ABOUT FORWARD-LOOKING STATEMENTS

Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 provide a “safe harbor” for forward-looking statements to encourage companies to provide prospective information about their businesses and other matters as long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the statements. This report contains, and other reports and documents filed by us with the Securities and Exchange Commission may contain, forward-looking statements. These statements are or will be based upon the beliefs and assumptions of, and on information available to, our management.

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,” “potential,” “continue” 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, completion of anticipated asset sales and the adequacy of reserves for loss contingencies.

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 general economic conditions;

• changes in the cost and availability of capital;

• changes in the level of home construction activity;

• changes in competitive conditions and prices for our products;

• changes in the relationship between supply of and demand for building products, including the effects of industry-wide increases in manufacturing capacity;

• changes in the relationship between supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products;

• changes in the cost of and availability of energy, primarily natural gas, electricity and diesel fuel;

• changes in other significant operating expenses;

• changes in exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, EURO and the Chilean peso;

• changes in general and industry-specific environmental laws and regulations;

• changes in circumstances giving rise to environmental liabilities or expenditures;

• the resolution of product-related litigation and other legal proceedings; and

• acts of God or public authorities, war, civil unrest, fire, floods, earthquakes and other matters beyond our control.

In addition to the foregoing and any risks and uncertainties specifically identified in the text surrounding forward-looking statements, any statements in the reports and other documents filed by us with the Commission that warn of risks or uncertainties associated with future results, events or circumstances identify important factors that could cause actual results, events and circumstances to differ materially from those reflected in the forward-looking statements.

ABOUT THIRD PARTY INFORMATION

In this report, we rely on and refer to information regarding industry data obtained from market research, publicly available information, industry publications, U.S. government sources and other third parties. Although we believe the information is reliable, we cannot guarantee the accuracy or completeness of the information and have not independently verified it.

Item 1. Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS EXCEPT PER SHARE) (UNAUDITED)

	Quarter Ended March 31,
	2005			2004

Net Sales	$	680.0		$	695.3
OPERATING COSTS AND EXPENSES
Cost of sales	444.8			376.6
Depreciation, amortization and cost of timber harvested	33.5			33.3
Selling and administrative	39.3			42.9
(Gain) loss on sale or impairment of long lived assets	(0.2		)	9.6
Other operating credits and charges, net	(0.3		)	6.7
Total operating costs and expenses	517.1			469.1

Income from operations	162.9			226.2

NON-OPERATING INCOME (EXPENSE)
Foreign currency exchange loss	(0.6		)	(0.3		)
Loss on early extinguishment of debt	—			(40.0		)
Interest expense, net of capitalized interest	(15.7		)	(20.0		)
Investment income	15.5			10.3
Total non-operating income (expense)	(0.8		)	(50.0		)

Income before taxes and equity in earnings of unconsolidated affliates	162.1			176.2
Provision for income taxes	59.2			64.4
Equity in earnings of unconsolidated affliates	(0.7		)	(0.5		)

Income from continuing operations	103.6			112.3

DISCONTINUED OPERATIONS
Income (loss) from discontinued operations before taxes	(3.1		)	(9.5		)
Income tax benefit	(1.2		)	(3.7		)
Income (loss) from discontinued operations	(1.9		)	(5.8		)

Net income	$	101.7		$	106.5

Net income per share of common stock (basic):
Income from continuing operations	$	0.94		$	1.04
Income (loss) from discontinued operations	(0.02		)	(0.05		)
Net Income - per share basic	$	0.92		$	0.99

Net income per share of common stock (diluted):
Income from continuing operations	$	0.93		$	1.03
Income (loss) from discontinued operations	(0.02		)	(0.05		)
Net Income - per share diluted	$	0.91		$	0.98

Cash dividends per share of common stock	$	0.10		$	0.05

Average shares of stock outstanding - basic	110.5			107.6
Average shares of stock outstanding - diluted	111.3			109.2

The accompanying notes are an integral part of these unaudited financial statements.

CONDENSED CONSOLIDATED BALANCE SHEETS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS) (UNAUDITED)

	March 31, 2005			December 31, 2004
ASSETS
Cash and cash equivalents	$	574.4		$	544.7
Short-term investments	580.6			608.2
Receivables, net	215.9			185.5
Inventories	271.9			215.7
Prepaid expenses and other current assets	10.3			15.9
Deferred income taxes	26.7			26.7
Current assets of discontinued operations	6.5			7.4
Total current assets	1,686.3			1,604.1

Timber and timberlands	89.3			91.8

Property, plant and equipment	1,799.0			1,803.4
Accumulated depreciation	(1,036.7		)	(1,027.8		)
Net property, plant and equipment	762.3			775.6
Goodwill, net of amortization	276.7			276.7
Notes receivable from asset sales	403.8			403.8
Long-term investments	45.1			30.2
Restricted cash	66.1			65.5
Investments in and advances to affliates	155.8			132.7
Other assets	46.0			37.6
Long-term assets of discontinued operations	31.1			32.6
Total assets	$	3,562.5		$	3,450.6

LIABILITIES AND EQUITY
Current portion of long-term debt	$	178.0		$	178.0
Accounts payable and accrued liabilities	254.9			250.0
Current portion of contingency reserves	12.0			12.0
Total current liabilities	444.9			440.0

Long-term debt, excluding current portion:
Limited recourse notes payable	396.5			396.5
Other long-term debt	224.8			226.0
Total long-term debt, excluding current portion	621.3			622.5

Contingency reserves, excluding current portion	39.5			42.1
Other long-term liabilities	54.9			60.7
Deferred income taxes	533.1			517.5

Commitments and contingencies Stockholders’ equity:
Common stock	116.9			116.9
Additional paid-in capital	437.8			440.0
Retained earnings	1,496.9			1,406.2
Treasury stock	(114.0		)	(127.4		)
Accumulated comprehensive loss	(68.8		)	(67.9		)
Total stockholders’ equity	1,868.8			1,767.8
Total liabilities and equity	$	3,562.5		$	3,450.6

The accompanying notes are an integral part of these unaudited financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS

LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS) (UNAUDITED)

	Quarter ended March 31,
	2005			2004

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	101.7		$	106.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and cost of timber harvested	33.3			34.3
(Gain) loss on sale or impairment of long-lived assets	0.3			21.7
Loss on early debt extinguishment	—			40.0
Tax effect of employee stock plan transactions	2.6			8.1
Exchange (gain) loss on remeasurement	2.6			(1.5		)
Other operating charges and credits, net	—			3.0
Cash settlement of contingencies	(2.1		)	(4.3		)
Other adjustments, net	5.0			8.4
Pension payments	(9.0		)	(32.4		)
Increase in receivables	(36.7		)	(56.9		)
Increase in inventories	(55.3		)	(45.1		)
Decrease in prepaid expenses	5.5			4.3
Increase (decrease) in accounts payable and accrued liabilities	3.0			(16.3		)
Increase in deferred income taxes	14.8			16.6
Net cash provided by operating activities	65.7			86.4

CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment additions	(20.8		)	(29.1		)
Proceeds from asset sales	1.4			3.7
Investment in joint ventures	(23.6		)	(0.1		)
Proceeds of sales of investments	1,172.4			—
Cash paid for purchase of investments	(1,159.2		)	(164.4		)
Other investing activities, net	(2.1		)	(0.2		)
Net cash used in investing activities	(31.9		)	(190.1		)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt	—			(228.1		)
Sale of common stock under equity plans	8.4			22.7
Payment of cash dividends	(11.0		)	(5.3		)
Decrease (increase) in restricted cash under letters of credit	(0.6		)	(1.4		)
Net cash used in financing activities	(3.2		)	(212.1		)

EFFECT OF EXCHANGE RATE ON CASH	(0.9		)	—

Net increase (decrease) in cash and cash equivalents	29.7			(315.8		)
Cash and cash equivalents at beginning of period	544.7			925.9

Cash and cash equivalents at end of period	$	574.4		$	610.1

The accompanying notes are an integral part of these unaudited financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS) (UNAUDITED)

															Accumulated			Total
	Common Stock			Paid in			Retained			Treasury Stock					Comprehensive			Stockholders’
	Shares	Amount		Capital			Earnings			Shares		Amount			Income			Equity

Balance, December 31, 2004	116.9	$	116.9	$	440.0		$	1,406.2		6.8		$	(127.4	)	$	(67.9	)	$	1,767.8

Net income	—	—		—			101.7			—		—			—			101.7
Issuance of shares for employee stock plans and other purposes	—	—		(4.8		)	—			(0.7	)	13.4			—			8.6
Purchase of treasury stock	—	—		—			—			—		—			—			—
Dividends	—	—		—			(11.0		)	—		—			—			(11.0		)
Tax effect of employee stock plan transactions	—	—		2.6			—			—		—			—			2.6
Other comprehensive loss	—	—		—			—			—		—			(2.6		)	(2.6		)

Balance, March 31, 2005	116.9	$	116.9	$	437.8		$	1,496.9		6.1		$	(114.0	)	$	(70.5	)	$	1,867.1

The accompanying notes are an integral part of these unaudited financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS) (UNAUDITED)

	Quarter Ended March 31,
	2005		2004

Net income	$	101.7	$	106.5

Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	0.4		—
Unrealized gain (loss) on marketable securities	0.1		0.3
Unrealized gain on derivative instruments	0.4		0.9
Other comprehensive income, net of tax	0.9		1.2

Comprehensive income	$	102.6	$	107.7

The accompanying notes are an integral part of these unaudited financial statements.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BASIS FOR PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments, except for other operating credits and charges, net and (gain) loss on sale or impairment of long-lived assets referred to in Notes 8 and 9) necessary to present fairly, in all material respects, the consolidated financial position, results of operations and cash flows of LP and its subsidiaries for the interim periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in LP’s Annual Report on Form 10-K for the year ended December 31, 2004.

