May 25, 2005

FOR IMMEDIATE RELEASE

Major Markets Circuit

Dateline: Longview, Washington

Contact: R. H. Wollenberg

President and Chief Executive Officer

Phone: (360) 425-1550

LONGVIEW FIBRE COMPANY REPORTS IMPROVED FINANCIAL RESULTS

FOR FISCAL 2005 SECOND QUARTER

LONGVIEW, Wash., May 25, 2005 - Longview Fibre Company (NYSE:LFB) today announced net income of $8.8 million, or $0.17 per share, for its second fiscal quarter ended April 30, 2005, compared with net income of $5.9 million, or $0.12 per share, for the second quarter of fiscal 2004.  Sales for the second quarter of fiscal 2005 grew 5.2 percent, to $224.4 million, compared with $213.4 million for the same period last year.

R. H. Wollenberg, Chairman, President and Chief Executive Officer, said, “Each of the Company’s three operating divisions executed well during the second quarter.  Our manufacturing segments reduced their combined second quarter operating losses by 77 percent compared with last year’s second quarter as our paper and paperboard segment achieved breakeven operating profit performance while our converted products segment reduced its operating loss by 31 percent.  We continue to achieve improved productivity and efficiencies in manufacturing, with solid improvements in labor hours per ton, and reduced energy costs per ton of production at the paper mill.  Sales and operating profits from our timber segment through the first half of the fiscal year are on plan and equal to last year’s first half performance.

“Strong operating cash flows of $40 million during the quarter allowed us to reduce borrowed debt by an additional $30 million, bringing the ratio of total borrowed debt to capitalization below our stated near-term goal of 50 percent.  We believe we are very well positioned heading into the second half of our fiscal year, during which we expect typical increased seasonal demand to result in further improvements in manufacturing profitability.”

Second Quarter Fiscal 2005 Compared with the Second Quarter Fiscal 2004

Timber segment sales in the second fiscal quarter 2005 totaled $52.2 million, 14.9 percent below sales of $61.4 million in last year’s second quarter during which the Company accelerated its harvest to offset poor weather conditions experienced during the first quarter of fiscal 2004.  Similarly, timber segment operating profit in the second fiscal quarter was $26.0 million, 18.3 percent lower than the $31.9 million in last year’s comparable quarter.  However, year-to-date timber segment sales of $95.6 million and operating profit of $45.5 million are essentially equal to last year’s first-half timber sales of $95.9 million and operating profit of $45.5 million.  Second fiscal quarter 2005 log sales declined 8.1 percent on a 10.7 percent volume decrease, partially offset by a 3.0 percent increase in average log prices.  Domestic log volume increased 6.9 percent while average prices increased 8.0 percent compared to the second quarter of fiscal 2004.  Lower mix of export-quality logs in the current harvest combined with a strong domestic market resulted in a 54.1 percent decline in export log volume, partially offset by a 4.6 percent increase in average prices, compared to the second quarter of fiscal 2004. The Company’s timber harvest plans for the balance of fiscal 2005 remain consistent with a sales target of approximately 250 million board feet for the year.  Lumber sales declined 42.8 percent compared with the second quarter of fiscal 2004 on 43.2 percent lower volume and stable average prices.  This decline reflected the Company’s earlier decision to optimize total return and discontinue processing of logs into lumber at a third-party sawmill in Oregon.

In the Company’s paper and paperboard segment, sales increased 18.0 percent from last year’s second fiscal quarter, to $64.2 million from $54.4 million, driven by increased manufacturing activity across the stronger U.S. economy.  The segment achieved essentially breakeven operating performance, with an operating loss of just $48,000, compared with an operating loss of $9.0 million for the same period last year.  The utilization rate at the Company’s Longview mill increased to 87 percent in the second fiscal quarter of 2005 compared with 73 percent for the year ago period.  The Company expects a utilization rate of approximately 85 to 90 percent in the third quarter of fiscal 2005.

