#1LP BUILDING SOLUTIONS LPX Investor Day February 28, 2024#2AGENDA 1 LP Strategy 4 LP South America Strategy Chair & CEO Brad Southern 2 Siding Strategy 5 EVP, Siding General Manager Jason Ringblom 3 OSB Strategy Chair & CEO Brad Southern SVP, LP South America General Manager Frederick Price Capital Allocation, M&A Strategy, Guidance EVP & CFO Alan Haughie 6 Q&A All LP BUILDING SOLUTIONS#3FORWARD-LOOKING STATEMENTS This presentation contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the beliefs and assumptions of, and on information available to, our management; assumptions upon which such forward-looking statements are based are also forward-looking statements. The following statements are or may constitute forward-looking statements: (1) statements preceded by, followed by or that include words like "may," "will," "could," "should," "believe," "expect," "anticipate,” “intend,” “plan,” “estimate,” “project,” “target,” “potential,” “continue,” “likely," or "future" or the negative or other variations thereof and (2) other statements regarding matters that are not historical facts, including without limitation, plans for product development, forecasts of future costs and expenditures, possible outcomes of legal proceedings, capacity expansion, and other growth initiatives, the adequacy of reserves for loss contingencies, and any statements regarding the Company's financial outlook. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: changes in governmental fiscal and monetary policies, including tariffs and levels of employment; changes in general and global economic conditions, including impacts from global pandemics, rising inflation, supply chain disruptions, and new or ongoing military conflicts including the conflict between Russia and Ukraine and the conflict in Israel and the surrounding areas; the commodity nature of a segment of our products and the prices for those products, which are determined in significant part by external factors such as total industry capacity and wider industry cycles affecting supply and demand trends; changes in the cost and availability of capital; changes in the cost and availability of financing for home mortgages; changes in the level of home construction and repair and remodel activity; changes in competitive conditions and prices for our products; changes in the relationship between supply of and demand for building products; changes in the financial or business conditions of third-party wholesale distributors and dealers of building products; changes in the relationship between the supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products; changes in the cost and availability of energy, primarily natural gas, electricity, and diesel fuel; changes in the cost and availability of transportation, including transportation services provided by third parties; our dependence on third-party vendors and suppliers for certain goods and services critical to our business; operational and financial impacts from manufacturing our products internationally; difficulties in the development, launch or production ramp-up of new products; our ability to attract and retain qualified executives, management and other key employees; the need to formulate and implement effective succession plans from time to time for key members of our management team; impacts from public health issues (including global pandemics) on the economy, demand for our products or our operations, including the actions and recommendations of governmental authorities to contain such public health issues; our ability to identify and successfully complete and integrate acquisitions, divestitures, joint ventures, capital investments and other corporate strategic transactions; unplanned interruptions to our manufacturing operations, such as explosions, fires, inclement weather, natural disasters, accidents, equipment failures, labor shortages or disruptions, transportation interruptions, supply interruptions, public health issues (including pandemics and quarantines), riots, civil insurrection or social unrest, looting, protests, strikes, and street demonstrations; changes in global or regional climate conditions, the impacts of climate change, and potential government policies adopted in response to such conditions; changes in other significant operating expenses; changes in currency values and exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, Brazilian real, Chilean peso, and Argentine peso; changes in, and compliance with, general and industry-specific laws and regulations, including environmental and health and safety laws and regulations, the U.S. Foreign Corrupt Practices Act and anti-bribery laws, laws related to our international