Annual General Meeting of ShareholdersMay 3, 2018

Peter GordonChair

Peter WijnbergenPresident & 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.

• 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.

4

AGM 2018

Agenda

5

2017 in review

Creating value for shareholders

Confident about the future

AGM 2018

2017 in Review

2017 Highlights

7

Annual production records at 9 mills

Specialty product shipments increased 17%

Completed Inverness and Huguley projects

Reduced net debt to capitalization ratio from 41% to 21%

Increased dividend 3 times - $101M total payout

2017 in Review

North America Europe

Oriented Strand Board (OSB) Particleboard Medium Density Fiberboard (MDF) Furniture

Consolidated

$7.05 OPERATING CASH FLOW PER SHARE +$3.39

$672M ADJUSTED EBITDA+$287

$4.49 ADJUSTED EPS (DILUTED) +$2.49

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9

Safety and Operating Performance Go Hand in Hand

8

OSH

A R

eco

rdab

le In

jury

Rat

e2017 in Review

Creating Value for Shareholders

9

Our Strategy For Value CreationCreating Value for Shareholders

Largest Global OSB Producer

Shareholder Value

+

=

Markets

• Exposure to US housing recovery

• Quality products aligned with growth customers

• Strong market position in three growth geographies

Low-Cost Operator

+Markets

• High-quality asset base with low operating costs

• Superior margins versus peers

• World-class safety culture

Disciplined Capital Allocator

Markets

• Invest in mills

• Optimize debt profile

• Return cash to shareholders

10

56%

23%

21%

63%

4%

28%

5%

Forward-Looking Investment in Growth

11

Shipments5.1 Bsf-3/8”

(1) Represents North American non-OSB business (fully divested in 2010).

Creating Value for Shareholders

$631MEBITDA

$672MAdjusted EBITDA

20042.0M US Housing Starts

20171.2M US Housing Starts

Shipments7.9 Bsf-3/8”

(1)

NA Specialty

OSB: A Highly Engineered Product

12

Creating Value for Shareholders

1. Debarker

2. Strander

3. Sorting

4. Dryer

5. Resin & wax application

6. Forming

7. Press

8. Cutting,Sanding,

Packaging

Continuous Press: The Advantage of Flexibility

13

Product customization to meet customer demand

Reduced material costs & waste

Superior press speeds

Source: Dieffenbacher

Norbord Operates 3 of 6 OSB Continuous Presses in North America

Creating Value for Shareholders

OSB: A Highly Engineered Product

14

Creating Value for Shareholders

1. Debarker

2. Strander

3. Sorting

4. Dryer

5. Resin & wax application

6. Forming

7. Press

8. Cutting,Sanding,

Packaging

Finishing End: The Key to Specialty Products

15

Creating Value for Shareholders

Strategic Repositioning of La Sarre, Quebec Mill

Specialty +26%

Value to Norbord

Service stable margin specialty markets

Diversify product mix

Increase automation

Project KPIs

32%

21%

47%

2012

17%

24%59%

2017

VAP +14%

Capital cost: $10.4M

Annual benefit: $4.1M

IRR: 32%

Developing & Improving Products

16

Creating Value for Shareholders

Norbord’s Long Lengths Panels – Easier to Install

#THANKAFRAMER

Builders reporting labour shortages in 2017

23%

29%

33%

51%

47%

44%

Carpenters-finished

Carpenters-rough

Framing crews

Serious shortage Some shortage

77%

76%

74%

Source: National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) survey; Watch the video at www.thankaframer.com

Tackling Building Industry Challenges

17

Creating Value for Shareholders

Norbord donated

US$1.1 million to the Home Builders Institute for

training and educating new construction professionals

24%

0%

5%

10%

15%

20%

25%

Norbord Peer1 Peer2 Peer3 Peer4 Peer5 Peer6 Peer7 Peer8

Track Record of Value Creation

18

Creating Value for Shareholders

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).