NOTE 2 - RECLASSIFICATIONS

Certain prior period amounts have been reclassified to conform to the current period presentation.

NOTE 3 – EARNINGS PER SHARE

Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities which were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (employee stock options and incentive shares) be excluded from the calculation of diluted earnings per share for the periods in which losses from continuing operations are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):

Dollar and share amounts in millions, except per share amounts	Quarter Ended March 31,
	2005			2004

Numerator:
Income attributed to common shares:
Income from continuing operations	$	103.6		$	112.3
Income (loss) from discontinued operations	(1.9		)	(5.8		)
Net income (loss)	$	101.7		$	106.5

Denominator:
Basic - weighted average common shares outstanding	110.5			107.6
Dilutive effect of employee stock plans	0.8			1.6
Diluted shares outstanding	111.3			109.2

Basic earnings per share:
Income from continuing operations	$	0.94		$	1.04
Income (loss) from discontinued operations	(0.02		)	(0.05		)
Net income (loss) per share	$	0.92		$	0.99

Diluted earnings per share:
Income from continuing operations	$	0.93		$	1.03
Income (loss) from discontinued operations	(0.02		)	(0.05		)
Net income (loss) per share	$	0.91		$	0.98

Stock options to purchase approximately 0.2 million shares at March 31, 2005 and 0.2 million shares at March 31, 2004 were considered anti-dilutive or not in-the-money for purposes of LP’s earnings per share calculation.

NOTE 4 – STOCK-BASED COMPENSATION

Stock options and other stock-based compensation awards are accounted for using the intrinsic value method prescribed by Accounting Principles Board Opinion No. 25, “Accounting for Stock Issued to Employees,” and related interpretations. See Note 14 of the Notes to the financial statements included in Item 8 of LP’s Annual Report on Form 10-K for the year ended December 31, 2004 for further discussion of LP’s stock plans. The following table illustrates the effect on net income per share as if LP had applied the fair value recognition provisions of Statement of Financial Accounting Standards (SFAS) No. 123, “Accounting for Stock-Based Compensation,” to stock-based employee compensation.

	Quarter Ended March 31,
Dollars amounts in millions, except per share amounts	2005			2004

Net income, as reported	$	101.7		$	106.5

Add: Stock-based employee compensation included in reported net income (loss), net of related income tax effects	0.3			1.3
Deduct: Total stock-based employee compensation expense determined under fair value based method for all awards, net of related tax effects	(0.7		)	(2.1		)
Pro forma net income	$	101.3		$	105.7

Net income per share—basic, as reported	$	0.92		$	0.99
Net income per share— diluted, as reported	$	0.91		$	0.98

Net income per share—basic, proforma	$	0.92		$	0.98
Net income per share— diluted, proforma	$	0.91		$	0.97

NOTE 5 – INVENTORIES

Inventories are valued at the lower of cost or market. Inventory cost includes materials, labor and operating overhead. The LIFO (last-in, first-out) method is used for certain log and lumber inventories with remaining inventories valued at FIFO (first-in, first-out) or average cost. The major types of inventories (excluding discontinued operations) are as follows (work in process is not material):

Dollar amounts in millions	March 31, 2005			December 31, 2004

Logs	$	79.0		$	56.7
Other raw materials	41.2			40.2
Finished products	147.0			113.7
Supplies	7.4			7.8
LIFO reserve	(2.7		)	(2.7		)
Total	$	271.9		$	215.7

Inventory included in current assets of discontinued operations
Logs	$	2.8		$	3.4
Other raw materials	0.2			—
Finished products	3.4			3.8
Supplies	0.1			0.2
Total	$	6.5		$	7.4

The preparation of interim financial statements requires the estimation of LP’s year-end inventory quantities and costs for purposes of determining LIFO inventory adjustments. These estimates are revised quarterly and the estimated incremental change in the LIFO inventory reserve is recognized over the remainder of the year.

NOTE 6 – BUSINESSES HELD FOR SALE AND DIVESTITURES

In 2003, LP announced further divestures from its original 2002 plan to sell or close most of its remaining lumber mills as well as an interior hardboard panel operation. In 2004, LP announced that it intended to also sell its cedar lumber operation in British Columbia, Canada. LP subsequently announced in the first quarter of 2005, that it would permanently close this cedar facility. At March 31, 2005, LP had one lumber operation classified as discontinued (see Note 18 – Subsequent event for further information).

Sales and income (loss) for these businesses are as follows:

	Quarter Ended March 31,
Dollar amounts in millions	2005			2004

Sales	$	19.4		$	56.4

Income (loss) from discontinued operations, net of tax	$	(1.9	)	$	(5.8	)

Included in income (loss) from discontinued operations for the three months ended March 31, 2004 is income of $2.6 million associated with the liquidation of certain LIFO inventories due to reduced log inventories at sites to be sold or closed.

In the first quarter of 2004, LP recorded a loss of $9.9 million associated with impairment charges on assets held for sale including associated intangible timber rights. Additionally, LP recorded a loss of $2.1 million on the sale of a lumber facility in Montana; a loss of $0.2 million related to severance charges; and a loss of $0.4 million on a timber contract associated with previously sold or closed facilities.

In the first quarter of 2005, LP recorded a loss of $3.3 million related to severance changes associated with cedar facility in British Columbia.

The assets of the discontinued operations included in the accompanying condensed consolidated balance sheets as of March 31, 2005 and December 31, 2004 are as follows:

Dollar amounts in millions	March 31, 2005			December 31, 2004

Inventories	$	6.5		$	7.4

Timber and timberlands	6.5			6.6

Property, plant and equipment	37.9			39.7
Accumulated depreciation	(13.3		)	(13.7		)
Net, property, plant and equipment	24.6			26.0

Total long-term assets of discontinued operations	31.1			32.6

Total assets of discontinued operations	$	37.6		$	40.0

NOTE 7 – INCOME TAXES

The preparation of interim financial statements requires the estimation of LP’s effective income tax rates based on estimated annual amounts of taxable income and expenses by income component for the year. This rate is applied to year-to-date income or loss at the end of each quarter. For both the three months ended March 31, 2005 and March 31, 2004, the primary differences between the U.S. statutory rate of approximately 39% and the effective rate on continuing operations relates to a significant portion of income estimated to be taxable in foreign jurisdictions (primarily Canada) at lower tax rates offset by significant non-taxable foreign currency exchange gains on certain intercompany debt that is denominated in Canadian dollars. Additionally, the tax rate for the first quarter of 2005 includes the benefit of the Qualified Manufacturing Income Deduction passed in 2004 as part of the Jobs Creation Act.

The components and associated estimated effective income tax rates applied to the quarter ended March 31 are as follows:

	Quarter Ended March 31,
	2005					2004
Dollar amounts in millions	Tax Provision			Tax Rate		Tax Provision			Tax Rate
Continuing operations	$	59.2		36	%	$	64.4		36	%
Discontinued operations	(1.2		)	39	%	(3.7		)	39	%
	$	58.0		36	%	$	60.7		36	%

NOTE 8 - OTHER OPERATING CREDITS AND CHARGES, NET

The major components of “Other operating credits and charges, net” in the Condensed Consolidated Statements of Income for the quarter ended March 31 are reflected in the table below and are described in the paragraphs following the table:

	Quarter Ended March 31,
	2005			2004
Revisions to environmental contingency reserves	$	—		$	1.7
Addition to litigation contingency reserves	—			(6.0		)
Recovery on loss associated with Samoa pulp mill	0.9			—
Charges associated with corporate relocation	(0.6		)	(2.0		)
Other	—			(0.4		)
	$	0.3		$	(6.7	)

In the first quarter of 2004, LP recorded a gain of $1.7 million associated with a reduction in its estimate of required environmental reserves at its former Alaska operations; a charge of $2.0 million associated with the relocation and consolidation of LP’s corporate offices to Nashville, Tennessee; and a charge of $6.0 million for the increase in

litigation reserves due to an adverse court ruling and other items.

In the first quarter of 2005, LP recorded a gain of $0.9 million due to the recovery of a previous loss associated with the sale of the Samoa, California pulp mill and a charge of $0.6 million associated with the relocation and consolidation of LP’s corporate offices to Nashville, Tennessee.