business operations, and changes in building codes and standards; changes in tax laws and interpretations thereof; changes in circumstances giving rise to environmental liabilities or expenditures; warranty costs exceeding our warranty reserves; challenges to or exploitation of our intellectual property or other proprietary information by our competitors or other third parties; the resolution of existing and future product-related litigation, environmental proceedings and remediation efforts, and other legal or environmental proceedings or matters; the effect of covenants and events of default contained in our debt instruments; the amount and timing of any repurchases of our common stock and the payment of dividends on our common stock, which will depend on market and business conditions and other considerations; cybersecurity events affecting our information technology systems or those of our third-party providers and the related costs and impact of any disruption on our business; and acts of public authorities, war, political or civil unrest, natural disasters, fire, floods, earthquakes, inclement weather, and other matters beyond our control. For additional information about factors that could cause actual results, events, and circumstances to differ materially from those described in the forward-looking statements, please refer to LP's filings with the Securities and Exchange Commission (SEC). We urge you to consider all of the risks, uncertainties, and factors identified above or discussed in such reports carefully in evaluating the forward- looking statements in this presentation. We cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or even if substantially realized, that those results will have the forecasted or expected consequences and effects for or on our operations or financial performance. The forward-looking statements made today are as of the date of this presentation. Except as required by law, LP undertakes no obligation to update any such forward-looking statements to reflect new information, subsequent events, or circumstances. PAGE 3#4STATEMENT RELATING TO THE USE OF NON-GAAP FINANCIAL MEASURES During the course of this presentation, certain non-GAAP financial measures will be presented. Non- GAAP financial measures should be considered only as a supplement to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the earnings release filed as an exhibit to LP's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 14, 2024, and the Appendix of this presentation for a reconciliation of non-GAAP financial measures. It should be noted that other companies may present similarly titled measures differently, and therefore, such measures as presented by LP may not be comparable to similarly-titled measures reported by other companies. PAGE 4#52007 ogic 1/2 CATEGORY RODE/WALL SHE 32/16 STRUCT LP Wea AES WATER BA LP STRATEGY . • Leadership and culture for continued growth, innovation, and value generation Transforming from commodity to specialty drives value Focused portfolio . Responsible stewards of capital TANE ● The markets we serve are poised for growth • We are well-positioned to gain share as we outperform those markets Legacy CHIUM SUB-FLOORING MADE LP BUILDING PAGE 5 SOLUTIONS#6PAGE 6 LP'S EXECUTIVE TEAM Brad Southern Chair & CEO Jimmy Mason EVP, OSB General Manager Alan Haughie EVP & CFO Nicole Daniel SVP, General Counsel & Corporate Secretary Jason Ringblom EVP, Siding General Manager Mike Blosser SVP, Manufacturing Services Frederick Price SVP, LP South America General Manager LP BUILDING SOLUTIONS#7LP'S TRANSFORMATION DELIVERS VALUE Commodity → Specialty PAGE 7 • OSB → Siding • Commodity OSB → Value-add OSB • • New construction → Repair and remodel Volatile commodity pricing → Stable and growing specialty pricing and margins Top-Tier Stockholder Returns · Efficient capital allocation strategy returns cash to stockholders . Siding funds its own growth, OSB cash flow returned to stockholders via share buybacks • 5-year compounded total stockholder return of 28% per year (S&P500: 15.7%)¹ . • 3-year compounded total stockholder return of 26% per year (S&P500: 10.0%)² 1. Factset, January 1, 2019 through December 29, 2023 2. Factset, January 1, 2021 though December 29, 2023 LP BUILDING SOLUTIONS#8LP அ LP WE PORTFOLIO • • Transforming from commodity to specialty Only manufacturer of strand-based engineered wood siding Second largest OSB producer with the most diverse portfolio of value-add OSB products • Significant synergies between Siding and OSB Exited EWP and Entekra to focus on LP® SmartSide® and LPⓇ Structural Solutions growth platforms LP BUILDING PAGE 8 SOLUTIONS#9RESPONSIBLE STEWARDS OF CAPITAL Investing in Growth