Norbord Announces Tender Offer

Toronto, Ontario, Canada, 13 February 2008 -– Norbord Inc. (TSX:NBD) announced today that its wholly owned subsidiary, Norbord Finance (Ontario) Inc., has commenced a cash tender offer for any and all of its outstanding CAD 196,700,000 aggregate principal amount 8.125% debentures due 2008 on the terms and subject to the conditions set forth in its Offer to Purchase and Consent Solicitation Statement, dated 13 February 2008, and the related Consent and Letter of Transmittal.

Norbord Finance (Ontario) Inc. also is soliciting consents to certain proposed amendments to the indenture governing the debentures. The tender offer documents more fully set forth the terms of the tender offer and consent solicitation.

The tender offer will expire at 12:00 midnight, Eastern Time, on 12 March 2008, unless extended or earlier terminated by Norbord Finance (Ontario) Inc. Norbord Finance (Ontario) Inc. reserves the right to terminate, withdraw, or amend the tender offer and consent solicitation at any time subject to applicable law.

The tender offer consideration for each CAD 1000 principal amount of debentures tendered and accepted for purchase pursuant to the tender offer will be CAD 1000.50. In addition, each holder who validly tenders its debentures and delivers consents on or before 5:00 p.m. Eastern Time, on 27 February 2008 (such time on such date, the “consent date”), will be entitled to a consent payment of CAD 2.00 for each CAD 1000 principal amount of debentures tendered by such holder if such debentures are accepted for purchase pursuant to the tender offer.

Holders who tender debentures are required to consent to the proposed amendments to the indenture. Any tender of debentures before the consent date may be validly withdrawn and consents may be validly revoked at any time before the consent date, but not thereafter unless the tender offer and the consent solicitation are terminated without any debentures being purchased. Holders who tender debentures after the consent date will not receive the consent payment.

The obligation of Norbord Finance (Ontario) Inc. to accept for purchase and to pay for debentures validly tendered and not withdrawn pursuant to the tender offer and the consent solicitation is subject to the satisfaction or waiver of the conditions to the tender offer and consent solicitation, including the receipt of the requisite consents. The complete terms and conditions of the tender offer and the consent solicitation are set forth in the tender offer documents, which are being sent to holders of the debentures. Holders of the debentures are urged to read the tender offer documents carefully.

None of the proposed amendments will affect the terms of the debentures held by the nontendering holders of the debentures. Debentures not tendered and purchased pursuant to the tender offer will remain outstanding until redeemed by Norbord Inc. on the stated maturity date of 20 March 2008.

Norbord Finance (Ontario) Inc. has retained Credit Suisse Securities (USA) LLC to act as dealer manager in connection with the tender offer and consent solicitation. Questions about the tender offer and consent solicitation may be directed to Credit Suisse Securities (USA) LLC at (212) 538-4807 (collect). Copies of the tender offer documents and other related documents may be obtained from Global Bondholder Services Corporation, the information agent for the tender offer and consent solicitation, at (866) 952-2200 (toll free) or (212) 430-3774 (collect).

Norbord Inc. is an international producer of wood-based panels and is a publicly traded company listed on the TSX under the symbol NBD.

www.norbord.com