NOTE 9 – GAINS (LOSSES) ON SALE OR IMPAIRMENT OF LONG-LIVED ASSETS

The major components of “Gain (loss) on sale or impairment of long-lived assets” in the Condensed Consolidated Statements of Income for the quarter ended March 31 are reflected in the table below and are described in the paragraph following the table:

	Quarter Ended March 31,
Dollar amounts in millions	2005		2004

Gain on other long-lived assets	$	0.2	$	0.1
Impairment charges on long-term assets	—		(9.7		)
	$	0.2	$	(9.6	)

In the first quarter of 2004, LP recorded an impairment charge of $9.7 million associated with the cancellation of a capital project to build a veneer mill in British Columbia.

NOTE 10 – LEGAL AND ENVIRONMENTAL MATTERS

The description of certain legal and environmental matters involving LP set forth in Part II of this report under the caption “Legal Proceedings” is incorporated herein by reference.

NOTE 11 – SELECTED SEGMENT DATA

LP operates in three segments: Oriented Strand Board (OSB); Siding; and Engineered Wood Products (EWP). LP’s business units have been aggregated into these three segments based upon the similarity of economic characteristics, customers and distribution methods. LP’s results of operations are summarized below for each of these segments separately as well as for the “other” category which comprises other products that are not individually significant. Segment information was prepared in accordance with the same accounting principles as those described in Note 1 of the Notes to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2004.

	Quarter Ended March 31,
Dollar amounts in millions	2005			2004			% change

Net sales:
OSB	$	416.2		$	456.6		(9	)
Siding	116.3			120.6			(4	)
Engineered Wood Products	107.0			77.9			37
Other	42.7			44.0			(3	)
Less: Intersegment sales	(2.2		)	(3.8		)	(42	)
	$	680.0		$	695.3		(2	)

Operating profit (loss):
OSB	$	171.3		$	253.6		(32	)
Siding	4.2			12.8			(67	)
Engineered Wood Products	5.6			(0.9		)	722
Other	5.5			3.5			57
Other operating credits and charges, net	0.3			(6.7		)	104
Gain (loss) on sale or impairment of long-lived assets	0.2			(9.6		)	102
General corporate and other expenses, net	(23.5		)	(26.0		)	10
Foreign currency exchange gain (loss)	(0.6		)	(0.3		)	(100	)
Loss on early debt extinguishment	—			(40.0		)	—
Interest income (expense), net	(0.2		)	(9.7		)	98
	162.8			176.7
Provision for income taxes	59.2			64.4
Income from continuing operations	$	103.6		$	112.3		(8	)

NOTE 12 – POTENTIAL IMPAIRMENTS

LP continues to review certain operations and investments for potential impairments. LP’s management currently believes it has adequate support for the carrying value of each of these assets based upon the anticipated cash flows that result from estimates of future demand, pricing and production costs assuming certain levels of planned capital expenditures. However, should the markets for the relevant products deteriorate to levels significantly below cycle average pricing or should LP decide to invest capital in alternative projects, it is possible that impairment charges will be required.

LP also reviews from time to time possible dispositions of various assets in light of current and anticipated economic and industry conditions, its strategic plan and other relevant circumstances. Because a determination to dispose of particular assets can require management to make assumptions regarding the transaction structure of the disposition and to estimate the net sales proceeds, which may be less than previous estimates of undiscounted future net cash flows, LP may be required to record impairment charges in connection with decisions to dispose of assets.

LP’s primary Canadian subsidiary has arrangements with the Canadian provincial governments which gives this subsidiary the right to harvest a volume of wood off public land from defined forest areas under supply and management agreements, long-term pulpwood agreements and various other timber licenses. In early 2005, the Quebec government announced changes to the provincial timber license structure. These included a reduction in the harvesting rights for holders of certain long-term timber licenses. LP currently anticipates that these changes will not affect LP’s timber licenses associated with our OSB facilities in Quebec; however, it may affect LP’s timber allocations associated with its sawmill operations in Quebec. At this point, management is unable to estimate the financial impact these changes may have on this operation.

NOTE 13 – CONTINGENCY RESERVES

LP is involved in various legal proceedings incidental to LP’s business and is subject to a variety of environmental

and pollution control laws and regulations in all jurisdictions in which we operate. LP maintains reserves for these various contingencies as follows:

	March 30, 2005			December 31, 2004

Environmental reserves	$	10.6		$	11.4
Hardboard siding reserves	35.8			37.2
Other	5.1			5.5
Total contingency reserves	51.5			54.1
Current portion of contingency reserves	(12.0		)	(12.0		)
Long-term portion of contingency reserves	$	39.5		$	42.1

Hardboard Siding Reserves

LP has established reserves relating to certain liabilities associated with products manufactured that were subject of a nationwide class action lawsuit. This settlement agreement relates to a nationwide class action suit involving hardboard siding manufactured or sold by corporations acquired by LP in 1999 and installed prior to May 15, 2000 and were approved by the applicable courts in 2000. This settlement is discussed in detail in the Notes to financial statements included in LP’s Annual Report on Form 10-K for the year ended December 31, 2004.

Other Contingencies

During the third quarter of 2004, LP received a letter from a law firm purporting to represent more than 1,400 potential plaintiffs who allegedly experienced various personal injuries and property damages as a result of the alleged release of chemical substances from LP’s wood treatment facility in Lockhart, Alabama during the period from 1953 to 1998. The letter is characterized as a “pre-litigation settlement demand” to LP and Pactiv Corporation, from whom we acquired the facility in 1983. As of the date of this report, LP and the potential plaintiffs had agreed to refrain from commencing any legal proceedings in respect of the potential plaintiffs’ allegations and to the tolling of applicable statutes of limitations. These agreements are terminable by either party upon 30 days notice. LP is not presently able to quantify its financial exposure, if any, relating to the matters alleged in the letter, and the potential plaintiffs have not specified the amount of compensation sought. LP intends to defend vigorously any legal proceedings that may be commenced against it by the potential plaintiffs.

LP and its subsidiaries are parties to other legal proceedings. Based on the information currently available, management believes that the resolution of such proceedings will not have a material adverse effect on the financial position, results of operations, cash flows or liquidity of LP.

NOTE 14 - EARLY DEBT EXTINGUISHMENT

During the first quarter of 2004, LP repurchased $190.6 million of its publicly traded debt obligations ($186.8 million of the 10.875% Subordinated Notes and $3.8 million of the 8.5% Senior Notes). In connection with these repurchases, LP recorded charges of $40 million to reflect the premiums paid and certain transaction costs.

NOTE 15 – DEFINED BENEFIT PENSION PLANS

The following table sets forth the net periodic pension cost for our defined benefit pension plans during the quarter ended March 31, 2005 and 2004. The net periodic pension cost included the following components:

	Quarter Ended March 31,
Dollar amounts in millions	2005			2004

Service cost	$	2.5		$	2.4
Interest cost	3.7			3.1
Expected return on plan assets	(3.9		)	(3.5		)
Amortization of prior service cost and transition assets	0.2			0.2
Recognized net actuarial loss	1.4			1.4
Net periodic pension cost	$	3.9		$	3.6

Through March 31, 2005, LP recognized $3.9 million of pension expense for all of LP’s defined benefit plans. We presently anticipate recognizing an additional $11.7 million of pension expense in the remainder of 2005 for a total of $15.6 million.

Through March 31, 2005, LP made $9.0 million of pension contributions for all of LP’s defined benefit plans. LP presently anticipates contributing an additional $6–11 million to fund LP’s defined benefit plans in the remainder of 2005 for a total of $15–20 million.

NOTE 16 - GUARANTEES AND INDEMNIFICATIONS

LP is a party to contracts in which LP agrees to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to liabilities arising out of the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct of the indemnified parties. LP cannot estimate the potential amount of future payments under these agreements until events arise that would trigger the liability. See Note 20 of the Notes to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2004 for further discussion of LP’s guarantees and indemnifications.

Additionally, LP provides warranties on product sales. The reserves for these warranties are determined by applying the provisions of SFAS No. 5, “Accounting for Contingencies.” The activity in warranty reserves for the first three months of 2005 and 2004 are summarized in the following table:

Dollar amounts in millions	March 30, 2005			March 30, 2004

Beginning Balance, December 31,	$	22.2		$	21.0
Accrued to expense	1.3			1.2
Payments made	(1.9		)	(1.5		)
Balance	21.6			20.7
Current portion of warranty reserve	(7.0		)	(7.0		)
Long-term portion of warranty reserves	$	14.6		$	13.7

The current portion of the warranty reserve is included in the caption “accounts payable and accrued liabilities” and the long-term portion is included in the caption “other long-term liabilities” on LP’s balance sheet.