LP® SmartSide® - Houlton, Sagola, Wawa . LP® ExpertFinishⓇ - Roaring River, Green Bay, Bath . LP® Structural Solutions - OSB mills Returning Cash to Stockholders • $2.4B in dividends and share buybacks since 2021 Strong Balance Sheet . $350M long-term debt ~$800M liquidity LP BUILDING PAGE 9 SOLUTIONS#10SUSTAINABLE BUSINESS MODEL • LP's highest volume raw material input is sustainably harvested renewable wood fiber 100% of the wood fiber we source is vetted through stringent forest certification standards through SFIⓇ and PEFC® LP® SMARTSIDE® ENVIRONMENTAL PRODUCT DECLARATION LP SmartSide LP 2021 SUSTAINABILITY REPORT • ● Forests are managed to optimize growth and CO2 uptake via photosynthesis, ensuring long-term availability Mills generate 80% of the thermal energy they use . from biomass, offsetting fossil fuel (R LP® SmartSide ® Trim & Siding is carbon negative and more sustainable than competing alternatives PAGE 10 LP BUILDING SOLUTIONS#1185 and over 80 to 84 75 to 79 70 to 74 65 to 69 60 to 64 55 to 59 50 to 54 45 to 49 40 to 44 35 to 39 30 to 34 25 to 29 20 to 24 15 to 19 10 to 14 POSITIONED FOR DEMOGRAPHIC TRENDS U.S. Population Age Structure 5 to 9 Under 5 0 2 4 6 8 10 12 14 16 18 20 22 Millions of People 2000 NH 2 VTI 2 24 24 1 1 8 5 2 1 29 MA 10 1 15 -RI 2 5 19 CT 5 3 18 3 199 NJ 13 7 DÉ 1 4 MD 8 13 9 8 3 6 47 13 Gained 2 seats 32 Gained 1 seat No change Lost 1 seat Lost 2 seats Allocation of congressional districts after the 2000 U.S. Census 26 Home-buying age cohorts poised for growth • Median overall home buyer is 46 years old Median first-time home buyer is 32 years old Family formation increasing post-COVID Migration south and west increases housing demand See U.S. Census Bureau maps below for the allocation of congressional districts in the U.S. House of Representatives . 2010 2020 10 NH 2 VT 1 2 10 NH 2 VTI 2 1 1 1 6 8 2 1 8 26 MA 9 1 8 27 MA 9 1 13 RI 2 1 14 -RI 2 4 17 CT 5 4 18 3 CT 5 4 15 3 16 4 17 9 NJ 12 18 9 -NJ 12 DE 1 7 DE 1 52 4 11 8 6 MD 8 11 53 4 8 6 MD 8 14 9 13 5 9 4 5 3 Gained 4 seats 47 14 Gained 2 seats 47 14 Gained 2 seats 38 6 Gained 1 seat 36 Gained 1 seat No change Lost 1 seat No change Lost 1 seat Lost 2 seats Allocation of congressional districts after the 2010 U.S. Census 品 Allocation of congressional districts in the House of Representatives after the 2020 U.S. Census Source: U.S. Census Bureau and Company estimates PAGE 11#122001 2002 2003 2004 2005 2006 2007 2008 U.S. Single-Family Housing Starts: 2001-2023 2,000 26 1,800 25 1,600 1970-2000 Average 1,400 Actual SF Starts 24 1,200 1,000 23 800 22 600 400 21 200 0 20 20 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 POSITIONED FOR HOUSING AND R&R TAILWINDS Over the last 20 years, compared to the prior 30-year average demand, there is a cumulative undersupply of almost 3M single-family homes. Source: U.S. Census Bureau and Company estimates The average home in the U.S. is over 40 years old. The number of homes over 20 years old is set to grow steeply due to the 2002-2006 cycle. PAGE 12 BUILDING LP SOLUTIONS 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 བཅལ་ 2018 2019 2020 2020 2021 2021 2022P 2023P 2024P 2025P U.S. Single-Family Homes of "Prime Remodeling" Age (between 20 - 39 years old)#13LP BUILDING SOLUTIONS SIDING STRATEGY#14SIDING Share, Mix, and 1 Growth Above Market 5 Product Innovation Growing with Big 2 6 Capacity Update Builders and R&R 3 Competitive Moat LP® SmartSideⓇ Value Proposition vs. Competing Siding Materials 7 Margin History and Expectations PAGE 14 BUILDING LP SOLUTIONS#15STRATEGIES FOR GROWTH STRATEGY: LP is growing Siding sales and margin by innovating new products, gaining share with big builders and remodeling contractors, and expanding addressable markets BRAND Increase Product Adoption Drive awareness and trial with pros Strengthen value propositions to further differentiate LP from competition Increase investment in new high-value markets INNOVATION Launch High-Value New Products Enable design and aesthetics Develop integrated wall systems Expand efficiency of installation CHANNEL Expand Product Availability Grow product placement with national dealers, one-steppers, and retail Defend dominant share in shed and grow with manufactured housing SEGMENTS Repair & Remodel New Construction Shed Manufactured Housing Gain share from vinyl and fiber cement Gain share from fiber cement and wood trim Protect share and grow adjacencies Gain share from vinyl and fiber cement PAGE 15#16OVERALL SIDING NEW CONSTRUCTION / R&R MARKET 100% Share of Total Siding & Trim Market Share of Addressable Siding & Trim Market (~$13B market size, excluding shed) (~$10B market size, excluding shed) Addressable Market (Excluding Shed) $10B 