Investor PresentationJune 2019

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.

• References to “LTM Q1 19” refer to the period beginning April 1, 2018 and ending April 6, 2019. As a result,

the financial information for LTM Q1 19 include six additional fiscal days as compared to the year ended

December 31, 2018, which may impact the comparability between periods.

Forward-Looking Statements & Non-IFRS Financial Information

3

Notices

• This presentation contains certain non-IFRS financing information, including Adjusted EBITDA. Adjusted EBITDA means earnings before finance costs and interest income, income taxes, depreciation and amortization and other unusual or non-recurring items. The Company believes that Adjusted EBITDA can be useful for, and is frequently used by, securities analysts, investors and other interested parties to perform comparisons of its operating performance between periods and with other companies in its industry and across different industries. In particular, AdjustedEBITDA is useful because it excludes the effect of:

– depreciation, which represents non-cash charges to earnings. Companies differ in the age and method of acquisition of productive assets, and thus the relative costs of those assets, as well as in the depreciation method (straight-line, accelerated, units of production), which can result in considerable variability in depreciation expense between companies;

– interest, which is significantly affected by external factors, including interest rates and inflation rates. Interest expense is dependent on the capital structure and credit rating of a company, while debt levels, credit ratings and, therefore, the impact of interest expense on earnings vary in significance between companies; and

– income tax expense. The tax positions of individual companies can vary because of their differing abilities to take advantage of tax benefits and the differing jurisdictions in which they transact business, with the result that their effective tax rates and tax expense can vary considerably.

• However, there are material limitations associated with making the adjustments to calculate Adjusted EBITDA and using it as a performance measure as compared to the most directly comparable IFRS financial measure. For instance, Adjusted EBITDA does not:

– include interest expense, and because the Company has borrowed money to finance its operations, interest expense is a necessary element of its cash requirements and costs and ability to generate revenue;

– include depreciation expense, and because the assets being depreciated will often have to be replaced in the future, Adjusted EBITDA does not reflect any cash requirements for such replacements; or

– include tax expense, and because the payment of taxes is part of the Company’s operations, tax expense is a necessary element of the Company’s cash requirements and costs and ability to generate revenue.

• Accordingly, Adjusted EBITDA should not be considered in isolation or construed as an alternative to earnings or other measures as determined in accordance with IFRS as an indication of the Company’s operating performance. In addition, other companies in its industry or across different industries may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.

• The Company also utilizes IFRS measures to review its performance. These IFRS measures include, but are not limited to, earnings. These important IFRS measures allow management to, among other things, compare the Company’s operations with competitors on a consistent basis and understand the revenues and expenses matched to each other for the applicable reporting period. The Company believes that the use of these IFRS measures, supplemented by the use of Adjusted EBITDA, allows the Company to have a greater understanding of its performance and allows it to adapt to changing trends and business opportunities.

• Investors or potential investors are urged to review the limitations associated with the use of Adjusted EBITDA as a performance measure described above. A reconciliation of Adjusted EBITDA to the nearest comparable IFRS measure can be found in the appendix to this presentation.

Presenters

4

Peter Wijnbergen

President & Chief Executive Officer

Robin Lampard

Senior Vice President & Chief Financial Officer

I. Company Overview

Norbord Snapshot

• Leading manufacturer of wood-based panel products

• Largest global producer of Oriented Strand Board (OSB)

– Stated OSB capacity of 9.0 Bsf-3/8”(1)

– Stated panel capacity (including particleboard & MDF) of 9.9 Bsf-3/8”(1)

– Approximately 2,700 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

• LTM Q1 2019 sales of $2.3 billion

6

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, 2018.

Europe21%

Canada37%

US42%

9.9Bsf-3/8"(1)

Norbord is a Leader in the Global OSB Market

7

Company Overview

Top 10 Global OSB Producers

Enterprise Value

Source: Company filings and Bloomberg. Enterprise values as of June 14, 2019.

* Excluding OSB siding capacity

*

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Norbord Louisiana-Pacific Kronospan Georgia-Pacific Weyerhaeuser Huber Tolko KronoSwiss Martco Egger

OSB

Cap

acit

y (B

sf-3

/8")

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

West Fraser Louisiana-Pacific Norbord Canfor Corp. Interfor Western Forest Products

Ente

rpri

se V

alu

e (

$U

S m

illio

ns)

Norbord is a Significant Player in Both Key Global OSB Markets

8

Company Overview

North American OSB Industry (1) European OSB Industry (1)

* Excluding OSB siding capacity.