NOTE 17 - RECENT AND PROSPECTIVE ACCOUNTING PRONOUNCEMENTS

In December 2004, the FASB issued SFAS No. 123R, “Share-Based Payment (Revised 2004).” This statement addresses the accounting for share-based payment transactions in which a company receives employee services in exchange for the company’s equity instruments or liabilities that are based on the fair value of the company’s equity securities or may be settled by the issuance of these securities. SFAS No. 123R eliminates the ability to account for share-based compensation using APB 25 and generally requires that such transactions be accounted for using a fair value method. The provisions of this statement are effective for financial statements issued for fiscal periods

Item 2. Management’s Discussion and Analysis

GENERAL

Our products are used primarily in new home construction, repair and remodeling, and manufactured housing. We also market and sell our products in light industrial and commercial construction, have a modest export business for some of our specialty building products and operate a facility in Chile.

To serve these markets, we operate in three segments: Oriented Strand Board (OSB), Siding, and Engineered Wood Products (EWP). OSB is the most significant segment, accounting for more than 61% of sales during the quarter ended March 31, 2005 and more than 65% of sales in the quarter ended March 31, 2004.

During the three months ended March 31, 2005, compared to the comparable period of 2004, we saw continued increases in cost of petroleum-based raw materials and wood throughout our businesses. In our non-commodity based businesses, we were able to implement price increases to partially mitigate these cost increases.

Our most significant product, OSB, is sold as a commodity for which sales prices fluctuate daily based on market factors over which we have little or no control. We cannot predict whether the prices of our products will remain at current levels or increase or decrease in the future. During the first three months of 2005, commodity OSB prices moderated slightly compared to same period in the prior year but nonetheless remained at cyclically high levels.

For additional factors affecting our results, refer to the Management Discussion and Analysis overview contained in our Annual Report on Form 10-K for the year ended December 31, 2004.

CRITICAL ACCOUNTING POLICIES

LP’s significant accounting policies are discussed in Note 1 of Notes to financial statements included in LP’s Annual Report on Form 10-K for the year ended December 31, 2004. While it is important to review and understand all of these policies when reading our financial statements, there are several policies that we have adopted and implemented from among acceptable alternatives that could lead to different financial results had another policy been chosen:

Inventory valuation. We use the LIFO (last-in, first-out) method for some of our log inventories with the remaining inventories valued at FIFO (first-in, first-out) or average cost. Our inventories would have been approximately $2.7 million higher if the LIFO inventories were valued at average cost as of March 31, 2005.

Property, plant and equipment. We principally use the units of production method of depreciation for machinery and equipment. This method amortizes the cost of machinery and equipment over the estimated units that will be produced during its estimated useful life.

Stock options. We have chosen to report our stock based compensation using the intrinsic value method prescribed by Accounting Principles Board Opinion No. 25, “Accounting for Stock Issued to Employees” under which no compensation cost for stock options is recognized for stock options granted at or above fair market value. As permitted, we apply only the disclosure provisions of Statement of Financial Accounting Standards (SFAS) No. 123, “Accounting for Stock-Based Compensation” which establishes a fair value approach to measuring compensation expense related to employee stock compensation plans. Had compensation expense for our stock-based compensation plans been determined based upon the fair value at the grant dates under those plans consistent with SFAS No. 123, our net income would have been lower. For the quarter ended March 31, 2005, had we recorded this compensation expense, our net income would have been lower by $0.4 million. In the later portion of 2004, the FASB issued SFAS No. 123R, which will require us to use the fair value method beginning in 2006.

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS

Throughout the preparation of the financial statements, we employ significant judgments in the application of accounting principles and methods. These judgments are primarily related to the assumptions used to arrive at

various estimates. For 2005, these significant accounting estimates and judgments include:

Legal Contingencies. Our estimates of our loss contingencies for legal proceedings are based on various judgments and assumptions regarding the potential resolution or disposition of the underlying claims and associated costs. In making judgments and assumptions regarding legal contingencies for ongoing class action settlements, we consider, among other things, discernible trends in the rate of claims asserted and related damage estimates, information obtained through consultation with statisticians and economists, including statistical analyses of potential outcomes based on experience to date and the experience of third parties who have been subject to product-related claims judged to be comparable. Due to the numerous variables associated with these judgments and assumptions, both the precision and reliability of the resulting estimates of the related loss contingencies are subject to substantial uncertainties. We regularly monitor our estimated exposure to these contingencies and, as additional information becomes known, may change our estimates significantly.

Environmental Contingencies. Our estimates of our loss contingencies for environmental matters are also based on various judgments and assumptions. These estimates typically reflect judgments and assumptions relating to the probable nature, magnitude and timing of required investigation, remediation and/or monitoring activities and the probable cost of these activities, and in some cases reflect judgments and assumptions relating to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of the cost of these activities, including third parties who purchased assets from us subject to environmental liabilities. We consider the ability of third parties to pay their apportioned cost when developing our estimates. In making these judgments and assumptions related to the development of our loss contingencies, we consider, among other things, the activity to date at particular sites, information obtained through consultation with applicable regulatory authorities and third-party consultants and contractors and our historical experience at other sites that are judged to be comparable. Due to the numerous variables associated with these judgments and assumptions, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. We regularly monitor our estimated exposure to environmental loss contingencies and, as additional information becomes known, may change our estimates significantly. At March 31, 2005, we excluded from our estimates approximately $6 million of potential environmental liabilities that we estimate will be allocated to third parties pursuant to existing and anticipated future cost sharing arrangements.

Impairment of Long-Lived Assets. We review the long-lived assets held and used by us (primarily property, plant and equipment and timber and timberlands) for impairment when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Identifying these events and changes in circumstances, and assessing their impact on the appropriate valuation of the affected assets under accounting principles generally accepted in the U.S., requires us to make judgments, assumptions and estimates. In general, on assets held and used, impairments are recognized when the book values exceed our estimate of the undiscounted future net cash flows associated with the affected assets. The key assumptions in estimating these cash flows include future production volumes and pricing of commodity products and future estimates of expenses to be incurred. Our assumptions regarding pricing are based upon the average pricing over the commodity cycle (generally five years) due to the inherent volatility of commodity product pricing. These prices are estimated from information gathered from industry research firms, research reports published by investment analysts and other published forecasts. Our estimates of expenses are based upon our long-range internal planning models and our expectation that we will continue to reduce product costs that will offset inflationary impacts.

When impairment is indicated, the book values of the assets to be held and used are written down to their estimated fair value that is generally based upon discounted future cash flows. Assets to be disposed of are written down to their estimated fair value, less estimated sales costs. Consequently, a determination to dispose of particular assets can require us to estimate the net sales proceeds expected to be realized upon such disposition, which may be less than the estimated undiscounted future net cash flows associated with such assets prior to such determination, and thus require an impairment charge. In situations where we have experience in selling assets of a similar nature, we may estimate net sales proceeds on the basis of that experience. In other situations, we hire independent appraisers to estimate net sales proceeds. Due to the numerous variables associated with our judgments and assumptions relating to the valuation of assets in these circumstances, and the effects of changes in circumstances affecting these valuations, both the precision and reliability of the resulting estimates of the related impairment charges are subject to substantial uncertainties and, as additional information becomes known, we may change our estimates significantly.

Income Taxes. The determination of the provision for income taxes, and the resulting current and deferred tax assets and liabilities, involves significant management judgment, and is based upon information and estimates available to management at the time of such determination. The final income tax liability to any taxing jurisdiction with respect to any calendar year will ultimately be determined long after our financial statements have been published for that year. We maintain reserves for known estimated tax exposures in federal, state and international jurisdictions; however, actual results may differ materially from our estimates.

Judgment is also applied in determining whether deferred tax assets will be realized in full or in part. When we consider it to be more likely than not that all or some portion of a deferred tax asset will not be realized, a valuation allowance is established for the amount of the deferred tax asset that is estimated not to be realizable. As of March 31, 2005, we had established valuation allowances against certain deferred tax assets, primarily related to state net operating loss and credit carryovers and foreign capital loss carryovers. We have not established valuation allowances against other deferred tax assets based upon expected future taxable income and/or tax strategies planned to mitigate the risk of impairment of these assets. Accordingly, changes in facts or circumstances affecting the likelihood of realizing a deferred tax asset could result in the need to record additional valuation allowances.

Goodwill. Goodwill and other intangible assets that are deemed to have an indefinite life are no longer amortized. However, these indefinite life assets are tested for impairment on an annual basis, and otherwise when indicators of impairment are determined to exist, by applying a fair value based test. The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgments at many points during the analysis. In testing for potential impairment, the estimated fair value of the reporting unit, as determined based upon cash flow forecasts, is compared to the book value of the reporting unit. The key assumptions in estimating these cash flows include future production volumes and pricing of commodity products and future estimates of expenses to be incurred. Our assumptions regarding pricing are based upon the average pricing over the commodity cycle (generally five years) due to the inherent volatility of commodity product pricing. These prices are estimated from information gathered from industry research firms, research reports published by investment analysts and other published forecasts. Our estimates of expenses are based upon our long-range internal planning models and our expectation that we will reduce product costs that will offset inflationary impacts.

Due to the numerous variables associated with our judgments and assumptions relating to the valuation of assets in these circumstances, and the effects of changes in circumstances affecting these valuations, both the precision and reliability of the resulting estimates of the related impairment charges, if any, are subject to substantial uncertainties. Consequently, as additional information becomes known, we may change our estimates significantly.

