2016 Annual General Meeting April 29, 2016

Peter Gordon Chair

Peter Wijnbergen President & Chief Executive Officer

Forward-Looking Statements

• 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

Agenda

5

2015 in Review

The State of the Company

Favourable Market Conditions in North America

Accelerating Demand Growth in Europe

2015 in Review

Created North American leader in OSB

Announced European growth plans

Strong operational performance

Five mills OSHA recordable incident free

NYSE listing – ‘OSB’ ticker symbol

2015 Highlights

7

Norbord Begins Trading on the New York Stock Exchange

8

Photo credit: NYSE/Valerie Caviness

2014 2015

North Central OSB Price (US$/Msf-7/16”) $218 $209

Adjusted EBITDA (US$ millions) $115 $122

Shipments (MMsf-3/8”) 6,929 7,237

Adjusted EPS, basic and diluted (US$) $(0.20) $(0.17)

Captured Synergies (annualized, US$ millions) n/a $27

Dividends Paid per Share (C$) $2.40 $0.70

2015 Financial Highlights

9

+4%

-4%

Note: 2014 comparatives restated to reflect Ainsworth merger

+6%

0

10

20

30

40

50

$0

$100

$200

$300

$400

2000 2003 2006 2009 2012 2015 2018F

Analyst Forecast

Encouraging Demand and Price Outlook

10

North Central OSB Price vs OSB Demand

Source: Random Lengths, Analyst reports and Forest Economics Advisors, LLC

OSB Demand Bsf 3/8” Basis

Annual avg. NC OSB Price

US$ per Msf 7/16"

Demand

Price

The State of the Company

“Best in Class Margins”

12

37

28

56

9 14

29

16

25 23

0

24

43

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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

“…the consistency and the magnitude of [Norbord’s] outperformance [versus peers] is impressive.”

(Mark Wilde/Ketan Mamtora, BMO Capital Markets, March 16, 2016)

Track Record of Disciplined Capital Allocation

13

Countercyclical M&A

• Ainsworth merger (2015)

• Acquired Genk, Belgium mill (2004)

• Acquired remaining 50% of Bemidji, Minnesota mill (2004)

• Acquired Texas and Georgia mills (2002)

Investment in capacity

• Modernization / expansion of Inverness mill (2016-17)

• Twinned Cordele, Georgia line (2006)

Disciplined capital expenditure

• $25 million annual maintenance capex

• Additional investment to debottleneck capacity and lower manufacturing costs

1 10 20 30 40 50 60

Inverness Fines Screening Paid Back in Less Than One Year

14

Capital Investment

Cumulative Savings

Savings (Lower Raw Material Use)

Time (weeks)

< 1 year payback

0x

3x

6x

9x

12x

$0

$25

$50

$75

$100

Q2 15 Q3 15 Q4 15 Q1 16 Q2 16F Q3 16F Q4 16F

Leverage Metrics Improving Rapidly

15

Adjusted EBITDA vs Net Debt

Analyst Forecast

Quarterly Adj. EBITDA

Net Debt to LTM Adj. EBITDA

Source: Analyst reports

11.7x

4.8x

3.4x

Setting the Record Straight

16

Lower oil prices mean lower costs

Weaker Canadian dollar means lower costs

OSB not exposed to Chinese slowdown

Softwood Lumber Agreement does not affect OSB

Favourable Market Conditions in North America

US Housing in 7th Year of Recovery

18

US Housing Starts and Underlying Demand

Source: US Census Bureau and Forest Economics Advisors, LLC (FEA)

0.0

0.5

1.0

1.5

2.0

2.5

2000 2003 2006 2009 2012 2015 2018F

Millions

FEA Forecast

Underlying Demand

Pent-up demand > 3.5 million homes

2015 Future

Specialty Products Will Drive Substitution Growth

19

Specialty

Value added

Commodity

New home construction

Repair & remodel

Industrial & export

• Reduced dependence on new home construction • More predictable, stable margins over business cycle

Commodity OSB: The Core of Our Business

20

Standard OSB sold into new home construction,

repair & remodel

Value Added Products Save Builders Money

21

OSB enhanced for higher value proposition

Growth Opportunity in Specialty Products

22

Upholstered furniture

Utility trailer

Container flooring

Accelerating Demand Growth in Europe

Europe Earlier on Substitution Curve Than North America

24 Source: Forest Economics Advisors, LLC and Norbord estimates

OSB Share of Structural Panels

0%

25%

50%

75%

1980 1985 1990 1995 2000 2005 2010 2015

Europe

North America

66%

43%

Inverness: Expanding to Meet Growing Demand

25

Reposition Business

Grow European OSB

Grow NA specialty volume

Increase stability

Strategic Repositioning Differentiates Norbord

26

Optimize Existing Operations

Deliver merger synergies Return to full capacity

Improve margins

Increase EBITDA

27

“Best in class margins”

Prudent allocators of capital

Improving financial metrics

Favourable market fundamentals

Strategy for long-term value creation

Great Time to be Invested in Norbord

Questions

2016 Annual General MeetingPeter Gordon�ChairPeter Wijnbergen�President & Chief Executive OfficerForward-Looking StatementsAgendaSlide Number 62015 HighlightsNorbord Begins Trading on the New York Stock Exchange2015 Financial HighlightsEncouraging Demand and Price OutlookSlide Number 11“Best in Class Margins”Track Record of Disciplined Capital AllocationInverness Fines Screening Paid Back in Less Than One YearLeverage Metrics Improving RapidlySetting the Record StraightSlide Number 17US Housing in 7th Year of RecoverySpecialty Products Will Drive Substitution GrowthCommodity OSB: The Core of Our BusinessValue Added Products Save Builders MoneyGrowth Opportunity in Specialty ProductsSlide Number 23Europe Earlier on Substitution Curve Than North AmericaInverness: Expanding to Meet Growing DemandStrategic Repositioning Differentiates NorbordGreat Time to be Invested in NorbordSlide Number 28