5% 3% 3% ■ Other 6% 90% 7% ■Metal 7% Company 80% 11% Approximate Share of Addressable Siding & Trim Market % Revenue Share of Primary Market ■Masonry 12% 3% 70% 5% ■ Brick Wood 27% Very fragmented 5% 60% Stucco 22% 9% Vinyl 22% 3-4 major manufacturers 50% ■Polymer Composite ~90% of fiber 16% JamesHardie -20% ■Cellular PVC 40% cement 22% Engineered Wood 30% LP BUILDING 17% SOLUTIONS -10% -85% of engineered wood ■ Vinyl 20% 10% ■Fiber Cement 27% 20% ■Wood 0% % of Total Manufacturer Revenue ($M) % of Total Manufacturer Revenue ($M) Long runway to gain market share from wood and vinyl, aiming to secure it before fiber cement does Source: 2022 Principia Report (share calculated using Principia data and Company estimates) PAGE 16#17Normalized Growth SIDING GROWTH & MIX 700% 600% Siding Sales 500% 400% 300% 200% 100% LP BUILDING SOLUTIONS Siding Volume U.S. Housing Starts 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E PAGE 17 Diversified end markets reduce earnings volatility, offer more areas for growth#18SIDING MOAT PROCESS COMPLEXITY QUALITY & WARRANTY SUPPLY EXCLUSIVITY SALES TEAM MARKET REACH OSB OPPORTUNITY COST PAGE 18 LP BUILDING SOLUTIONS#19LP SmartSide® VS. THE COMPETITION TRIM & SIDING Comparing LP® SmartSide® to other siding technologies on the factors that matter most to installers and homeowners... Factor Fiber Cement Vinyl Wood Brick Material Cost Similar Lower Varies Installation Slower & Harder Durability Less Durable Sustainability Much Worse Faster Much Less Durable Much Worse Similar Higher Slower & Harder Less Durable More Durable Varies Much Worse PAGE 19 LP BUILDING SOLUTIONS#20PAGE 20 TESTIMONIAL LP SMARTSIDE TRIM & SIDING BENEFITS WITH KYLE STUMPENHORST LP SmartSide® ExpertFinish TRIM & SIDING LP BUILDING SOLUTIONS#21SIDING INNOVATION Innovation is driving growth, opening new markets, and meeting the design and aesthetic needs of builders and remodeling contractors EXPERTFINISHⓇ Premium repair and remodel product 60-70% price uplift ~10% of 2023 volume BUILDERSERIES® Designed for big builders Gaining share Significant pull-through of trim and soffit PAGE 21 BRUSHED SMOOTH NICKEL GAP Recent launch Recent launch Smooth texture • Available in cedar and Available primed and prefinished · brushed smooth textures Available primed and prefinished#22SIDING CAPACITY LP CUTITIONS LPIONS Mill Capacity 2,500 0.3 C B 2,000 A 0.25 1,500 1,000 500 -SmartSide -ExpertFinish 0.2 0.15 G F E 0.1 0.05 0 2021 2022 2023 2024 2025 ExpertFinishⓇ Capacity as % Mill Ⓐ Houlton Siding B Sagola Siding Wawa (Timing TBD) D Roaring River E Green Bay Line 2 F Bath, Green Bay Line 3 Washington (Timing TBD) PAGE 22 LP BUILDING SOLUTIONS#23SIDING MARGIN MOVES OVER TIME LIKE A SINE WAVE Adjusted EBITDA % peaks occur when capacity utilization is high before investment in new mills begins The curve trends upwards due to economies of scale PAGE 23 Adjusted EBITDA % troughs are periods of investment in new capacity and underutilization as new mills ramp up The amplitude should fall as each new addition is smaller relative to the existing base LP BUILDING SOLUTIONS#24SIDING CONCLUSION . Growing above market ● Pricing power • Moat Value proposition vs. competitors Adjusted EBITDA margin set to expand with growth Long runway for growth in sales and expansion of capacity LP BUILDING PAGE 24 SOLUTIONS#25LP BUILDING SOLUTIONS RADIANT BARRIER P TechShi PROTECT FROM MOISTURE PRIOR TO INSTALCATIO FOIL FACES REQUIRE AIR SPACE ON ALL INSTALLATIO FOOFS: THIS SIDE DOWN. GABLE ENDS: THIS SID CUSTOMER SERVICE (800) 648-6893 USPATENT #6251.495 OSB STRATEGY Weather#26OSB 1 Structural Solutions Operational 2 Excellence Disciplined Capacity 3 Management LP TopNotch350 LP TechShield TechShield FlameBlock LF TechShield ALL C уродаше LP WeatherLogi LP WeatherLogic LP NovaCore TED HEATING R-5 XPS FOAM R-5 NovaCore XPS FOAM FOR AS EXTERIOR SHEACHE THE P LP Legacy CLUE PAGE 26 BUILDING LP SOLUTIONS#27PAGE 27 OSB MARKET SHARE EA Structural Solutions LP has the most comprehensive portfolio of value-added OSB products Commodity OSB Second largest producer by total manufacturing capacity LP BUILDING SOLUTIONS#28STRUCTURAL SOLUTIONS STRATEGY: LP is growing Structural Solutions' market share through a diverse product portfolio engineered to meet evolving market demands and increasing margins through cost optimization INNOVATION Develop new Structural Solutions products and systems Improve cycle time on introduction of new high-value products Leverage and build from existing Structural Solutions technology platforms Accelerate shift from commodity OSB to Structural Solutions COMMERCIALIZATION Bring new Structural Solutions products to market Align products under the LP® Structural Solutions