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Toronto, Ontario, Canada, 24 December 2008 – Norbord Inc. (TSX:NBD) announced today that it has completed the initial subscription under its previously announced rights offering to shareholders of approximately CAD 240 million.

Under the offering, approximately 110 million units comprising approximately 110 million common shares and approximately 55 million warrants were issued to shareholders that elected to exercise rights, including exercise of the basic subscription right by Brookfield Asset Management Inc. (TSX and NYSE:BAM, Euronext:BAMA) or its affiliates, Norbord Inc.’s largest shareholder. Gross proceeds from the initial subscriptions totaled approximately CAD 96 million.

Norbord also announced today that, pursuant to the terms of its Standby Purchase Agreement with Brookfield, the closing date for the completion of the standby commitment has been set for 06 January 2009. Under the terms of the Standby Purchase Agreement, Brookfield will purchase approximately 163 million additional common shares and 81 million warrants for gross proceeds of approximately CAD 144 million. Upon satisfaction of the standby commitment, Brookfield will hold a total of 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.

Upon completion of the standby commitment, Norbord expects a total of approximately 432 million common shares and 136 million warrants of Norbord Inc. will be issued and outstanding.

Norbord Inc. is an international producer of wood-based panels with assets of CAD 1.1 billion. The company employs approximately 2700 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.

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