Release Details

PORTLAND, Ore.--(BUSINESS WIRE)--Sept. 16, 2002--Louisiana-Pacific Corporation (LP) (NYSE:LPX) announced today that it has completed the transfer of its Texas and Louisiana plywood mills to Georgia-Pacific Corporation (NYSE:GP) in exchange for Georgia-Pacific's oriented strand board (OSB) mill in Woodland, Maine, and some additional consideration.

"We intend to incorporate our newly acquired mill into our OSB business," said Mark A. Suwyn, LP's Chairman and CEO. "However, due to current market conditions, the mill will remain in an idled state for six to nine months. During this period, we plan to implement upgrades and modifications to bring the mill closer in line with our low cost manufacturing structure."

In May 2002, LP announced the intent to divest its plywood business, along with other selected businesses and assets, in order to significantly reduce current debt and enhance long-term competitiveness and flexibility. Following the divestitures, LP will focus on its businesses where the company has a strong competitive position and where further opportunities exist for strategic growth and profitable improvement.

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 press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Although LP believes the expectations reflected in these forward-looking statements are based upon reasonable assumptions, these expectations may not be achieved. In particular, LP's ability to consummate the transactions referred to herein is subject to numerous factors beyond its control, including conditions in the economy generally and in LP's industry and the capital markets in particular, LP's financial condition and results of operations, perceptions regarding LP's business and prospects and other factors disclosed in LP's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, there can be no assurance as to whether, when or the terms upon which LP may be able to consummate any or all of these transactions or to achieve the objectives described herein.

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