Paper sales in the second fiscal quarter 2005 increased 8.3 percent to $46.9 million from $43.3 million in the prior year period.  Average price per ton increased 6.4 percent coupled with a 1.0 percent volume increase compared with the second fiscal quarter of 2004.  Domestic paper sales increased 8.2 percent on a 6.4 percent increase in average price and a 0.9 percent increase in volume. Export paper sales increased 8.5 percent on a 6.3 percent increase in average price and a 1.5 percent increase in volume.

Paperboard sales in the second fiscal quarter 2005 increased 56.1 percent, to $17.3 million from $11.1 million in the prior year period.  Domestic paperboard sales increased 44.1 percent over the second quarter of fiscal 2004 as volume increased 39.8 percent, coupled with a 3.7 percent increase in average prices. Export paperboard sales grew 63.7 percent on 60.0 percent higher volume, and 1.9 percent higher average prices.

Sales in the Company’s converted products segment also benefited from increased demand from the U.S. manufacturing sector.  Sales increased 10.6 percent to $108.0 million from $97.6 million in last year’s second fiscal quarter, driven by 6.6 percent higher volume combined with a 3.9 percent increase in average price.  The segment recorded an operating loss of $3.0 million, compared with an operating loss of $4.3 million in the second quarter of fiscal 2004.

Cash provided by operations totaled $40.0 million during the quarter.  Capital expenditures totaled $10.3 million, including $2.0 million in timber and timberland reforestation expenditures and $8.3 million in plant and equipment additions.  The Company also used approximately $30 million of its quarterly cash flow to reduce borrowed debt, bringing the balance to approximately $443 million, $55 million below the balance one year ago, and equating to a debt-to-total capital ratio of 49.4 percent.

First Fiscal Quarter 2005 Restatement to Correct LIFO Inventory Error

As announced, during the second fiscal quarter the Company discovered an error in the LIFO inventory calculation recorded in the first quarter of fiscal 2005.  The error resulted in a $1.1 million overstatement of operating income and an overstatement of net income during the period of $0.7 million, or $0.01 per share.  This error does not affect results of the second fiscal quarter.

Investor Conference Call

The Company will host a conference call Thursday, May 26, 2005 at 1:00 p.m. EDT, available to interested parties by dialing 800-299-7098 within the U.S. and Canada, or 617-801-9714 from other locations, passcode 12101265.  A telephone replay of the call will be available through midnight June 2, 2005 and can be accessed from the United States and Canada at 888-286-8010, and 617-801-6888 from other locations; passcode: 58456692.  The call is being webcast by CCBN and can be accessed at Longview Fibre's Web site at www.longviewfibre.com.  The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors.  Individual investors can listen to the call through CCBN's individual investor center at www.fulldisclosure.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.com).  A copy of this press release and supplemental financial information will be available at or prior to the conference call in the Investor Relations section of the Company’s Web site, at www.longviewfibre.com.

About Longview Fibre Company

Longview Fibre Company is a diversified timberlands manager and a specialty paper and container manufacturer.  Using sustainable forestry methods, the Company manages approximately 585,000 acres of softwood timberlands predominantly located in western Washington and Oregon, primarily for the sale of logs to the U.S. and Japanese markets.  Longview Fibre’s manufacturing facilities include one of the largest pulp-paper mills in North America at Longview, Washington; a network of 15 converting plants in 12 states; and a sawmill in central Washington.  The Company’s products include: logs; corrugated and solid-fiber containers; commodity and specialty Kraft paper; paperboard; and dimension and specialty lumber.  Longview Fibre press releases, SEC filings and Annual Reports are available at no charge through the Company’s Web site at www.longviewfibre.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements concerning our anticipated timber harvest levels; anticipated increase in seasonal demand and manufacturing profitability for the second half of the Company's fiscal year ending October 31, 2005; capacity utilization at the Company’s Longview mill; and our continued ability to achieve improved productivity and efficiencies in manufacturing.  Forward-looking statements are based on the Company’s estimates and projections on the date they are made, and are subject to a variety of risks and uncertainties.  Actual events could differ materially from those anticipated by the Company due to a variety of factors, including, among others, developments in the world, national, or regional economy or involving the Company’s customers or competitors affecting supply of or demand for the Company’s products; weather and other factors affecting harvest levels; changes in product and energy prices; changes in currency exchange rates between the U.S. dollar and the currencies of important export markets; and unforeseen developments in the Company’s business, including unforeseen capital requirements or reduced cash from operations.  The Company does not undertake any obligation to update forward-looking statements should circumstances or the Company’s estimates or projections change.