Pension Plans. Most of our U.S. employees and many of our Canadian employees participate in defined benefit pension plans sponsored by LP. We account for the consequences of our sponsorship of these plans in accordance with accounting principles generally accepted in the U.S., which require us to make actuarial assumptions that are used to calculate the related assets, liabilities and expenses recorded in our financial statements. While we believe we have a reasonable basis for these assumptions, which include assumptions regarding long-term rates of return on plan assets, life expectancies, rates of increase in salary levels, rates at which future values should be discounted to determine present values and other matters, the amounts of our pension related assets, liabilities and expenses recorded in our financial statements would differ if we used other assumptions. See further discussion related to pension plans below under the heading “Defined Benefit Pension Plans” and in Note 13 of the Notes to the financial statements included in Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2004.

RESULTS OF OPERATIONS

Our net income for the first quarter of 2005 was $101.7 million, or $0.91 per diluted share, on sales from continuing operations of $680.0 million, compared to the first quarter 2004 net income of $106.5 million, or $0.98 per diluted share, on sales from continuing operations of $695.3 million. For the first quarter of 2005, income from continuing operations was $103.6 million, or $0.93 per diluted share compared to income from continuing operations of $112.3 million, or $1.03 per diluted share for the first quarter of 2004. First quarter 2004 results included charges primarily for the early extinguishment of debt, impairments of long-lived assets, litigation and other operating charges and credits totaling $56.3 million.

Our results of operations for each of our segments are discussed below as well as for the “other” category, which comprises other products that are not individually significant.

OSB

Our OSB segment manufactures and distributes commodity OSB structural panels.

Segment sales, profits and depreciation, amortization and cost of timber harvested for this segment are as follows:

	Quarter Ended March 31,
	2005		2004		Change
Net sales	$	416.2	$	456.6	-9	%
Operating profits	$	171.3	$	253.6	-32	%
Depreciation, amortization and cost of timber harvested	$	22.1	$	21.1

Percent changes in average sales prices and unit shipments for the quarter ended March 31, 2005 compared to the quarter ended March 31, 2004 are as follows:

	Quarter Ended March 31,
	2005 versus 2004
	Average Net		Unit
	Selling Price		Shipments

Commodity OSB	(11	)%	2	%

OSB prices declined for the first quarter of 2005 as compared to the corresponding period of 2004 due to improved balance between supply and demand. The reduction in selling price accounted for a decrease in net sales and operating profits of approximately $52 million.

Compared to the first quarter of 2004, the primary factor, along with the reduced sales price, for decreased operating profits was the significant increase in petroleum based raw materials, energy and wood fiber. Compared to the same period in 2004, resin costs per unit increased 40% and wood fiber 16%.

SIDING

Our siding segment produces and markets siding (both wood and vinyl-based) and related accessories, interior hardboard products and specialty OSB products.

Segment sales, profits and depreciation, amortization and cost of timber harvested for this segment are as follows:

	Quarter Ended March 31,
	2005		2004		Change
Net sales	$	116.3	$	120.6	-4	%
Operating profits	$	4.2	$	12.8	-67	%
Depreciation, amortization and cost of timber harvested	$	4.9	$	4.7

Sales in this segment are broken down as follows:

	Quarter Ended March 31,
	2005		2004		Change
OSB-based exterior products	$	54.9	$	59.3	-7	%
Hardboard siding	40.5		38.2		6	%
Vinyl siding	20.9		23.1		-10	%
Total	$	116.3	$	120.6	-4	%

Percent changes in average sales prices and unit shipments for the quarter ended March 31, 2005 compared to the quarter ended March 31, 2004 are as follows:

	Quarter Ended March 31,
	2005 versus 2004
	Average Net		Unit
	Selling Price		Shipments

OSB-based exterior products	7	%	(13	)%
Hardboard	16	%	(10	)%
Vinyl siding	1	%	(12	)%

For the first quarter of 2005 as compared to the same period in the prior year, sales volume declined across all siding product lines. For OSB-based exterior products, sales volume declined due to customer inventory build-up in the fourth quarter of 2004 in advance of an announced price increase, which took effect on January 1, 2005; and operational issues at one of our mills in Silsbee, Texas. We developed corrective action plans at this location; however we anticipate these issues to negatively impact our results in the second quarter. In our hardboard product line, sales volume declined and sales prices increased due to a change in product mix that included more siding and less industrial board. In vinyl siding, sales volume declined from the same period in the prior year due to the postponement by a significant customer of its winter stocking order and reduced demand due to weather conditions in the Northeast.

Overall, reductions in operating results for our siding segment for the first quarter of 2005 compared to the same period in the prior year was primarily due to reduced sales volumes, poor operating performance at a OSB-based exterior product plant and increased costs for wood, energy and resin.

ENGINEERED WOOD PRODUCTS

Our engineered wood products segment manufactures and distributes engineered wood products (EWP), including laminated veneer lumber (LVL), I-Joists and other related products.

Segment sales, profits and depreciation, amortization and cost of timber harvested for this segment are as follows:

	Quarter Ended March 31,
	2005		2004			Change
Net sales	$	107.0	$	77.9		37	%
Operating profits (losses)	$	5.6	$	(0.9	)	722	%

Depreciation, amortization and cost of timber harvested	$	3.3	$	3.6

Sales in this segment are broken down as follows:

	Quarter Ended March 31,
	2005		2004		Change
LVL	$	48.1	$	33.8	42	%
I-Joist	46.2		32.2		43	%
Other	12.7		11.9		7	%
Total	$	107.0	$	77.9	37	%

Percent changes in average sales prices and unit shipments for the quarter ended March 31, 2005 compared to the quarter ended March 31, 2004 are as follows:

	Quarter Ended March 31,
	2005 versus 2004
	Average Net		Unit
	Selling Price		Shipments

LVL	21	%	17	%
I-Joists	17	%	23	%

During the first quarter of 2005, we continued to grow our EWP segment. We saw significant growth in both LVL and I-Joist sales due to expanded presence with large production builders. During 2004, we implemented several price increases to offset higher raw material costs.

The results of operations of our EWP segment improved primarily due to increased sales prices which were partially offset by increases in raw material costs (primarily veneer, OSB and lumber) as well as the impact of the strengthened Canadian dollar.

OTHER PRODUCTS

Our other products category includes our moulding, composite decking business and Chilean operations which are not individually material. Additionally, this category includes timber and timberlands not associated with other segments or businesses to be divested, pulp and other minor products and services and other operations closed prior to January 1, 2002. Mills that were closed prior to January 1, 2002 related to our divested businesses are included in the “Other Products” category.

Segment sales, profits and depreciation, amortization and cost of timber harvested for this category are as follows:

	Quarter Ended March 31,
	2005		2004		Change
Net sales	$	42.7	$	44.0	-3	%
Operating profits	$	5.5	$	3.5	57	%

Depreciation, amortization and cost of timber harvested	$	2.0	$	1.8

Sales in this segment are broken down as follows:

	Quarter Ended March 31,
	2005		2004		Change
Moulding	$	11.4	$	11.0	4	%
Decking	20.5		19.2		7	%
Chilean operations	8.4		6.6		27	%
Other	2.4		7.2		-67	%
Total	$	42.7	$	44.0	-3	%

Percent changes in average sales prices and unit shipments for the quarter ended March 31, 2005 compared to the

quarter ended March 31, 2004 are as follows:

	Quarter Ended March 31,
	2005 versus 2004
	Average Net		Unit
	Selling Price		Shipments

Moulding	9	%	(4	)%
Decking	9	%	(8	)%

During the first quarter of 2005 as compared to the same period in the prior year, we saw declines in sales volumes for both our moulding and decking businesses. We believe that these declines are a direct result of price increases that were announced during the latter portion of 2004. Sales volumes in the fourth quarter of 2004 were higher than anticipated as several customers bought product ahead of the announced sales price increases. These price increases were announced to offset higher raw material costs, principally resin. In our Chilean operation, we continued to see higher sales due to both increases in commodity OSB pricing as well as volumes based on acceptance of OSB in the local markets. The decline in our other businesses is primarily due to the reduction in sales attributed to the divesture of most of our lumber facilities. Additionally, sales of logs sold to third parties from our timberlands or related timber contracts declined significantly. Overall, the results of this category improved due to the improved profitability of our moulding and decking businesses and Chilean operations.

GENERAL CORPORATE AND OTHER EXPENSE, NET

For the first quarter of 2005 as compared to the same period in the prior year, general corporate expenses declined by 10%. General corporate and other expenses primarily consist of corporate overhead such as wages and benefits for corporate and sales personnel, professional fees, insurance and other expenses. The decline in the first quarter of 2005 primarily resulted from several one time charges recorded in the first quarter of 2004 related to stock compensation accruals that were not required in the first quarter for 2005.

