This presentation contains forward-looking statements and estimates.

• 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 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.

4

Notices

Agenda

5

Introduction

A Look Back at 2014

Executing Our Long-Term Strategy

The Market as We See It

Strong Platform for Value Creation

2013 2014

Shipments (MMsf-3/8”) 4,906 5,174

North Central Price (US$/Msf-7/16”) $315 $218

Sales (US$ millions) $1,343 $1,198

Adjusted EBITDA (US$ millions) $287 $90

Earnings per Share Diluted (US$) $2.79 $0.48

Dividends Paid per Share (US$) $1.78 $2.15

2014 Financial Highlights

6

Financial Results

+5%

-31%

-11%

-69%

Note: All results reflect pre-merger Norbord only

2015 US housing starts forecast at 1.15 million

Customer optimism

Improving North American demand/capacity ratios

Improving UK housing starts and home sales

Continued pressure on European OSB prices, but accelerating substitution from plywood

Lower oil prices = lower resin prices

Weaker Canadian dollar

Well Positioned In An Improving Market Environment

7

Outlook

Positive External Indicators

Executing Our Long-Term Strategy

Norbord’s Strategy

9

Executing Our Long-Term Strategy

Pursue growth in OSB 2

Own high-quality assets with low-cost positions 3

Maintain a margin-focused operating culture 4

Allocate capital with discipline 5

Focus on growth customers through best-in-class service and product development

6

Develop a world-class safety culture 1

Improving Safety Is Our First & Foremost Priority

10

Norbord’s Strategy – Develop a World-Class Safety Culture

OSHA Recordable Injury Rate

1

0

2

4

6

8

10

12

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

YTD

Ainsworth

Norbord

Norbord’s Strategy

11

Executing Our Long-Term Strategy

Pursue growth in OSB 2

Own high-quality assets with low-cost positions 3

Maintain a margin-focused operating culture 4

Allocate capital with discipline 5

Focus on growth customers through best-in-class service and product development

6

Develop a world-class safety culture 1

Norbord’s Growth Focused on OSB

12

Norbord’s Strategy – Pursue Growth in OSB

0

1

2

3

4

5

6

7

8

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 PF

2

Norbord OSB Capacity (Bsf-3/8”)

(1)

(1) Pro Forma for the Ainsworth Merger

Transformational, Growth-Oriented Merger

• Complementary, low-cost mills

• Innovation and product development expertise

• Expanded geographic diversification and market access

13

Norbord’s Strategy – Pursue Growth in OSB 2

Existing Norbord OSB Mills

Ainsworth OSB Mills

Building On The Best of Both Companies

14

Norbord’s Strategy – Pursue Growth in OSB 2

Improving our Operations, Realizing Synergies

15

Norbord’s Strategy – Pursue Growth in OSB 2

Operational Best

Practices Corporate Overhead

Sales & Logistics

Product Specialization

Single Public Company

$45 Million in Annual Merger Synergies Achievable over 18-24 months

Ainsworth’s Forming Technology

Operational Standardization

Continuous Press Experience

Order File Optimization

Purchasing Savings

Norbord’s Strategy

16

Executing Our Long-Term Strategy

Pursue growth in OSB 2

Own high-quality assets with low-cost positions 3

Maintain a margin-focused operating culture 4

Allocate capital with discipline 5

Focus on growth customers through best-in-class service and product development

6

Develop a world-class safety culture 1

High Quality Assets

• Production up 6%

• Annual production records at 6 mills

17

Norbord’s Strategy – Own High-Quality Assets with Low-Cost Positions 3

Joanna, South Carolina Unique Opportunity to Debottleneck Continuous Press

• Production per employee up 35% over last 7 years

Norbord’s Strategy

18

Executing Our Long-Term Strategy

Pursue growth in OSB 2

Own high-quality assets with low-cost positions 3

Maintain a margin-focused operating culture 4

Allocate capital with discipline 5

Focus on growth customers through best-in-class service and product development

6

Develop a world-class safety culture 1

Margin Improvement is an Operational Priority

19

Norbord’s Strategy – Maintain a Margin-Focused Operating Culture 4

37

28

56

9

14

29

16

25 23

0

24

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

(1) The benefits of improved productivity and a richer value-added product mix were offset by higher maintenance spending in 2013

(1)

Margin Improvement Program Gains ($ in millions) “In Control of Our Controllables”

Norbord’s Strategy

20

Executing Our Long-Term Strategy

Pursue growth in OSB 2

Own high-quality assets with low-cost positions 3

Maintain a margin-focused operating culture 4

Allocate capital with discipline 5

Focus on growth customers through best-in-class service and product development

6

Develop a world-class safety culture 1

Investing in Our Mills

• Invested $77 million in capital projects in 2014

• 2015 capex target of $70 million (pro forma)

Optimizing Debt Profile

• Refinanced existing Ainsworth bonds

• Manageable debt maturities (2017, 2020 and 2023)

