Release Details

PORTLAND, Ore.--(BUSINESS WIRE)--Oct. 20, 2003--Louisiana-Pacific Corporation (LP) (NYSE:LPX) announced today the sale of approximately 463,000 acres of timberland located in southeast Texas. The timberland will be managed by Molpus Woodlands Group, a timberland investment management organization based in Jackson, Mississippi, on behalf of an institutional investor. The sale price was approximately $290 million, less transaction fees and expenses. This transaction will be completed as an installment sale, which will result in LP realizing $257 million in cash in the fourth quarter. The remaining cash will be available to LP in future years.

"This sale brings to a close the timberland portion of our divestiture program. Our team handling the program has done a superb job. The task we put in front of them was enormous and the timeline aggressive. We are on schedule to complete essentially everything we set out to do within the time period we stated," said Mark A. Suwyn, LP's Chairman & CEO. "The total value achieved through this program will exceed the initial $700 million target by more than $50 million. With these funds, we have reduced our debt and increased our financial flexibility. The organization has done a great job of managing both the divestitures and the growth of our retained businesses."

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.

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

SOURCE: Louisiana-Pacific Corporation