ATLANTA -- The Timber Company (NYSE: TGP) today reported net income of $40 million (49 cents diluted earnings per share) for first quarter 2000 compared with first quarter 1999 net income of $47 million (54 cents diluted earnings per share).

           Operating profits for first quarter 2000 were $75 million compared with $96 million for the same period in 1999. Net sales during first quarter 2000 were $102 million versus $141 million in first quarter 1999.

           "The Timber Company's earnings remained strong despite lower sales attributable in part to its smaller land base following the sale of more than one million acres in California, Maine and New Brunswick, Canada, last year," said A. D. "Pete" Correll, Georgia-Pacific Corp. chairman and chief executive officer. "Its performance continues to demonstrate that, through intensive management focus, we provide ongoing value for our shareholders."

           Donald L. Glass, president and chief executive officer of The Timber Company, said, "I was very pleased with our first quarter results, despite unseasonably dry conditions across the South that kept prices below normal seasonal levels.

           "During this year's first quarter, The Timber Company's harvest volumes were
9 percent below fourth quarter 1999 levels and in several local markets planned harvest volumes were deferred until later in the year," Glass said. "No change is expected in the annual harvest plan overall, and we continue to execute our strategy of optimizing sales returns by balancing local demand with the timing of our open market sales.

           "Our ongoing tactical land sales program is working well as we strive to improve the quality of our portfolio and identify alternative uses for acres that are better suited for non-timber production. Log demand is solid as building products markets remain strong and pulp and paper demand accelerates," he said.

-more-

<PAGE>

-2-

           "During the 2000 first quarter, prices trended modestly higher for Southern softwood sawtimber from fourth quarter 1999 levels while softwood pulpwood prices remained steady, despite unseasonably dry weather conditions. Our markets in the West were very strong, with Douglas fir prices up approximately 30 percent from first quarter 1999 and 9 percent higher than in fourth quarter 1999. Western timber markets were bolstered by improved demand for logs domestically and in Asia, as well as by normal wet winter conditions," Glass said.

           "The outlook for the balance of the year is encouraging as we expect demand for sawtimber to remain steady and pulpwood demand to increase as paper volumes improve," Glass concluded .

           During first quarter 2000, lower interest expense and gains from tactical land sales helped offset lower harvest volumes. Net of interest income from a note receivable from the California timberland sale in December 1999, interest expense was $10 million versus $18 million in the first quarter 1999. Pre-tax land sales gains were $10 million in the first quarter 2000 versus $4 million in the first quarter 1999.

           The Timber Company returned $42 million to shareholders during first quarter 2000 through share repurchases ($21 million) and dividends ($21 million). The company repurchased a total of approximately 1,075,000 shares of The Timber Company common stock during the quarter at an average price of $22.77 per share. At quarter's end, there were 81.8 million shares outstanding.

           Headquartered at Atlanta, The Timber Company (www.thetimbercompany.com) is a separate operating group of Georgia-Pacific Corp. and its performance is reflected in one of the corporation's two common stocks. The Timber Company manages 4.7 million acres of timberland in the United States and sells timber and wood fiber to industrial wood users, including Georgia-Pacific Group (NYSE: GP).

           Also today, Georgia-Pacific Corp. provided consolidated results for The Timber Company and Georgia-Pacific Group for first quarter 2000. The corporation recorded consolidated net income of $234 million for the three months ended April 1, 2000, compared with consolidated net income of $146 million for the 1999 first quarter.

A tabulation of results for The Timber Company follows:

-more-

<PAGE>

-3-

THE TIMBER COMPANY
Operating Highlights
(In millions, except per share amounts)
(unaudited)

-0-