*

29%

Louisiana-Pacific18%*Georgia-

Pacific15%

Weyer-haeuser

11%

Tolko8%

Huber8%

Martco6%

Other5%

Industry Capacity27 Bsf-3/8"

Kronospan 39%

SwissKrono 17%

10%

Egger8%

Sonae-Arauco

4%

Smartply 4%

Others17%

Industry Capacity12 Bsf-3/8"

Source: Company Documents and Other Public Filings—Installed Capacity.(1) As of April 6, 2019.

Norbord’s Wood-Based Panel Products

9

Company Overview

OSB – 90% of Capacity

• Norbord’s operations include 15 OSB mills and two other plant locations in the UK producing particleboard, MDF and related value-added products

• New home construction

• Repair and remodel

• Light commercial construction

• Industrial applications

Particleboard – 6% of Capacity

• New home construction

• Repair and remodel

• Furniture

• Fixtures

MDF – 4% of Capacity

• Furniture

• Fixtures

• Mill work

Typical Uses for OSB Products

10

Company Overview

Wall Sheathing

Webstock

Flooring

Rimboard Door Header

Roof

Window Header

Garage Door Header

• OSB is an innovative, affordable and environmentally “sustainable” structural panel– Serves many of the same uses as plywood, but produced at a lower cost

• Norbord expects OSB will continue to capture market share from plywood– OSB represents 69% of total North American structural panel production– OSB represents 45% of total European structural panel production

Source: APA, January 2019

Historical North American Benchmark OSB Prices

11

Company Overview

$100

$150

$200

$250

$300

$350

$400

$450

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

YTD

-20

19

An

nu

al A

vera

ge N

ort

h C

en

tral

OSB

Pri

ceU

S$ p

er

Msf

7/1

6"

15-year average: $253

Source: Random Lengths(1) Twenty-four weeks ended June 14, 2019. We believe that the average North Central benchmark OSB prices presented above, even when unaccompanied by estimated earnings data that is not yet available, is important to

an investor’s understanding of our performance to date during the second quarter of 2019. Our results remain subject to the completion of the second quarter of 2019 on July 6, 2019. See “Forward-Looking Information.”

(1)

II. Credit Highlights

Summary Credit Highlights

13

Credit Highlights

✓ Strong cash flow generation through housing market cycle

✓ Favorable long-term OSB industry fundamentals

✓ High quality asset base with low operating costs

✓ Focused customer strategy and strong customer partnerships

✓ Repositioning business to reduce earnings volatility

✓ Track record of disciplined capital allocation

✓ Robust asset coverage and strong liquidity profile

✓ Experienced management team

631

495

247

42

-60

10745

188

287

290

307

48

-23 5

58

13

106

145

921

802

295

19

-60

5

165

58

294

432

115 125

385

672

724

596

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1/19LTM

Norbord Combined

Ainsworth

Norbord (excluding Ainsworth)

Strong Operating Cash Flow Through The Cycle

14

Credit Highlights

North Central Avg. Benchmark OSB Price

$369 $320 $217 $161 $172 $163 $219 $186 $271 $315 $218 $209 $269 $353 $351 $309

US Housing Starts(000s)

1,956 2,068 1,801 1,355 906 554 587 609 781 925 1,003 1,112 1,174 1,202 1,250 1,222

Total Adjusted EBITDA (US$ millions)

15-year average:$330 million

(1) As disclosed in Ainsworth’s historical MD&As; converted to USD using annual average exchange rate.(2) Assumes operation at LTM production levels as of April 6, 2019.

Norbord sensitivity to realized North American OSB price changes:

+$10/Msf 7/16” = +$53 million Adjusted EBITDA(2)

(1)

Favorable Long-Term OSB Industry Fundamentals

15Source: U.S. Census Bureau and Forest Economic Advisors, LLC (FEA)

Credit Highlights

U.S. Housing Starts and Underlying Demand

North American OSB Demand and Capacity

50%

60%

70%

80%

90%

100%

110%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F

OSB

de

man

d/c

apac

ity

(%)

0.5

1.0

1.5

2.0

2.5

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F

US

Ho

usi

ng

Star

ts (

mm

)

US Housing Starts Underlying Demand

High Quality Asset Base with Low Operating Costs

16

Credit Highlights

North America

Europe

Oriented Strand Board (OSB)

Particleboard

Medium Density Fiberboard (MDF)

Furniture

14

15

1616

1717

1

2

3

4

5

67

12

13

1110 9

8

Mill Location Capacity (MMsf-3/8")

