Products changing

lies ahead? Wherever I

J u-u g' arouno .oe groDe, peopre expansions of Inner-Seal OSB plants in0o Venezuela and Ireland where government plantations are plentiful and new industry is encouraged. is" il|id;no. -c"n6,aiti ieave iorere- casting to the economists, relying instead on common sense to lead me in the right direction. I am always mindful good times are never as - good as they seem and bad times can be ftlled wirh winning opporunities. By making the best of bad times, our L-P team has in the past three years returned 273Vo apge*iation to shareholders. In the first nine months of '93 we've exceeded our prim record breaking full year earnings. We've done it by being resourceful and keeping foremost in mind what our customers are going to need in the fuhre.

Consider next the future for engineered lumber. Today the market for wide dimension lumber is about 5 billioir feet with wood l-joists accounting for about 7Vo. By 2000 we expect 50% of joists sold and used in this counury will be elgineered products. Our third plant is up and ruhning in Nevada and mme plants are on the drawing board.

We were looking to the fuure when we ooened our frst OSB plant in 1978-with 130 million feet of'capaciry. We were willing to take what others saw as a big risk. Over the past 15 years, thanks to the acceptance of our cus- the past tomers, we've created a whole new industry segment to fill the void created by a diminishing supply of plywood. This year .North -Americgn_ O.SB production- inqreased to nearly i0 billion feet with L-P ac-counting for 34Vo of the totil volume. And we're still growing. We've announced