brand Commercialize accessories that complement core Structural Solutions products Leverage the breadth of our solutions portfolio to capture share with the pro dealer and big builder Further establish LP as a sustainability leader VALUE CREATION Drive value by accelerating shift from commodity to specialty Structural Solutions prices are higher and less variable than commodity prices Reduced reliance on volatile commodity prices Reduced reliance on commodity volume improves capacity management flexibility PAGE 28#29STRUCTURAL SOLUTIONS GROWTH LP Ted RADIANT STRUCTURAL SOLUTIONS % OF VOLUME 60% 50% 40% 35% 32% 30% 20% LP NovaCore™ 10% THERMAL INSULATED SHEATHING 36% 37% 39% 43% 51% 48% 46% 46% 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 LP BUILDING PAGE 29 SOLUTIONS#30OPERATIONAL EXCELLENCE Overall Equipment Effectiveness Reduced unscheduled downtime 90% 85% 80% 75% 70% 65% 60% 55% 50% 2021 2022 2023 2024 2025 2026 Actual -Trend PAGE 30 Increased operating rates Improved product quality Increased Structural Solutions throughput Lower cost of production Improved safety Improved capacity management LP BUILDING SOLUTIONS#31LP WeatherLogic LP WeatherLogi LP NovaCore™ R-5 XPS FOAM FOR LP FameBlock LP FlameBloc FIRE-RATED SHEATHING . OSB CONCLUSION LP NovaCore R-5 XPS FOAM . Innovating new products to drive Structural Solutions growth Driving operational excellence (OEE) Managing capacity with discipline LP BUILDING PAGE 31 SOLUTIONS#32LP BUILDING SOLUTIONS LP SOUTH AMERICA LP#33PAGE 33 LP SOUTH AMERICA STRATEGY We are changing the way a continent builds#34SOUTH AMERICAN CONVERSION STORY In North America... In South America... OSB displaced plywood and changed building materials OSB is replacing stone and concrete, changing building materials and processes In 2000, LP opened its South American operations (LPSA). At the time: • • Population: 400M Housing Deficit: 20M+ PAGE 34 72% MASONRY 22% CONCRETE 4% OTHER 2% WOOD#35LP BUILDING SOLUTIONS DISTRIBUIDOR AUTORIZADO LP'S ARGUMENT FOR BUILDING CONVERSION . • Frame construction cost 35% less than masonry Wood frame construction time is half that of masonry • Higher seismic resistance at lower cost . • More architectural options at lower cost Better energy management • Maintenance savings • Sustainable building system • Environmentally friendly PAGE 35 LP BUILDING SOLUTIONS#36LP SOUTH AMERICA ADJUSTED EBITDA HISTORY 120 100 2009-2023 Adjusted EBITDA CAGR = 13% 80 00 60 60 40 20 0 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 $ in USD millions PAGE 36#37LPSA TODAY Lautaro Mill 2008 130,000 m³/year Panguipulli I & II Mill 2001 & 2019 420,000 m³/year PAGE 37 MEXICO CITY SALES OFFICE COLOMBIA SALES OFFICE PERU SALES OFFICE CHILE LPSA HQ PARAGUAY SALES OFFICE ARGENTINA SALES OFFICE BRAZIL SALES OFFICE Ponta Grossa Mill 2008 300,000 m³/year LP BUILDING SOLUTIONS#38LP SOUTH AMERICA IN THE FUTURE ர் Continue to drive Address conversion housing to wood construction shortage Innovate products, product applications, and manufacturing processes Grow LP's sales presence across the continent Add mill capacity as needed to serve growing demand PAGE 38 LP BUILDING SOLUTIONS#39PAGE 39 HOUSING CONVERSION – CHILE TODAY - 45% WOOD 28% MASONRY 20% CONCRETE 7% OTHER ● Massive share gains for wood from stone and concrete Long runway for future growth LP South America is making a powerful contribution to affordable housing on the continent#40TechShield LP TechShield™ LP TechShield LP SOUTH AMERICA CONCLUSION Innovative Profitable Growing Well-run Adds value for stockholders ● PAGE 40 LP BUILDING SOLUTIONS#41LP BUILDING SOLUTIONS FINANCIAL STRATEGY#42PAGE 42 FINANCIAL STRATEGY 1 Capital Allocation 2 M&A Strategy 3 Guidance LP SmartSide SmartSi ExpertFinish LP BUILDING SOLUTIONS#43PAGE 43 MAJOR SOURCES & USES OF CASH (2021-2023) SOURCES $4.2B ■ OSB Adjusted EBITDA ■Siding Adjusted EBITDA EWP Sale ■LPSA Adjusted EBITDA USES ■ Share Repurchases ■ Growth & Maintenance ■ Taxes ■ Dividends ■ Other/Corporate $4.4B ■ Wawa Purchase#44M&A STRATEGY Accelerating our transformation from commodity to specialty "Addition by Subtraction" Sold EWP - Following Houlton's LP® SmartSide® conversion ■ Closed Entekra – Non-core • Recent facility acquisitions include Watkins (LP® FlameBlock®), Green Bay (LP® ExpertFinishⓇ), and Wawa (future Siding capacity) • Skeptical of "third leg of the stool" add-ons • Willing to take on structural debt for the right acquisition LP BUILDING PAGE 44 SOLUTIONS#452024 GUIDANCE AND SENSITIVITIES Siding Growth and Margin Siding Revenue Siding Adjusted EBITDA¹ Full Year $1.45B (+8-10% growth) $280-300M (~20% margin5) 1st Quarter $340-350M (+3-5% growth) $65-70M (~20% margin5) OSB Cycle Average Annual