INTEREST EXPENSE AND INVESTMENT INCOME

Interest expense in the first quarter of 2005 was significantly lower than the comparable period in 2004 due to lower interest rates on variable debt and a lower average amount of debt outstanding. Investment income in the first quarter of 2005 was higher than the comparable period in 2004 due to the significantly higher cash and cash equivalent and investment balances and higher investment rates. Capitalized interest in the first quarter of 2005 was $0.2 million as compared to $0.8 million in the comparable period in 2004.

DISCONTINUED OPERATIONS

Included in discontinued operations for the first quarter of 2005 and 2004 are the results of the operations of mills that have been or are to be divested under our divesture plan. For the first quarter of 2005, these operations include two lumber mills. Prior to the end of the quarter, we announced the permanent closure of one of the lumber facilities. For the first quarter of 2004, these operations included three lumber mills and interior hardboard operations.

Included in the operating losses of discontinued operations for the first quarter of 2005 is a charge of $3.3 million associated with employee severance costs associated with the cedar lumber mill for which we announced the permanent closure during the quarter.

Included in the operating losses of discontinued operations for the first quarter of 2004 are: a charge of $9.9 million to reduce the book value associated with assets held for sale to the estimated sales price; a charge of $2.1 million on the sale of a lumber facility in Idaho; and a charge of $0.4 million on long-term timber contracts associated with previously closed or sold facilities. Additionally, during the first quarter of 2004 we recognized $2.6 million in income associated with the liquidation of certain LIFO inventories due to the reduced log inventories at sites to be

sold or closed.

INCOME TAXES

Income (loss) before taxes for the quarter ended March 31, 2005 and 2004 were as follows:

	Quarter Ended March 31,
	2005			2004
Continuing operations	$	162.8		$	176.7
Discontinued operations	(3.1		)	(9.5		)
	159.7			167.2
Total tax provision (benefit)	58.0			60.7
Net income (loss)	$	101.7		$	106.5

Accounting standards require that the estimated effective income tax rate (based upon estimated annual amounts of taxable income and expense) by income component for the year be applied to year-to-date income or loss at the end of each quarter. The primary difference between the U.S. statutory rate of approximately 39% and the effective rate on continuing operations relates to differences associated with non-taxable foreign currency exchange gains on certain intercompany debt that is denominated in Canadian dollars, recognition of the manufacturing credit associated with the Jobs Creation Act of 2004, and a significant portion of income that will be taxable in foreign jurisdictions at lower tax rates. The components and associated estimated effective income tax rates applied to the quarter ended March 31, 2005 and 2004 are as follows:

	Quarter Ended March 31,
	2005					2004
	Tax Provision			Tax Rate		Tax Provision			Tax Rate
Continuing operations	$	59.2		36	%	$	64.4		36	%
Discontinued operations	(1.2		)	39	%	(3.7		)	39	%
	$	58.0		36	%	$	60.7		36	%

DEFINED BENEFIT PENSION PLANS

We maintain several qualified and non-qualified defined benefit pension plans in the U.S. and Canada that cover a substantial portion of our employees. We account for all of these plans and provide aggregated disclosures about these plans in the Notes to our financial statements as required by SFAS No. 87 “Employers’ Accounting for Pensions”, SFAS No. 88 “Employers’ Accounting for Settlement and Curtailments of Defined Benefit Plans and for Termination Benefits” and SFAS No. 132 “Employers’ Disclosures about Pensions and Other Post Retirement Benefits (revised 2003).” See Note 13 of the Notes to financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2004. We estimate that our defined benefit pension expense for 2005 will be approximately $16 million. That estimate assumes that we have no curtailment or settlement expenses in 2005. If a curtailment or settlement does occur in 2005, this estimate may change significantly. We estimate that we will contribute approximately $15 to $20 million to these plans in 2005. As of March 31, 2005, we had contributed approximately $9 million to these plans. At December 31, 2004, we had an unrecognized loss of $93 million associated with our defined benefit pension plan. The amortization of this unrecognized loss will account for approximately 48% of our 2005 pension expense.

LEGAL AND ENVIRONMENTAL MATTERS

For a discussion of legal and environmental matters involving us and the potential impact thereof on our financial position, results of operations and cash flows, see Items 3, 7 and 8 in our Annual Report on Form 10-K for the year ended December 31, 2004, Note 18 to the Notes to the financial statements contained therein and Item 1, Legal Proceedings, in Part II of this report.

HARDBOARD SIDING LITIGATION UPDATE

The following discussion updates should be read in conjunction with the discussion of our hardboard siding litigation set forth in Note 18 of the Notes to financial statements included in LP’s Annual Report on Form 10-K for the year ended December 31, 2004.

Cumulative statistics under hardboard settlements are as follows:

	March 31, 2005	December 31, 2004
Requests for claims	41,200	39,300
Completed claims received	26,300	24,400
Completed claims pending	3,100	2,600
Claims dismissed	6,800	6,600
Claims settled	16,400	15,200

The average payment amount for settled claims as of March 31, 2005 and December 31, 2004 was essentially unchanged at $1,300. Dismissal of claims is typically the result of claims for product not produced by LP or predecessor companies or claims that lack sufficient information or documentation after repeated efforts to correct those deficiencies.

LIQUIDITY AND CAPITAL RESOURCES

OPERATING ACTIVITIES

During the first quarter of 2005, we generated $66 million of cash from operating activities compared to $86 million in the first quarter of 2004. The reduction in cash provided by operations in the first quarter of 2005 was primarily a result of lower income from our OSB and siding businesses.

We paid out $2 million in the first quarter of 2005 as compared to $4 million in the same period of 2004 related to litigation settlements.

INVESTING ACTIVITIES

During the first quarter of 2005, we used approximately $32 million in investing activities. Capital expenditures in the first quarter were $21 million and were primarily invested in capital projects to reduce production costs in our OSB facilities as well as increase capacity in our decking operations. Additionally, we contributed $24 million to our joint venture with Canfor Corporation to continue the project to build an OSB facility in British Columbia, Canada.

During the first quarter of 2004, we used approximately $190 million in cash in investing activities. We used approximately $164 million to purchase investments with maturities in excess of 90 days to increase the returns on our short-term investments. Capital expenditures for property, plant and equipment increased in the first quarter of 2004 were $29 million, and related primarily to capital projects to reduce production costs and increase capacity in certain OSB facilities, purchase a research and development facility and expand decking production capacities.

Capital expenditures for 2005 are expected to be about $175 million for projects to reduce our energy, raw materials and resin costs in our current OSB mills and for expansion projects in our decking and siding operations. Additionally, we expect to invest $60 million in our joint venture project with Canfor Corporation to construct and operate an OSB mill in British Columbia, Canada.

FINANCING ACTIVITIES

In the first quarter of 2005, net cash used in financing activities was $3 million as compared to $212 million in the first quarter of 2004. In the first quarter of 2005, we generated $8 million in proceeds from the sale of common stock

under our various equity compensation plans and paid cash dividends of $11 million.

In the first quarter of 2004, we repaid $228 million of our long-term debt. These payments included a premium on the early extinguishment of the senior and subordinated notes of approximately $40 million. Additionally, we generated $23 million in proceeds from the sale of common stock under our various equity compensation plans and paid a cash dividend of $5 million.

FINANCING OBLIGATIONS

We have a revolving line of credit, which will expire in September 2009, that provides for committed borrowing capacity of $150 million. Subject to the willingness of existing or new lenders under the credit facility to advance additional funds, we may increase our borrowing capacity under the facility up to an additional $100 million. The facility allows us to cash collateralize the facility, at our option, in order to lower the cost of such borrowings. At March 31, 2005, we had no borrowings outstanding under the facility. Letters of credit issued and outstanding totaled approximately $60 million as of March 31, 2005 and were cash collaterialized with $63 million.

We also have a $10 million (Canadian) line of credit facility in Canada. Our ability to obtain letters of credit under this facility ends in December 2005, if not renewed, and the facility expires in January 2007. The facility allows us to cash collateralize the facility, at our option, in order to lower the cost of such borrowings. This facility requires LP to pledge, as security for its reimbursement obligations under the facility, cash collateral in an amount equal to 105% of the face amount of the letters of credit outstanding under the facility at any time. Letters of credit issued and outstanding totaled approximately $3 million as of March 31, 2005 and were cash collaterialized with $3.3 million.

Additionally, we have an accounts receivable securitization facility which will expire in November 2007. The facility provides for maximum borrowings of up to of $100 million. The maximum available to be borrowed under this facility changes based upon the amount of eligible receivables, as defined, concentration of eligible receivables and other factors. Additionally, the facility contains a provision under which specified downgrades of our long-term unsecured senior debt rating could cause an amortization event under this facility. At March 31, 2005, we had no borrowings outstanding under this facility.

The following details our current debt ratings as of May 1, 2005:

	Moody’s Investor Service	Standard & Poor’s

Senior Notes	Baa3	BBB-

Contingency reserves, which represent an estimate of future cash needs for various contingencies (principally, payments for siding litigation settlements), totaled $52 million at March 31, 2005, of which $12 million is estimated to be payable within one year. As with all accounting estimates, there is inherent uncertainty concerning the reliability and precision of such estimates. As described above and in Note 18 of the Notes to financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2004, the amounts ultimately paid in resolving these contingencies could exceed the current reserves by a material amount.