Confident About the Future

19

0

500

1,000

1,500

2,000

2,500

3,000

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020F 2025F

US Single-Family US Multi-Family 30-Year Average

Continuing US Housing Growth

20Source: RISI (historical), Forest Economic Advisors, LLC (FEA) (forecast)

Confident About the Future

HH

H

H Hiccup Downturn

US

ho

usi

ng

star

ts (

00

0s)

H

Pent-Up Demand in US Housing Market

21

Confident About the Future

Source: Core Logic, Zillow, Wall Street Journal (March 2018)

-25% 0 25%

Homebuilding Permits in Major Metropolitan Areas Relative to Historic Average (2017)

Months of Housing Supply (January 2018)

US Housing Remains Affordable in OSB Consuming Areas

22

Confident About the Future

Housing Cost to Income Ratio (2017)

Above national average (1)

Below national average (1)

Source: John Burns Real Estate Consulting, LLC

(1) The average US national housing cost to income ratio was 27.9% in 2017.

Demographics Point to Continued Housing Demand Growth

23

Confident About the Future

46.9

33.1

0

10

20

30

40

50

Under 5 Under 15 15-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

Source: US Census Bureau

MillennialsAge 22-37

BoomersAge 63-72

Projected US Population by Age Cohort (by 2020)

Pop

ula

tio

n in

mill

ion

s

Growing Repair & Remodel Demand

24

Confident About the Future

0

1

2

3

4

5

6

7

8

9

10

0

20

40

60

80

100

120

140

160

180

2002

00

0

20

01

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02

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03

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OSB consumption - repair & remodel Expenditure - repair & remodel

Bsf

-3/8

” b

asis

20

09

USD

bill

ion

s

Source: Forest Economic Advisors, LLC (FEA)

Growing the Industrial OSB Market

25

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, RISI, US Forest Products Annual Market Review and Prospects (USDA FS), US International Trade Commission, Norbord estimates

Confident About the Future

17%

33%

50%

Industrial

MDF & PB

North American Capacity Restarts Needed to Meet Growing Demand

26

Confident About the Future

Estimated Incremental OSB Industry Volumes for 2018 & 2019(1)

Incremental

Capacity

2.2Bsf-3/8”

Incremental

Demand

2.3Bsf-3/8”

<

(1) Norbord estimates

Capacity Ramp-Ups Take Time

27

Confident About the Future

Jefferson, Texas Mill Ramp-Up

0%

20%

40%

60%

80%

100%

120%

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M20

M21

M22

M23

M24

M25

M26

M27

M28

M29

M30

M31

M32

M33

M34

M35

M36

Year 1 Year 2 Year 3

66% in first 12 months

Mo

nth

ly c

apac

ity

uti

lizat

ion

Demand/Capacity Ratio Expected to Remain Strong

28

Confident About the Future

1.201.29

1.36 1.40 1.40 1.45

93% 92% 93% 92% 92%95%

0.0

0.5

1.0

1.5

2.0

2.5

50%

75%

100%

2017 2018E 2019E 2020E 2021E 2022E

US housing starts Demand/capacity ratio

Estimated Demand/Capacity Ratio(1)

Dem

and

/cap

acit

y ra

tio

in %

An

nu

al U

S h

ou

sin

g st

arts

in m

illio

ns

(1) Norbord estimates

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1

2

3

4

5

6

7

8

Europe: Strong Demand Growth

29

Confident About the Future

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%2005-2017 CAGR

Inverness Mill Expansion Supports Increased Customer Demand

30

Confident About the Future

OSB Gaining Traction in Asia

31

Confident About the Future

Upholstered Furniture (Vietnam)

Seismic Performance (Japan)

Interior Finishings(China)

0

50

100

150

200

250

Asia Europe North America South America

Other (Plywood, PB, MDF/HDF) OSB

Asia – The Next Big Growth Opportunity

32

Wood Panel Consumption

Source: Food and Agriculture Organization of the United Nations (2016)

Confident About the Future

<1% OSB

10% OSB

42% OSB

8% OSB

Mill

ion

m3

33

Favourable market fundamentals

Clear strategic vision

High-quality assets

Strong operating expertise

Focus on shareholder value

A Great Time to be Invested in NorbordAGM 2018

Questions?