Returning Cash to Shareholders

• Variable dividend policy

• Paid $116 million in dividends in 2014

Prudent Capital Decisions

21

Norbord’s Strategy – Allocate Capital with Discipline 5

Norbord’s Strategy

22

Executing Our Long-Term Strategy

Pursue growth in OSB 2

Own high-quality assets with low-cost positions 3

Maintain a margin-focused operating culture 4

Allocate capital with discipline 5

Focus on growth customers through best-in-class service and product development

6

Develop a world-class safety culture 1

Diversified Sales in North America, Europe & Asia

23

Norbord’s Strategy – Focus on Growth Customers 6

64%

32%

4%

2014 Sales by Geography (1)

(1) Pro forma the Ainsworth merger - Ainsworth sales converted to US$ at an average exchange rate of C$1.1046 / US$

• Strong North American footprint

• Stable margin operations: – Europe – Asia-focused exports

• Provides greater diversification than North American-based competitors

• Better positioned to weather market cycles

Europe

North America

Asia

Diversified Customer Strategy Sets Norbord Apart

24

Norbord’s Strategy – Focus on Growth Customers 6

(1) Pro Forma the Ainsworth merger

New Home Construction (Pro-Dealers)

50%

Repair & Remodel (Big Box)

25%

Industrial 20%

Export 5%

5.3 Bsf-3/8” (1)

2014 North American Shipments (1)

The Market As We See It

Favourable North American OSB Demand Fundamentals

26

Market Outlook – North America

0.5

1.0

1.5

2.0

2.5

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015F

U.S. Housing Starts

Underlying Demand

US Housing Starts and Underlying Demand (millions)

1.5 mm Over-Built 3.7 mm

Under-Built

Source: US Census Bureau and Forest Economic Advisors, LLC (FEA); As of April 2015

US Housing Starts Underlying Demand

Improving North American Demand/Capacity Ratios

27

Market Outlook – North America

North American OSB Demand and Capacity (Bsf-3/8”)

Source: Forest Economic Advisors, LLC (FEA); As of April 2015

21.4

22.8

24.0

24.8

25.9

26.9

27.8 27.9

26.3

22.6

21.9 21.4

20.4

21.2

23.6

24.7 25.3

26.3

30%

40%

50%

60%

70%

80%

90%

100%

15

17

19

21

23

25

27

29

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F 2017F

Effective Capacity Effective Demand / Capacity

Core European Housing Markets Recovering

28

Market Outlook - Europe

Source: National House Builder Confederation (NHBC), Construction Products Association (CPA) & Bundesbank & Norbord estimates

50

75

100

125

150

175

200

225

250

275

2009 2010 2011 2012 2013 2014

Housing Starts (000’s)

UK +18% in 2014

Germany +5% in 2014

0%

5%

10%

15%

20%

25%

30%

35%

40%

80 85 90 95 00 05 10

European OSB Share of Structural Panels

The Asian Opportunity

29

Market Outlook – Asia

Japanese Structural Panel Consumption

OSB Suppliers to Japan

77%

10%

8%

5%

Domestic Plywood

Imported Plywood

Imported OSB

Particleboard/MDF

Source: Interex Forest Products Ltd. & Norbord estimates

Japan – Established Export Market

China – Advancing Market Opportunities

78%

Others 22%

Well Positioned to Meet Growing Demand

30

Growth Opportunities

High Level, Alberta, Canada Continued Ramp-Up

Huguley, Alabama, United States Press Rebuild

Grande Prairie Line II, Alberta, Canada Potential Completion of Second Line

Inverness, Scotland, United Kingdom Potential Mill Expansion

31

Conclusion

World’s largest OSB producer

Leading market position in three growth geographies

Established relationships with premier customers

Diversified product range

Strong liquidity and balance sheet

Strong Platform For Value Creation

Questions

2015 Annual General MeetingPeter Gordon�ChairPeter Wijnbergen�President & Chief Executive OfficerForward-Looking Statements & Non-IFRS Financial Information Agenda2014 Financial HighlightsWell Positioned In An Improving Market EnvironmentSlide Number 8Norbord’s StrategyImproving Safety Is Our First & Foremost PriorityNorbord’s StrategyNorbord’s Growth Focused on OSBTransformational, Growth-Oriented MergerBuilding On The Best of Both CompaniesImproving our Operations, Realizing SynergiesNorbord’s StrategyHigh Quality AssetsNorbord’s StrategyMargin Improvement is an Operational PriorityNorbord’s StrategyPrudent Capital DecisionsNorbord’s StrategyDiversified Sales in North America, Europe & AsiaDiversified Customer Strategy Sets Norbord ApartSlide Number 25Favourable North American OSB Demand FundamentalsImproving North American Demand/Capacity RatiosCore European Housing Markets RecoveringThe Asian OpportunityWell Positioned to Meet Growing DemandStrong Platform For Value Creation Slide Number 32