Release Details

PORTLAND, Ore.--(BUSINESS WIRE)--May 3, 2004--During its annual stockholders meeting today, Louisiana-Pacific Corporation's (LP) (NYSE:LPX) Chairman and CEO, Mark A. Suwyn reviewed the company's accomplishments in 2003 and outlined its strategy for the future.

"2003 was an excellent year for LP. Prices for our major product line -- oriented strand board (OSB) -- rose to all-time highs as demand for structural panels rose, driven by the robust new housing, and the repair and remodeling markets. The demand increased for most of our other product lines -- leading to a very strong year," said Mark Suwyn, LP chairman and chief executive officer. "Over the past several years, LP has undergone a major transformation from a diversified forest products company with small positions in many businesses and different product lines to a focused building products business with sharply defined products and markets. This most recent transformation, which involved the whole company, was based on extensive strategic planning completed in mid-2002 and then implemented extremely efficiently over the past two years."

Suwyn continued. "Today, we have the best balance sheet in the industry. We've formally adopted a conservative financial profile and we are deep into the next phase of our strategic plan -- growing and improving the competitive position of the businesses we have retained."

During the meeting, stockholders re-elected Dustan E. McCoy, Lee C. Simpson and Colin D. Watson to LP's Board of Directors. Stockholders also approved the following proposals: Amendment of the 1997 Incentive Stock Award Plan, the Amendment of the 2002 Non-Employee Director Restricted Stock Plan, the Amendment of the 1992 Non-Employee Director Stock Option Plan, Performance Goals Under Amended and Restated Annual Cash Incentive Award Plan, and Ratification of Selection of Independent Auditor. Stockholders did not approve a stockholder proposal relating to the separation of the office of chairman and chief executive officer or one relating to environmental matters.

All interested parties are invited to listen to a replay of Suwyn's remarks and view the accompanying presentation. Both items are archived in the "Investor Relations" section of LP's Internet site at www.lpcorp.com. Due to technical difficulties, the audio broadcast archive has a brief period of silence during the shareholder proposal discussion portion of the webcast.

LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. Visit LP's web site at www.lpcorp.com for additional information on the company.

Forward Looking Statements

This news release 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. The matters address in these statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those contemplated by these, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts, market demand for the company's products, and prices for structural products; the effect of forestry, land use, environmental and other governmental regulations; the ability to obtain regulatory approvals, and the risk of losses from fires, floods and other natural disasters. These and other factors that could cause or contribute to actual results differing materially from those contemplated by such forward-looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.

CONTACT: Louisiana-Pacific Corporation
David Dugan, 503-821-5285 (Media Relations)
Bill Hebert, 503-821-5100 (Investor Relations)
SOURCE: Louisiana-Pacific Corporation