(Financial Tables Follow)

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

	Three Months						Six Months
	Ended April 30						Ended April 30
(thousands except per share)	2005			2004			2005			2004
Net sales	$	224,409		$	213,383		$	448,489		$	383,310
Cost of products sold, including outward freight		179,662			173,934			368,972			329,787
Gross profit		44,747			39,449			79,517			53,523
Selling, administrative and general expenses		21,773			20,874			43,520			40,311
Operating profit		22,974			18,575			35,997			13,212
Interest income		56			43			100			79
Interest expense		(9,345	)		(9,355	)		(18,674	)		(18,975	)
Miscellaneous		218			175			641			388
Income (loss) before income taxes		13,903			9,438			18,064			(5,296	)
Provision (benefit) for taxes on income		5,144			3,491			6,684			(1,960	)
Net income (loss)	$	8,759		$	5,947		$	11,380		$	(3,336	)
Per share	$	0.17		$	0.12		$	0.22		$	(0.07	)
Average shares outstanding		51,077			51,077			51,077			51,077

SEGMENT AND OTHER INFORMATION (Unaudited)

	Three Months								Six Months
	Ended April 30								Ended April 30
(thousands)		2005			2004		% Change			2005			2004		% Change
Net sales:
Timber	$	52,200		$	61,373		(14.9	)	$	95,567		$	95,883		(0.3	)
Paper and paperboard		64,210			54,404		18.0			135,514			96,771		40.0
Converted products		107,999			97,606		10.6			217,408			190,656		14.0
	$	224,409		$	213,383		5.2		$	448,489		$	383,310		17.0
Operating profit (loss):
Timber	$	26,026		$	31,875		(18.3	)	$	45,481		$	45,532		(0.1	)
Paper and paperboard		(48	)		(8,962	)	-			(3,352	)		(17,639	)	-
Converted products		(3,004	)		(4,338	)	-			(6,132	)		(14,681	)	-
	$	22,974		$	18,575		23.7		$	35,997		$	13,212		172.5
Sales:
Logs, thousands of board feet		76,752			85,972		(10.7	)		140,197			134,724		4.1
Lumber, thousands of board feet		16,774			29,544		(43.2	)		34,797			55,629		(37.4	)
Paper, tons		75,023			74,249		1.0			168,371			134,881		24.8
Paperboard, tons		48,742			31,786		53.3			91,778			51,677		77.6
Converted products, tons		130,797			122,708		6.6			262,908			238,677		10.2
Logs, $/thousand board feet	$	590		$	573		3.0		$	589		$	555		6.1
Lumber, $/thousand board feet		413			410		0.7			375			379		(1.1	)
Paper, $/ton FOB mill equivalent		583			548		6.4			564			549		2.7
Paperboard, $/ton FOB mill equivalent		343			337		1.8			346			338		2.4
Converted products, $/ton		826			795		3.9			827			799		3.5