1. 100 Mile House British Columbia 440

2. Grande Prairie Alberta 830

3. High Level Alberta 860

4. Barwick Ontario 510

5. Bemidji Minnesota 550

6. La Sarre Quebec 500

7. Chambord Quebec 550

8. Joanna South Carolina 650

9. Cordele Georgia 1,040

10. Huguley Alabama 500

11. Guntown Mississippi 450

12. Jefferson Texas 500

13. Nacogdoches Texas 420

Total North America 7,800

14. Inverness Scotland 720

15. Genk Belgium 450

Total Europe OSB 1,170

Total OSB 8,970

16. Cowie 405

17. South Molton 160

Total Particleboard 565

16. Cowie 380

Total MDF 380

Total Panel 9,915

(1)

(1) Production of OSB at Chambord indefinitely curtailed. In addition, the Company expects to indefinitely curtail production of OSB in 100 Mile House, British Columbia, starting in August 2019.

Focused Customer Strategy Sets Norbord Apart

17

Credit Highlights

Q1/19 LTM North American Shipments

• New home construction sales volume tied to US housing starts• Repair & remodel sales volume growing in step with R+R expenditures• Industrial and export sales volume growing through substitution, has more stable margins

6.5 Bsf-3/8”

Repositioning Business to Reduce Earnings Volatility

18

Credit Highlights

Q1/19 LTM Sales by Geography

(1) Exports to Asia are handled by Interex and sales are reported in the North American geographic segment. (2) Represents Norbord’s North American non-OSB business (fully divested in 2010).

• Strong operating footprint

• Growing stable margin end-uses:

– North American industrial products

– European panels

– Asia-focused exports(1)

• Provides greater diversification than North American-based competitors

• Better positioned to weather market cycles

(1)

$2.3 billionSales

58%22%

20%

63%

4%

28%

5%

Norbord shipments – 5.1 Bsf-3/8”

20041.96M US Housing Starts

20181.25M US Housing Starts

Norbord shipments – 8.3 Bsf-3/8”

NA Specialty

Diversifying Towards Stable Margin End Uses

NA Commodity & VAP

Europe

Other (2)

$0

$50

$100

$150

$200

$250

$300

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Capex Inverness Expansion

19

Credit Highlights

Capex Investment (US$ millions)

• Three main priorities:

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

shareholders

• 2018 capex of $204 million

• 2019 capex includes investments to prepare Chambord, Quebec mill for restart (when warranted by customer demand) and Inverness, Scotland phase 2 project

Track Record of Disciplined Capital Allocation

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

Minimum Maintenance $25 million

(1)

20

Credit Highlights

Strong Liquidity Profile (US$ millions)

Robust Asset Coverage and Strong Liquidity Profile

(1) $245 million of committed revolving bank lines less $8 million outstanding letters of credit and guarantees drawn at quarter-end.(2) A/R Securitization program fully drawn at Q1 2019 to fund seasonal investment in operating working capital.

Focused Financial Management

Robust Asset Coverage (As of 4/6/2019)Manageable Debt Maturities (US$ millions)

• Track record of disciplined capital allocation

• Accretive acquisitions

• Low-cost capacity additions

• Divestment of non-core assets

• Deleverage on cyclical upturns

• Stable issuer credit ratings (Moody’s: Ba1, S&P: BB)

Q1 2019

Cash $ 2

Revolving Bank Lines(1) 237

A/R Securitization(2) -

Liquidity $ 239

(2)

Cash $2Restricted Cash --A/R 175Inventory 257Prepaids 10PP&E 1,425Total Tangible Assets $1,869Senior Notes $555Drawings under committed credit lines 80Coverage Ratio 2.9x

$240

$315

2019 2020 2021 2022 2023

6.2

50

% S

enio

r N

ote

s

5.3

75

% S

enio

r N

ote

s

Experienced Management Team

21

Credit Highlights

Name TitleYears at

CompanyPast Experience

Peter Wijnbergen President & CEO 32▪ Previously held senior sales, strategic planning and

operations positions at Norbord including SVP & COO

Robin Lampard SVP & CFO 23▪ Previously held senior finance positions at Norbord

including Treasurer

Kevin BurkeSVP, North American Operations

18▪ Previously held senior operations positions at Norbord

in both Europe and North America

Alan McMeekin SVP, Europe 10▪ Previously VP of Finance and Operations, Europe at

Norbord

Nigel Banks SVP, Corporate Services

9 ▪ Previously VP, Human Resources of LifeLabs

Mark Dubois-PhillipsSVP, Sales, Marketing & Logistics

1▪ Over 20 years of experience in the forest products

industry in North America and Asia

• Proven track record of maximizing performance in both favorable and challenging market conditions

• Senior management team averages over 17 years of industry experience

III. Financial Overview

Financial Summary

23

Financial Overview

(1) Adjusted EBITDA means earnings before finance costs, income taxes, depreciation and other unusual or non-recurring items.(2) Liquidity is comprised of unused amounts under the revolving bank lines and accounts receivable securitization program and cash and cash equivalents.