POTENTIAL IMPAIRMENTS

We continue to review several mills and investments for potential impairments. Management currently believes we have adequate support for the carrying value of each of these assets based upon the anticipated cash flows that result from our estimates of future demand, pricing and production costs assuming certain levels of planned capital expenditures. However, should the markets for our products deteriorate to levels significantly below cycle average

pricing or should we decide to invest capital in alternative projects, it is possible that we will be required to record further impairment charges.

We also review from time to time possible dispositions of various assets in light of current and anticipated economic and industry conditions, our strategic plan and other relevant factors. Because a determination to dispose of particular assets can require management to make assumptions regarding the transaction structure of the disposition and to estimate the net sales proceeds, which may be less than previous estimates of undiscounted future net cash flows, we may be required to record impairment charges in connection with decisions to dispose of assets.

Our Canadian subsidiary has arrangements with the Canadian provincial governments which gives this subsidiary the right to harvest a volume of wood off public land from defined forest areas under supply and management agreements, long-term pulpwood agreements and various other timber licenses. In early 2005, the Quebec government announced changes to the provincial timber license structure. These included a reduction in the harvesting rights for holders of certain long-term timber licenses. We do not believe these changes will have a significant impact on the timber licenses associated with our OSB facilities in Quebec; however, it may adversely affect our timber allocations associated with our sawmill operations in Quebec. At this point, we are unable to predict what effects these changes will have on this sawmill operation.

OUTLOOK: ISSUES AND UNCERTAINTIES

While management is optimistic about our long-term prospects, the following issues and uncertainties should be considered in evaluating our Company.

Cyclical industry conditions and commodity pricing have and may continue to adversely affect our financial conditions and results of operations. Our operating results reflect the general cyclical pattern of the building products industry. Our primary product, OSB, and a significant portion of our raw materials are globally traded commodity products. In addition, our products are subject to competition from manufacturers worldwide. Historical prices for our products have been volatile, and we, like other participants in the building products industry, have limited influence over the timing and extent of price changes for our products. Product pricing is significantly affected by the relationship between supply and demand in the building products industry. Product supply is influenced primarily by fluctuations in available manufacturing capacity. Demand is affected by the state of the economy in general and a variety of other factors. The level of new residential construction activity and home repair and remodeling activity primarily affects the demand for our building products. Demand is also subject to fluctuations due to changes in economic conditions, interest rates, population growth, weather conditions and other factors. We are not able to predict with certainty market conditions and selling prices for our products. We cannot assure you that prices for our products will not decline from current levels. A prolonged and severe weakness in the markets for one or more of our principal products, particularly OSB, could seriously harm our financial condition and results of operations and our ability to satisfy our cash requirements, including the payment of interest and principal on our debt.

We have a high degree of product concentration. OSB accounted for about 61% of our sales in 2004 and 59% in 2003 and we expect OSB sales to continue to account for a substantial portion of our revenues and profits in the future. Additionally, OSB commodity prices reached record highs during the second quarter of 2004, but fluctuated significantly thereafter. Concentration of our business in the OSB market further increases our sensitivity to commodity pricing and price volatility. We cannot assure you that pricing for OSB or our other products will not decline from current levels.

Increased industry production capacity for OSB could constrain our operating margins for the foreseeable future. According to Resource Information Systems, Inc. (RISI), an industry market research organization, total North American OSB annual production capacity increased by about 4 billion square feet from 1998 to 2002 on a 3/8-inch equivalent basis and is projected to increase by approximately 9 billion square feet in the 2004 to 2009 period. RISI has projected that total North American demand for OSB will increase by about 6.3 billion square feet during the same 2004 to 2009 period. If increases in OSB production capacity exceed increases in OSB demand, OSB could have constrained operating margins in the foreseeable future.

Intense competition in the building products industry could prevent us from increasing or sustaining our net sales and from sustaining profitability. The markets for our products are highly competitive. Our competitors range from very large, fully integrated forest and building products firms to smaller firms that may manufacture only one or

a few types of products. We also compete less directly with firms that manufacture substitutes for wood building products. Many of our competitors have greater financial and other resources than we do, and certain of the mills operated by our competitors may be lower-cost producers than the mills operated by us.

Our results of operations may be harmed by increases in raw material costs. The most significant raw material used in our operations is wood fiber. We currently obtain about 70% of our wood fiber requirements in the open market. Wood fiber is subject to commodity pricing, which fluctuates on the basis of market factors over which we have no control. In addition, the cost of various types of wood fiber that we purchase in the market has at times fluctuated greatly because of governmental, economic or industry conditions. In addition to wood fiber, we also use a significant quantity of various resins in our manufacturing processes. Resin product costs are influenced by changes in the prices of raw materials used to produce resins, primarily petroleum products, as well as demand for resin products. Selling prices of our products have not always increased in response to raw material cost increases. We are unable to determine to what extent, if any, we will be able to pass any future raw material cost increases through to our customers through product price increases. Our inability to pass increased costs through to our customers could have a material adverse effect on our financial condition, results of operations and cash flow.

Our operations require substantial capital and our capital resources may not be adequate to provide for all of our cash requirements. Our operations require substantial capital. Capital expenditures for expansion or replacement of existing facilities or equipment or to comply with future changes in environmental laws and regulations may be substantial. Although we maintain our production equipment with regular periodic and scheduled maintenance, we cannot assure you that key pieces of equipment in our various production processes will not need to be repaired or replaced or that we will not incur significant additional costs associated with environmental compliance. The costs of repairing or replacing such equipment and the associated downtime of the affected production line could have a material adverse effect on our financial condition, results of operations and cash flow. Based on our current operations, we believe our cash flow from operations and other capital resources will be adequate to meet our operating needs, capital expenditures and other cash requirements for the foreseeable future. If for any reason we are unable to provide for our operating needs, capital expenditures and other cash requirements on economic terms, we could experience a material adverse effect on our business, financial condition, results of operations and cash flow.

We are subject to significant environmental regulation and environmental compliance expenditures and liabilities. Our businesses are subject to many environmental laws and regulations, particularly with respect to discharges of pollutants and other emissions on or into land, water and air, and the disposal, remediation of hazardous substances or other contaminants and, in the past, the restoration and reforestation of timberlands. Compliance with these laws and regulations is a significant factor in our business. We have incurred and expect to continue to incur significant expenditures to comply with applicable environmental laws and regulations. Moreover, some or all of the environmental laws and regulations to which we are subject could become more stringent in the future. Our failure to comply with applicable environmental laws and regulations and permit requirements could result in civil or criminal fines or penalties or enforcement actions, including regulatory or judicial orders enjoining or curtailing operations or requiring corrective measures, installation of pollution control equipment or remedial actions.

Some environmental laws and regulations impose liability and responsibility on present and former owners, operators or users of facilities and sites for contamination at such facilities and sites without regard to causation or knowledge of contamination. In addition, we occasionally evaluate various alternatives with respect to our facilities, including possible dispositions or closures. Investigations undertaken in connection with these activities may lead to discoveries of contamination that must be remediated, and closures of facilities may trigger compliance requirements that are not applicable to operating facilities. Consequently, we cannot assure you that existing or future circumstances or developments with respect to contamination will not require significant expenditures by us.

We are involved in various environmental matters and legal proceedings. The outcome of these matters and proceedings and the magnitude of related costs and liabilities are subject to uncertainties. The conduct of our business involves the use of hazardous substances and the generation of contaminants and pollutants. In addition, the end-users of many of our products are members of the general public. We currently are and from time to time in the future will be involved in a number of environmental matters and legal proceedings, including legal proceedings involving warranty or non-warranty product liability claims. These matters and proceedings, including class action settlements relating to certain of our products, have in the past caused and in the future may cause us to incur substantial costs. We have established contingency reserves in our consolidated financial statements with respect to the estimated costs of existing environmental matters and legal proceedings to the extent that our management has

determined that such costs are both probable and reasonably estimable as to amount. However, such reserves are based upon various estimates and assumptions relating to future events and circumstances, all of which are subject of inherent uncertainties. We regularly monitor our estimated exposure to environmental and litigation loss contingencies and, as additional information becomes known, may change our estimates significantly. However, no estimate of the range of any such change can be made at this time. We may incur costs in respect of existing and future environmental matters and legal proceedings as to which no contingency reserves have been established. We cannot assure you that we will have sufficient resources available to satisfy the related costs and expenses associated with these matters and proceedings.

Settlements of tax exposures may exceed the amounts we have reserved for known estimated tax exposures. We maintain reserves for known estimated tax exposures in federal, state and international jurisdictions. Significant income tax exposures may include potential challenges to intercompany pricing, the treatment of financing, acquisition and disposition transactions, the use of hybrid entities, and the use of the installment sale method of accounting for tax purposes and other matters. These exposures are settled primarily through the closure of audits with the taxing jurisdictions and, on occasion, through the judicial process, either of which may produce a result inconsistent with past estimates. We believe that we have appropriate liabilities established for known estimated exposures, however, if actual results differ materially from our estimates we could experience a material adverse affect on our financial condition, results of operation and cash flow.