Adjusted EBITDA 1,2: ($60 EBITDA / MSF) x (4 BSF Capacity) x (~85% Capacity Utilization) ≈ $200M OSB Adjusted EBITDA 1,2,3 Total LP Adjusted EBITDA 1,2,3,4 Adjusted EBITDA¹ Sensitivities Siding Volume OSB Volume OSB Price Capital Expenditures Growth Sustaining Maintenance Total PAGE 45 $215-225M $495-525M Change Annual Adjusted EBITDA¹ Impact +/- 10 MMSF +/- $4M +/- 10 MMSF +/- 10 $/MSF +/- $2M +/- $34M $65-75M $130-145M $50-60M $150-160M $200-220M (1) This is a non-GAAP financial measure. Reconciliation of Siding Adjusted EBITDA, OSB Adjusted EBITDA, and Consolidated Adjusted EBITDA guidance to the closest corresponding GAAP measure on a forward- looking basis is not available without unreasonable efforts. Our inability to reconcile these: measures results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliation. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliation, such as business exit charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, and other non-operating items, that would be required to be included in the comparable forecasted U.S. GAAP measures. The Company expects that these adjustments may potentially have a significant impact on future GAAP financial (2) We determine the cycle average for OSB Adjusted EBITDA by dividing the sum of the full year 2013 through 2020 and 2023 OSB Adjusted EBITDA by total OSB sales volume over the same periods to determine the average Adjusted EBITDA per thousand square feet on a 3/8 basis ("Average Adjusted EBITDA/msf"). The Average Adjusted EBITDA/msf is multiplied by the total OSB production capacity multiplied by 85%, the average capacity utilization over the same period. results. (3) For purposes of calculating the full year 2024 OSB Adjusted EBITDA and full year 2024 consolidated Adjusted EBITDA amounts in the table above, the second quarter through the fourth quarter of 2024 Adjusted EBITDA is assumed to be at our cycle average run rate. (4) For purposes of calculating the fourth quarter of 2024 and full year 2024 consolidated Adjusted EBITDA, LPSA Adjusted EBITDA fully offsets Corporate and Other Adjusted EBITDA. (5) This is a non-GAAP financial measure and is calculated as Adjusted EBITDA¹ divided by net sales.#46PAGE 46 FULL-YEAR GUIDANCE* Siding Revenue Growth 8 - 10% Adjusted EBITDA $280 - $300M OSB Adjusted EBITDA $215 - $225M LP Total $495 - $525M *Please note that the information on this slide represents a simplified overview of our financial guidance. Refer to the previous slide of this presentation for full financial guidance for the first quarter of 2024 and full year 2024. LP BUILDING SOLUTIONS#47CONCLUSION: LP IS... ད། ע Specializing Growing PAGE 47 Ӧ Innovating to drive growth 園 Improving quality of earnings 自 An excellent steward of capital#48Alicia LP BUILDING SOLUTIONS Thank You#49Afted Suecia LP BUILDING SOLUTIONS LP W ALTECTIVE 171-00000 LP APPENDIX: Q4 AND FULL YEAR 2023 RESULTS#50• · OTHER KEY POINTS Q4 2023 Financial Results $658M Liquidity Ending cash $222M Full availability of $550M credit facility $772M in total liquidity at year end Capacity to Enable Growth Sagola, Mich. Siding Conversion (Q1 2023) · Wawa, Ontario (Q2 2023) Bath, N.Y. Prefinish (Q4 2023) Outstanding Safety © 2023 TIR 0.5 $129M $159M Net Sales (7)% (14)% Adj. EBITDA¹ 29% Op. CF $118M $0.71 Adj. EPS1 $0.10 $17M $17M $64M Siding Growth OSB Price Impact 11% Dividends Capital Expenditures FY 2023 Financial Results $478M $2.6B Net Sales (33)% Adj. EBITDA¹ (66)% $316M LP BUILDING SOLUTIONS (10)% Siding Growth $(793)M OSB Price Impact (41)% Op. CF $(828)M $69M Dividends $3.22 Adj. EPS1 $(8.55) $300M Capital Expenditures 1 This is a non-GAAP financial measure. See "Statement Relating to the Use of Non-GAAP Financial Measures" and "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA" and "Reconciliation of Net Income to Non-GAAP Adjusted Income and Adjusted Diluted EPS" PAGE 50#51Net sales SIDING - Q4 2023 VS. Q4 2022 ($ in millions) $(17) $88 $2 $(26) $7 23% $6 $(6) $72 2 Overall 1% Overall (15)% OEE 77%, Flat to PY Mill conversions $8M Raw materials $7M Inventory absorption $(3)M 2 22% Labor $(2)M Mill overhead $(1)M 2022 Adjusted EBITDA1 PAGE 51 $386 Siding Price Siding Volume Investment Costs Inflationary Costs Other Costs 2023 Adjusted EBITDA 1 $2 $(55) $332 1 This is a non-GAAP financial measure. See "Statement Relating to the Use of Non-GAAP Financial Measures" and "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA." 2 This is a non-GAAP financial measure and is calculated as Adjusted EBITDA1 divided by net sales. LP BUILDING SOLUTIONS#52SIDING - FY 2023 VS. FY 2022 ($ in millions) $339 $52 $(95) $(70) ▪ $(10). - $(4)- $269 $(14) Overall 5% Overall (14)% OEE 77%, +1% YOY Mill conversions $(9)M Raw materials: $(9)M SG&A $(7)M Labor 23%2 $(5)M Press Rebuild: $(5)M 2 20% Freight $10M Mill overhead $(3)M 2022 EBITDA1 Siding Solutions Price Siding Solutions Volume Investment Costs Inflationary Costs Other Costs 2023 EBITDA 1 Net sales $1,469 $52 $(194) $0 $1,328 PAGE 52 1 This is a non-GAAP financial measure. See "Statement Relating to the Use of Non-GAAP Financial Measures" and "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA." 2 This is a non-GAAP financial measure and is calculated as Adjusted EBITDA1 divided by net sales. LP BUILDING SOLUTIONS#53OSB - Q4 2023 VS. Q4 2022 ($ in millions) Overall 11% Commodity 15% Structural Solutions flat $13 5%2 $17 2022 Adjusted EBITDA1 Net sales $257 PAGE 53 Overall (88)mmsf, (18)% $46 Overall 105mmsf, 35% OEE 76%, +5ppts Mix 52%, +15ppts $7 $21 $59 2 22% $(18) $20 Raw materials: $8M Labor $(1)M Mill costs $7M: Inventory reserves $6M SG&A $4M Other 2023 Adjusted EBITDA 1 $272 ASP (w/o freight) Commodity Volume Structual Solutions Volume Inflationary Costs $17 $(40) $39 $(1) 1 This is a non-GAAP financial measure. See "Statement Relating to the Use of Non-GAAP Financial Measures" and "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA." 2 This is a non-GAAP financial measure and is calculated as Adjusted EBITDA1 divided by net sales. LP BUILDING SOLUTIONS#54OSB - FY 2023 VS. FY 2022 ($ in millions) $(814) $1,034 $(793) 50%2 Overall (198)mmsf, (12)% OEE 75%, +3ppts Overall (128) mmsf, (8) % Mix 51%, +3ppts 2022 EBITDA¹ Net sales $2,062 PAGE 54 Raw materials $8M Inventory reserves $31M Labor $(6)M Mill overhead $18M Net Freight $8M $220 $(51) $(34)■ $2 $63 21%2 ASP (w/o freight) Commodity Volume Structual Solutions Volume Inflationary Costs Other 2023 EBITDA 1 $(129) $(87) $(26) $1,026 $(793) Overall (41)% Commodity (40)% Structural Solutions (43)% 1 This is a non-GAAP financial measure. See "Statement Relating to the Use of Non-GAAP Financial Measures" and "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA." 2 This is a non-GAAP financial measure and is calculated as Adjusted EBITDA1 divided by net sales. LP BUILDING SOLUTIONS#55CASH FLOW ($ in millions) Beginning cash Adjusted EBITDA1 from continuing operations Adjusted EBITDA¹ from discontinued operations Adjusted EBITDA¹ with discontinued operations Change in Working Capital Interest (net) Cash taxes (net) Other operating Operating cash flow Capital expenditures Purchase of stock Payment of cash dividends Acquisition of facility assets Proceeds from divestiture of business Proceeds from sales of assets Borrowing of debt, net Other investing and financing Net change in cash Ending cash Quarter Ended December 31, 2023 2022 Year Ended December 31, 2023 2022 160 $ 482 $ 383 $ 371 129 100 478 1,389 95 129 100 478 1,484 41 29 (93) (19) 7 3 (14) 159 ༄ $|€ | | | |g (16) (78) (65) (320) (10) (7) 13 41 316 1,144 (64) (133) (300) (414) (900) (16) (69) (69) (80) 268 3 5 (36) (18) (99) (161) 12 $ 222 $ 383 $ 222 $ 383 PAGE 55 1 This is a non-GAAP financial measure. See "Statement Relating to the Use of Non-GAAP Financial Measures" and "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA." LP BUILDING SOLUTIONS#562024 GUIDANCE AND SENSITIVITIES Siding Growth and Margin Siding Revenue Siding Adjusted EBITDA 1 Full Year $1.45B (+8-10% growth) $280-300M (~20% margin5) 1st Quarter $340-350M (+3-5% growth) $65-70M (~20% margin5) OSB Cycle Average Annual Adjusted EBITDA 1,2: ($60 EBITDA / MSF) x (4 BSF Capacity) x (~85% Capacity Utilization) = $200M OSB Adjusted EBITDA 1,2,3 Total LP Adjusted EBITDA 1,2,3,4 Adjusted EBITDA¹ Sensitivities Siding Volume OSB Volume OSB Price Capital Expenditures Growth Sustaining Maintenance Total PAGE 56 $215-225M $495-525M Change Annual Adjusted EBITDA¹ Impact +/- 10 MMSF +/- $4M +/- 10 MMSF +/- 10 $/MSF +/- $2M +/- $34M $65-75M $130-145M $50-60M $150-160M $200-220M (1) This is a non-GAAP financial measure. Reconciliation of Siding Adjusted EBITDA, OSB Adjusted EBITDA, and Consolidated Adjusted EBITDA guidance to the closest corresponding GAAP measure on a forward- looking basis is not available without unreasonable efforts. Our inability to reconcile these: measures results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliation. