Bank of America Merrill Lynch Leveraged Finance Conference December 3, 2015

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.

2

Notices

Norbord Snapshot

• Leading manufacturer of wood-based panel products

• Largest global producer of Oriented Strand Board (OSB)

– Installed OSB capacity of 8.0 Bsf-3/8” (1) (2)

– Installed panel capacity (including particleboard & MDF) of 8.9 Bsf-3/8” (1) (2)

– Approximately 2,600 employees at 17 plants across the US, Canada and Europe

• Listed on the TSX (“NBD”)

• Report in US dollars and in accordance with IFRS

• LTM Q3-2015 sales of $1.5 billion (2)

3

Company Overview

North America

Europe

Oriented Strand Board (OSB)

Particleboard

Medium Density Fibreboard (MDF)

Furniture

Europe 20%

Canada 37%

US 43%

8.9 Bsf-3/8” (1)(2)

Panel Capacity by Region

(1) Does not include the 600 MMsf-3/8” Grande Prairie, Alberta Line 2 (“GP2”) expansion project (2) Results reflect combined performance following completion of merger with Ainsworth

Global OSB Industry

4

Industry Overview

Industry OSB Capacity (MMsf-3/8”)

0

10

20

30

North America

Europe South America

Asia

Norbord operates in the two significant global OSB producing regions

Source: Company Documents and Other Public Filings

Kronospan 39%

KronoSwiss 20%

Egger 12%

Sonae 7%

Smartply 5%

Kalavela 4%

Others 2%

Industry Capacity 8 Bsf-3/8”

North American & European OSB Industries

5

Industry Overview

Louisiana-Pacific 22%

Georgia-Pacific 19%

Weyer- haeuser

11%

Huber 8%

Tolko 8%

Martco 3%

Other 3%

Industry Capacity 28 Bsf-3/8”

North American OSB Industry

26%

Source: Company documents and other public filings – installed industry capacity

European OSB Industry

11%

Norbord is a significant player in both key markets

US Housing Recovery is Real

6

Industry Overview

0.5

1.0

1.5

2.0

2.5

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015F

US

Ho

usi

ng

Star

ts (

mm

)

U.S. Housing Starts Underlying Demand

Favourable long-term OSB industry fundamentals

US Housing Starts and Underlying Demand

1.5 mm Over-Built

21.4 22.8 24.0 24.8 25.9 26.9 28.0 28.6 29.2 28.4 27.8 27.1 26.9 27.1 28.0 28.4 28.7 29.0

30%

40%

50%

60%

70%

80%

90%

100%

–

5.0

10.0

15.0

20.0

25.0

30.0

35.0

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

Effective

De

man

d / C

apacity

Cap

acit

y (B

sf-3

/8")

Effective Capacity Mothballed Capacity Effective Demand / Capacity

North American OSB Demand and Capacity

3.7 mm Under-Built

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

Diversification From European & Asian End Market Exposure

7

Business Strategy

72%

24%

4%

7.1 Bsf-3/8” (1)

LTM Q3-2015 Shipments by Geography (1)

(1) Results reflect combined performance following completion of merger with Ainsworth

• 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

631

495

247

42 -60

107 45

188

287

290

307

48

-23 5

58

13

106

145

802

295

19

-60

5

165

58

294

432

117 80

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM Q3-2015

Norbord Combined Adjusted EBITDA (2)

Ainsworth Adjusted EBITDA (1)

Norbord (excluding Ainsworth) Adjusted EBITDA

Strong Operating Cash Flow Through The Cycle

8

Financial Overview

North Central Benchmark OSB Price

$369 $320 $217 $161 $172 $163 $219 $186 $271 $315 $218 $202

US Housing Starts (000s)

1,956 2,068 1,801 1,355 906 554 587 609 781 925 1,003 1,089

Total Adjusted EBITDA (US$ millions)

11-year average: $277 million

(1) As disclosed in Ainsworth’s historical MD&As; converted to USD using annual average exchange rate (2) As disclosed in the Q2-2015 and Q3-2015 MD&A

Norbord Sensitivity to North American OSB Price Changes:

+$10/Msf 7/16” = +$58 million Adjusted EBITDA (at full capacity)

921

Further MIP Ahead Through Identified Merger Synergies

9

Business Strategy

Operational Best

Practices Corporate Overhead

Sales & Logistics

Purchasing Savings

Product Specialization

Single Public Company

$45 Million in Annual Merger Synergies (1)

As of Q3 2015, $5 million in realized synergies ($20 million annualized)

Ainsworth’s Forming Technology

Operational Standardization

Continuous Press Experience

Order File Optimization

(1) Costs to achieve ~50%; Achievable over 18-24 months

Strong Balance Sheet & Liquidity

10

Financial Overview

Q3 2015

Cash $ 2

Bank Lines (1) 240

A/R Securitization(2) 81

Liquidity

$323

Manageable Debt Maturities (US$ millions) Strong Liquidity Profile (US$ millions)

Moody’s Ba2 (Stable)

S&P BB- (Stable)

DBRS BB (Negative)

Stable Issuer Credit Ratings

$200

$240

$315

2015 2016 2017 2018 2019 2020 2021 2022 2023

7.7

0%

5.3

75

%

6.2

5%

(1) $245 million of bank lines less $5 million outstanding letters of credit drawn at quarter-end (2) $125 million of A/R Securitization limit less $44 million drawn at quarter-end

Attractive Investment Opportunity

11

Summary

Leverage to unfolding US housing recovery Every +$10 in NA OSB price = +$58 million in Adjusted EBITDA at full capacity

Diversification from European operations, North American industrial sales and Asian export sales

High quality asset base with low operating costs

Focused customer strategy and strong customer partnerships

Superior margins versus peers

Track record of disciplined capital allocation

Strong financial liquidity and comfortable debt maturities

Norbord Inc.

Suite 600 One Toronto Street

Toronto, Ontario, M5C 2W4 Canada

Tel: 416-365-0705 Fax: 416-365-3292

www.norbord.com