Release Details

PORTLAND, Ore., Mar 31, 2003 (BUSINESS WIRE) -- Louisiana-Pacific Corporation (LP) (NYSE:LPX) today announced it had finalized the sale of its two sawmills in Florida, located in Marianna and West Bay, to Grayson Lumber Corporation.

The terms of the transaction were not disclosed.

"We continue to make good progress on the divestiture program announced in May 2002," said Mark A. Suwyn, LP Chairman & CEO. "In addition to the many acres of timberland and the manufacturing operations already sold, we are engaged with interested parties on the remaining items for sale and are working aggressively to conclude the program."

Suwyn continued, "The proceeds from these sales will be applied toward our debt reduction program."

In May 2002, LP announced an asset sale and debt reduction program designed to enhance its long-term competitiveness and financial flexibility.

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.

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