Norbord Completes Standby Purchase Related To CAD $240 Million Rights Offering

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    Note: Financial references in US dollars unless otherwise indicatedTORONTO, Jan. 6, 2009 /CNW/ - Norbord Inc. (TSX:NBD) announced today that
it has closed the standby purchase by Brookfield Asset Management Inc.
(together with its affiliates, "Brookfield") related to the previously
announced CAD $240 million rights offering. Under the terms of the Standby
Purchase Agreement between Norbord and Brookfield, Brookfield purchased 163
million common shares and 81 million warrants for gross proceeds of
approximately CAD $144 million. Brookfield holds approximately 325 million
common shares or approximately 75% of the total number of Norbord's common
shares issued and outstanding and approximately 131 million warrants.
    A total of approximately 432 million common shares and 136 million
warrants of Norbord are now issued and outstanding.

    This news release does not constitute an offer to sell or the
solicitation of an offer to buy these securities. Securities may not be
offered or sold in the United States absent registration or an exemption from
registration under the United States Securities Act of 1933, as amended. The
Company does not intend to register any portion of this offering in the United
States.

    Norbord Profile

    Norbord Inc. is an international producer of wood-based panels with
assets of $1.1 billion, employing approximately 2,700 people at 15 plant
locations in the United States, Europe and Canada. Norbord is one of the
world's largest producers of oriented strand board (OSB). In addition to OSB,
Norbord manufactures particleboard, medium density fibreboard (MDF), hardwood
plywood and related value-added products. Norbord is a publicly traded company
listed on the Toronto Stock Exchange under the symbol NBD.

For further information: Anita Veel, Director, Corporate & Regulatory
Affairs, [phone], [e-mail]