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliation, such as business exit charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, and other non-operating items, that would be required to be included in the comparable forecasted U.S. GAAP measures. The Company expects that these adjustments may potentially have a significant impact on future GAAP financial (2) We determine the cycle average for OSB Adjusted EBITDA by dividing the sum of the full year 2013 through 2020 and 2023 OSB Adjusted EBITDA by total OSB sales volume over the same periods to determine the average Adjusted EBITDA per thousand square feet on a 3/8 basis ("Average Adjusted EBITDA/msf"). The Average Adjusted EBITDA/msf is multiplied by the total OSB production capacity multiplied by 85%, the average capacity utilization over the same period. results. (3) For purposes of calculating the full year 2024 OSB Adjusted EBITDA and full year 2024 consolidated Adjusted EBITDA amounts in the table above, the second quarter through the fourth quarter of 2024 Adjusted EBITDA is assumed to be at our cycle average run rate. (4) For purposes of calculating the fourth quarter of 2024 and full year 2024 consolidated Adjusted EBITDA, LPSA Adjusted EBITDA fully offsets Corporate and Other Adjusted EBITDA. (5) This is a non-GAAP financial measure and is calculated as Adjusted EBITDA¹ divided by net sales.#57FINANCIAL PERFORMANCE ($ in millions, except per share amounts) Quarter Ended December 31, 2023 Sales Cost of sales Gross profit SG&A Impairments Other charges and credits Income from operations Non-operating income (expense) Provision for taxes Equity in unconsolidated affiliate Income (loss) from continuing operations Income from discontinued operations, net of income taxes Net income (loss) Noncontrolling interest 658 $ 2022 Year Ended December 31, 2023 2022 705 $ 2,581 $ 3,854 (499) (577) (1,988) (2,355) 159 128 593 1,498 (66) (68) (257) (264) (5) (30) (1) 1 89 (24) (7) 1 59 =སྐྱེ༅ +སྦྱེས (1) (19) 16 287 1,250 (82) (39) (94) (74) (274) 3 4 (12) 178 885 - 198 59 (11) 178 1,083 3 3 Net income (loss) attributed to LP $ 59 $ (8) $ 178 $ 1,086 Income (loss) per share continuing operations - diluted $ 0.81 $ (0.14) $ 2.46 $ 11.34 Income per share discontinued operations - diluted 0.03 2.52 Net income (loss) per share - diluted Average Shares Outstanding - diluted 0.81 $ (0.11) $ 2.46 $ 13.87 72 72 72 78 PAGE 57 LP BUILDING SOLUTIONS#58RECONCILIATION OF NET INCOME TO NON- GAAP ADJUSTED EBITDA ($ in millions) Quarter Ended December 31, 2023 2022 Year Ended December 31, 2023 2022 59 (11) $ 178 1,083 Net income (loss) Add (deduct): Net loss attributed to noncontrolling interest Income (loss) attributed to LP from continuing operations Provision (benefit) for income taxes Depreciation and amortization Stock-based compensation expense Loss on impairment attributed to LP Other operating credits and charges, net Business exit charges Interest expense Investment income Pension settlement charges Other non-operating items Adjusted EBITDA 3 3 Income from discontinued operations, net of income taxes (2) (198) 59 (10) 178 888 7 (10) 74 274 32 34 119 129 4 5 2 (3) 5 ♡ | - | ~ 3 13 19 6 1 1 18 (16) 32 2 14 11 (8) (6) (18) (14) (2) 78 4 82 28 8 39 15 $ 129 $ 100 $ 478 $ 1,389 PAGE 58 BUILDING LP SOLUTIONS#59RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED INCOME AND ADJUSTED DILUTED EPS ($ in millions, except per share amounts) Quarter Ended December 31, 2023 2022 Year Ended December 31, 2023 2022 Net income attributed to LP from continuing operations per share - diluted 0.81 (0.14) $ 2.46 $ 11.34 Net income (loss) 59 (11) $ 178 1,083 Add (deduct): Net loss attributed to non-controlling interest 3 3 Income from discontinued operations, net of income taxes (2) (198) Net income (loss) attributed to LP from continuing operations 59 (10) 178 888 Loss on impairment attributed to LP 5 6 1 Other operating credits and charges, net 2 1 18 (16) Business exit charges (3) 32 Pension settlement charges (2) 78 4 82 Reported tax provision Adjusted income before tax Normalized tax provision at 25% Adjusted Income Diluted shares outstanding Adjusted Diluted EPS 7 (10) 74 274 68 59 311 1,229 (17) (15) (78) (307) 51 $ 44 $ 233 $ 922 72 72 72 78 0.71 0.61 $ 3.22 $ PAGE 59 11.77 LP BUILDING SOLUTIONS#60NET SALES AND ADJUSTED EBITDA BY SEGMENT ($ in millions) Net Sales Siding OSB LPSA Other Unallocated Adjusted EBITDA Siding OSB LPSA Other Intersegment PAGE 60 SA SA SA Quarter Ended December 31, 2023 2022 332 $ 272 52 658 Year Ended December 31, 2023 2022 386 $ 257 51 12 1,328 $ 1,026 205 22 1,469 2,062 241 84 (2) 705 $ 2,581 $ 3,854 72 59 11 SA 88 269 339 13 220 1,034 12 42 77 (2) (4) (17) (23) (10) (9) (36) (38) 129 $ 100 478 $ 1,389 LP BUILDING SOLUTIONS#61RECONCILIATION OF INCOME FROM DISCONTINUED OPERATIONS TO NON-GAAP ADJUSTED EBITDA FROM DISCONTINUED OPERATIONS ($ in millions) Income from discontinued operations Provision for income taxes Depreciation and amortization Gain on sale of discontinued operations Adjusted EBITDA from discontinued operations PAGE 61 Quarter Ended December 31, 2023 2022 Year Ended December 31, 2023 2022 2 $ 198 (2) 51 3 (158) 95 LP BUILDING SOLUTIONS