Fluctuations in foreign currency exchange rates could result in currency exchange losses .A significant portion of the Company’s operations are conducted through foreign subsidiaries. The functional currency for the Company’s Canadian subsidiary is the U.S. dollar. The financial statements of this foreign subsidiary is remeasured into U.S. dollars using the historical exchange rate for property, plant and equipment, timber and timberlands, goodwill, equity and certain other non-monetary assets and liabilities and related depreciation and amortization on these assets and liabilities. These transaction gains or losses are recorded in foreign exchange gains (losses) in the income statement. The functional currency of our Chilean subsidiary is the Chilean Peso. Translation adjustments, which are based upon the exchange rate at the balance sheet date for assets and liabilities and the weighted average rate for the income statement, are recorded in the Accumulated Comprehensive Income (Loss) section of Stockholders’ Equity. Therefore, a strengthening of the Canadian dollar or the Chilean Peso relative to the U.S. dollar may have a material adverse affect on our financial condition and results of operations.

Changes in foreign currency exchange rates could result in a greater than expected tax expense. We have intercompany debt between our U.S. and Canadian subsidiary which is denominated in Canadian dollars. Because this debt is denominated in Canadian dollars, it is subject to translation gains and losses in terms of U.S. dollars. While the gains and losses due to translation are eliminated in consolidation for financial reporting purposes, the tax effect is not because the translation of the Canadian balance into U.S. dollars occurs outside of the tax reporting entities and therefore creates a tax difference. If exchange rates increase in the future, it could result in our tax expense being higher than expected.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

A portion of our outstanding debt bears interest at variable rates and accordingly is sensitive to changes in interest rates. Interest rate changes would result in gains or losses in the market value of our debt portfolio due to differences in market interest rates and the rates at the inception of the debt agreements. Based upon our indebtedness at March 31, 2005, a 100 basis point interest rate change would impact the pre-tax net income and cash flow by $0.5 million annually.

Our international operations have exposure to foreign currency rate risks, primarily due to fluctuations in the Canadian dollar. Although we have entered into foreign exchange contracts in the past to manage a portion of the foreign currency rate risk associated with certain of our indebtedness, we historically have not entered into material currency rate hedges with respect to our exposure from operations, although we may do so in the future.

As of March 31, 2005, we had $988 (Canadian) million in intercompany debt between our U.S. and Canadian subsidiaries. This debt is denominated in Canadian dollars and therefore is subject to translation gains and losses in terms of U.S. dollars. While the gains and losses due to translation are eliminated in consolidation for financial reporting purposes, the tax effect is not because the translation of the Canadian balance into U.S. dollars occurs outside of the tax reporting entities and therefore creates a tax difference. For each $.01 increase in the exchange

LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SUMMARY OF PRODUCTION VOLUMES (1)

	Quarter Ended March 31,
	2005	2004

Oriented strand board, million square feet 3/8” basis	1,371	1,364

Wood-based siding, million square feet 3/8” basis	246	260

Engineered I-Joist, million lineal feet	27	22

Laminated veneer lumber (LVL), thousand cubic feet	3,193	2,835

Composite Decking, thousand lineal feet	11,969	6,681

Vinyl Siding, squares	735	786

(1)Amounts shown above include production that is consumed within LP as well as production that is available for sale to outside customers.

INDUSTRY PRODUCT TRENDS

The amounts shown below are dollars per 1,000 square feet.

	OSB
	N. Central 7/16” Basis
Annual Average
1993	$	236
1994	265
1995	245
1996	184
1997	142
1998	205
1999	260
2000	206
2001	159
2002	160
2003	293
2004 1^st Qtr. Avg.	428
2005 1^st Qtr. Avg.	364

Source: Random Lengths

PART II - -OTHER INFORMATION

Item 1. Legal Proceedings.

Certain environmental matters and legal proceedings involving us are discussed below. Additional environmental matters and legal proceedings involving us are discussed in Item 7, Legal Proceedings, in our annual report on Form 10-K for the year ended December 31, 2004.

Environmental Matters

We are involved in a number of environmental proceedings and activities, and may be wholly or partially responsible for known or unknown contamination existing at a number of other sites at which we have conducted operations or disposed of wastes. Based on the information currently available, we believe that any fines, penalties or other costs or losses in excess of amounts currently accrued resulting from these matters will not have a material adverse effect on our financial position, results of operations, cash flows or liquidity.

Siding Matters

On October 15, 2002, a jury returned a verdict of $29.6 million against us in a Minnesota State Court action entitled Lester Building Systems, a division of Butler Manufacturing Company, and Lester’s of Minnesota, Inc., v. Louisiana-Pacific Corporation and Canton Lumber Company. On December 13, 2002, the District of Oregon, which maintains jurisdiction over the nationwide OSB class action permanently enjoined the Minnesota state trial court from entering judgment against us with respect to $11.2 million of the verdict that related to siding that was subject to the nationwide OSB siding settlement. We satisfied this verdict, other than the enjoined amount, in 2004. Lester’s has appealed this injunction to the Ninth Circuit Court of Appeals. Based upon the information currently available, we believe that any further liability related to this case is remote and will not have a material adverse effect on our financial position, results of operations, cash flows or liquidity.

NATURE GUARD CEMENT SHAKES MATTERS

We are a defendant in a class action lawsuit, captioned as Nature Guard Cement Roofing Shingle Cases, that is pending in the Superior Court for Stanislaus County, California. The plaintiffs in this action are a class of persons owning structures on which Nature Guard Fiber Cement Shakes were installed as roofing. The complaint in this action asserts claims for breach of express and implied warranties, unfair business practices, and violation of the Consumer Legal Remedies Act and seeks general, compensatory, special and punitive damages, disgorgement of profits and the establishment of a fund to provide restitution to the purported class members.

We no longer manufacture or sell fiber cement shakes. The dollar amount of the referenced claims cannot presently be determined. The complaint in this action does not quantify the relief sought by the plaintiffs individually or on behalf of the class, discovery in this action has not been completed, no determination of liability has been made and no process for the submission of individual claims in connection with this action has been established. We believe that we have substantial defenses to this action and are unable to predict the potential financial impact of this action.

OTHER PROCEEDINGS

During the third quarter of 2004, we received a letter from a law firm purporting to represent more than 1,400 potential plaintiffs who allegedly experienced various personal injuries and property damages as a result of the alleged release of chemical substances from our wood treatment facility in Lockhart, Alabama during the period from 1953 to 1998. The letter is characterized as a “pre-litigation settlement demand” to us and Pactiv Corporation, from whom we acquired the facility in 1983. We intend to defend vigorously any legal proceedings that may be commenced against us by the potential plaintiffs. As of the date of this report, we and the potential plaintiffs have agreed to refrain from commencing any legal proceedings in respect of the potential plaintiffs’ allegations and to the tolling of applicable statutes of limitations. These agreements are terminable by either party upon 30 days notice. We are not presently able to quantify its financial exposure, if any, relating to the matters alleged in the letter, and the potential plaintiffs have not specified the amount of compensation sought.

We are parties to other legal proceedings. Based on the information currently available, we believe that the

Item 4. Submission Of Matters To A Vote Of Security Holders

LP held its annual meeting on May 2, 2005, at which the stockholders of LP voted on the following:

The election of two Class III directors for LP with terms expiring at the Annual Meeting of Stockholders in 2008, and ratification of independent auditors.

The voting with respect to each of these matters was as follows:

1. ELECTION OF DIRECTORS

Director	For	Withheld

E. Gary Cook	91,232,091	362,734

Paul W. Hansen	89,702,269	1,892,556

2. RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS

	FOR	AGAINST	ABSTAIN

SHARES	88,303,704	3,189,736	101,385

Item 6. Exhibits

10.1		Change of Control Employment Agreement, dated as of February 2, 2005, between LP and Jeffery Wagner. Incorporated by reference to Exhibit 10.2 to LP’s Current report on Form 8-K dated August 30, 2004.*

10 .2		2004 Executive Deferred Compensation Plan, amended and restated effective January 1, 2005. Incorporated herein by reference to Exhibit 10.1 to LP’s Current Report on Form 8-K dated August 30, 2004.*

31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a).

31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a).

32.1		Certifications pursuant to § 906 of the Sarbanes-Oxley Act of 2002.

LP hereby agrees to furnish supplementally to the SEC upon its request any schedules and similar documents omitted pursuant to Item 601(b)(2) of Regulation S-K and any instruments omitted pursuant to Item 601 (b)(4)(iii) of Regulation S-K.

* Indicates a management contract or compensatory plan or arrangement.

DELAWARE		93-0609074
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

	LOUISIANA-PACIFIC CORPORATION


Date: May 6, 2005	BY: RICHARD W. FROST
	Richard W. Frost
	Chief Executive Officer


Date: May 6, 2005	BY: CURTIS M. STEVENS
	Curtis M. Stevens
	Executive Vice President Administration and Chief Financial
	Officer
	(Principal Financial Officer)