CONSOLIDATED BALANCE SHEET

	(000 Omitted)
	April 30		Oct. 31		April 30
	2005		2004		2004
	(Unaudited)				(Unaudited)
ASSETS
Current assets:
Accounts and notes receivable	$	106,389	$	111,723	$	95,426
Allowance for doubtful accounts		1,350		1,350		1,350
Inventories, at lower cost or market; costs are based on last-in,
first-out method except for supplies at current averages
Finished goods		17,149		21,791		17,069
Goods in process		12,519		16,275		8,529
Raw materials and supplies		47,675		45,457		40,999
Other		8,471		7,800		6,726
Total current assets		190,853		201,696		167,399
Capital assets:
Buildings, machinery and equipment at cost		1,837,187		1,828,195		1,829,095
Accumulated depreciation		1,168,211		1,139,390		1,127,120
Costs to be depreciated in future years		668,976		688,805		701,975
Plant sites at cost		3,549		3,549		3,549
		672,525		692,354		705,524
Timber at cost less depletion		195,912		196,440		198,529
Roads at cost less amortization		8,364		8,631		8,533
Timberlands at cost		24,615		24,598		24,423
		228,891		229,669		231,485
Total capital assets		901,416		922,023		937,009
Pension and other assets		148,553		147,211		141,430
	$	1,240,822	$	1,270,930	$	1,245,838

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Payable to bank resulting from checks in transit	$	9,701	$	12,370	$	7,621
Accounts payable		61,949		66,063		58,461
Short-term borrowings		14,500		10,000		11,000
Payrolls payable		17,846		15,897		14,826
Other taxes payable		8,349		9,100		7,797
Current installments of long-term debt		13,000		30,000		30,000
Total current liabilities		125,345		143,430		129,705
Long-term debt		415,290		442,148		457,099
Deferred taxes - net		210,979		204,783		193,503
Other liabilities		36,217		36,915		36,560
Shareholders' equity:
Preferred stock; authorized 2,000,000 shares		-		-		-
Common stock, ascribed value $1.50 per share; authorized 150,000,000 shares; issued 51,076,567 shares		76,615		76,615		76,615
Additional paid-in capital		3,306		3,306		3,306
Retained earnings		373,070		363,733		349,050
Total shareholders' equity		452,991		443,654		428,971
	$	1,240,822	$	1,270,930	$	1,245,838

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

	(000 Omitted)
	Three Months Ended						Six Months Ended
	April 30						April 30
	2005			2004			2005			2004
Cash provided by (used for) operations:
Net income (loss)	$	8,759		$	5,947		$	11,380		$	(3,336	)
Charges to income (loss) not requiring cash:
Depreciation		17,637			17,738			35,256			35,646
Depletion and amortization		2,558			2,189			5,348			3,522
Deferred taxes - net		4,769			3,396			6,196			(1,907	)
(Gain) loss on disposition of capital assets		(28	)		80			176			45
Change in:
Accounts and notes receivable		2,263			(11,221	)		5,334			4,328
Inventories		(1,447	)		(2,402	)		6,180			(1,249	)
Other		509			2,138			(671	)		383
Pension and other noncurrent assets		(1,065	)		6,823			(1,342	)		4,006
Accounts, payrolls and other taxes payable		6,923			11,235			(1,996	)		4,290
Other noncurrent liabilities		(835	)		1,501			(651	)		2,128
Cash provided by operations		40,043			37,424			65,210			47,856
Cash provided by (used for) investing:
Additions to: Plant and equipment		(8,269	)		(11,980	)		(17,709	)		(16,215	)
Timber and timberlands		(2,014	)		(18,619	)		(4,607	)		(21,193	)
Proceeds from sale of capital assets		1,203			203			2,143			293
Cash used for investing		(9,080	)		(30,396	)		(20,173	)		(37,115	)
Cash provided by (used for) financing:
Long-term debt		(24,952	)		(5,952	)		(43,905	)		24,096
Short-term borrowings		(5,500	)		(4,000	)		4,500			(33,000	)
Payable to bank resulting from checks in transit		1,446			1,220			(2,669	)		(3,569	)
Accounts payable for construction		(936	)		1,704			(920	)		1,732
Cash dividends		(1,021	)		-			(2,043	)		-
Cash used for financing		(30,963	)		(7,028	)		(45,037	)		(10,741	)
Change in cash position		-			-			-			-
Cash position, beginning of period		-			-			-			-
Cash position, end of period	$	-		$	-		$	-		$	-
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest (net of amount capitalized)	$	3,357		$	2,284		$	19,356		$	17,617
Income taxes		348			11			416			12