(1)

(2)

(US$ millions) Year Ended December 31, LTM

2016A 2017A 2018A Q1 19A

Sales

North America $1,361 $1,747 $1,907 $1,789

Europe 405 430 517 535

Total Sales $1,766 $2,177 $2,424 $2,324

Adjusted EBITDA

North America $352 $638 $652 $519

Europe 41 41 86 89

Corporate & Other (8) (7) (14) (12)

Total Adjusted EBITDA $385 $672 $724 $596

Margin % 21.8% 30.9% 29.9% 25.6%

Earnings $183 $436 $371 $277

Liquidity $506 $592 $490 $239

Shipments (MMsf 3/8")

North America 5,888 6,066 6,484 6,532

Europe 1,779 1,867 1,825 1,885

Total Shipments 7,667 7,933 8,309 8,417

Indicative Average OSB Price

North Central ($/Msf–7/16") $269 $353 $351 $309

South East ($/Msf–7/16") 245 330 315 280

Western Canada ($/Msf–7/16") 234 326 307 255

Europe (€/m3) 233 239 294 297

29

16

2523

0

24

43

15

12

0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Margin Improvement Is an Operational Priority

24

Financial Overview

(1) Measured relative to prior year at constant prices and exchange rates.(2) The benefits from richer product mix and improved productivity were offset by higher maintenance-related costs. In addition, 2018 MIP was negatively impacted by higher raw material usages and costs associated with

executing on strategic capital and sales growth initiatives. Further, the excellent ramp up of the Huguley, Alabama and Inverness, Scotland mills were excluded from 2018 MIP calculation. (3) 2015 onwards reflects Norbord following completion of merger with Ainsworth. Pre 2015 reflects Norbord excluding Ainsworth.

(2)

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

• Margin Improvement Program (MIP) gains help offset impact of industry-wide rising input costs:– Increased productivity– Reduced overhead costs– Reduced raw material usage– Improved product mix

• MIP has delivered $331 million of margin improvements over the past 15 years

(1)

(3)

(2)

0x

3x

6x

9x

12x

$0

$50

$100

$150

$200

$250

$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 Q4 18 Q1 19

Strong Leverage Metrics

25

Financial Overview

Adjusted EBITDA vs Net Debt(1)

Quarterly Adj. EBITDA

(in US$ millions)

Net Debt toLTM Adj. EBITDA

0.9x

(1) Net debt for financial covenant purposes is the principal amount of long-term debt, including the current portion, bank advances and drawings under the bank lines (including letters of credit and guarantees), other liabilities classified as debt for financial covenant purposes, less cash and cash equivalents.

Credit Highlights

26

✓ Strong cash flow generation through housing market cycle

✓ Favorable long-term OSB industry fundamentals

✓ High quality asset base with low operating costs

✓ Focused customer strategy and strong customer partnerships

✓ Repositioning business to reduce earnings volatility

✓ Track record of disciplined capital allocation

✓ Robust asset coverage and strong liquidity profile

✓ Experienced management team

IV. Appendix

Adjusted EBITDA Reconciliation

28

Appendix

(US$ millions) Year Ended December 31, LTM

2016A 2017A 2018A Q1 19A

Earnings (loss) $183 $436 $371 $277

Add: Finance costs 52 32 37 40

Less: Interest income -- -- (4) (5)

Add: Depreciation and amortization 94 107 134 139

Add: Income tax (recovery) expense 61 81 100 59

Add: Impairment of assets -- -- 80 80

Add: Loss on disposal of assets -- 12 2 2

Add: Stock-based compensation and related costs 2 3 4 4

Add: Pre-operating costs related to Inverness project -- 1 -- --

Less: Gain on Asset Exchange (16) -- -- --

Add: Other costs incurred to achieve merger synergies 8 -- -- --

Add: Costs related to High Level fire 1 -- -- --

Adjusted EBITDA $385 $672 $724 $596

(1) Adjusted EBITDA means earnings before finance costs, income taxes, depreciation and other unusual or non-recurring items.

(1)