Norbord Provides Status Update on Tender Offer and Consent Solicitation for 8.125% Debentures due 2008

    TORONTO, Feb. 28 /CNW/ - Norbord Inc. (TSX:NBD) announced today that
Norbord Finance (Ontario) Inc., a wholly owned subsidiary, has received
tenders and consents representing $196.67 million or 99.99% of the total
outstanding 8.125% Debentures due 2008 (the "Debentures"). As outlined in the
Offer to Purchase and Consent Solicitation Statement dated February 13, 2008
(the "Offer to Purchase"), the consent threshold required to adopt the
proposed amendments to the indenture governing the Debentures has been met.
    Debentures not tendered and purchased pursuant to the tender offer will
remain outstanding until redeemed by Norbord Inc. on the stated maturity date
of March 20, 2008.
    The tender offer and consent solicitation is being made upon the terms
and conditions set forth in the Offer to Purchase and the accompanying Letter
of Transmittal and Consent (the "Letter of Transmittal" and, together with the
Offer to Purchase, the "Offer Documents"). This tender offer and consent
solicitation expires at 12:00 midnight on Wednesday, March 12, 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 Offer 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
    The tender offer and consent solicitation is being made solely by means
of the Offer Documents. Under no circumstances shall this press release
constitute an offer to purchase or the solicitation of an offer to sell the
Debentures or any other securities of Norbord Inc. or Norbord Finance
(Ontario) Inc. It also is not a solicitation of consents to the proposed
amendments to the indenture. No recommendation is made as to whether holders
of the Debentures should tender their Debentures or give their consent.

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

    This news release contains forward-looking statements, as defined in
applicable legislation. The words "will", "may be", and other expressions
which are predictions of or indicate future events, trends or prospects and
which do not relate to historical matters identify forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of Norbord to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements.
    Although Norbord believes it has a reasonable basis for making these
forward-looking statements, readers are cautioned not to place undue reliance
on such forward-looking information. By its nature, forward-looking
information involves numerous assumptions, inherent risks and uncertainties,
both general and specific, which contribute to the possibility that the
predictions, forecasts and other forward-looking statements will not occur.
Factors that could cause actual results to differ materially from those
contemplated or implied by forward-looking statements include: general
economic conditions; risks inherent with product concentration; effects of
competition and product pricing pressures; risks inherent with customer
dependence; effects of variations in the price and availability of
manufacturing inputs; risks inherent with a capital intensive industry; and
other risks and factors described from time to time in filings with Canadian
securities regulatory authorities.
    Except as required by applicable laws, Norbord does not undertake to
update any forward-looking statements, whether as a result of new information,
future events or otherwise, or to publicly update or revise the above list of
factors affecting this information. See the "Caution Regarding Forward-Looking
Information" statement in the March 1, 2007 Annual Information Form and the
cautionary statement contained in the "Forward-Looking Statements" section of
the 2006 Management's Discussion and Analysis dated January 31, 2007. Norbord

For further information:

For further information: Anita Veel, Director, Corporate Affairs, (416)

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