~~------------------------------------------~~FORM -------------------------------------------- Quarter ended December 31, 2004 Quarter ended September 30, 2004 ------------------------------------------ -------------------------------------------- Weighted Weighted average average Earnings number Earnings number (millions of EPS (millions of EPS $) shares $) shares O/S O/S ----------- ----------- ------------ ----------- (Loss) Earnings as reported $ (0.4) 9.4 $ (0.04) $ 33.2 9.4 $ 3.52 After tax impacts of: Unrealized gain on debt translation (7.4) 9.4 (0.78) (9.0) 9.4 (0.95) Takeover costs 12.9 9.4 1.37 4.5 9.4 0.48 ----------- ----------- ------------ ----------- ----------- ------------- $ 5.1 9.4 $ 0.55 $ 28.7 9.4 $ 3.05 ----------- ----------- ------------ ----------- ----------- ------------- OPERATING RESULTS FOR THE PAST TWELVE MONTHS 12 months ended Q1-05 (in millions, except per share data) Q2-04 Q3-04 Q4-04 Q1-05 --------- ---------- --------- ---------- ------------ Sales 169.1 290.9 311.4 246.3 1,017.7 Operating earnings 21.3 49.5 48.9 12.1 131.8 Foreign exchange gain (loss) on long-term debt (1.8) (3.6) 10.8 8.9 14.3 Net income (loss) 9.5 26.4 33.2 (0.4) 68.7 Earnings (loss): $ per share 1.08 2.80 3.52 (0.04) 7.36 EBITDA(1) 26.9 56.2 55.2 18.7 157.0 Cash flow from operations(2) 18.6 33.0 26.3 4.2 82.1 Outstanding shares (weighted average) 8.8 9.4 9.4 9.4 9.4-K

~~Duty~~SECURITIES ~~Charged~~AND ~~-------------------------------------~~EXCHANGE ~~Quarter Ended ------------- CDN$ US$ ----------------- ---------------- June 30~~COMMISSIONWashington, ~~2002~~D.C.~~.........................................~~ $ 1.5 $ 1.1 September 30, 2002...................................... 10.4 7.3 December 31, 2002....................................... 10.2 6.9 March 31, 2003.......................................... 9.8 7.2 June 30, 2003........................................... 9.1 6.5 September 30, 2003...................................... 13.8 8.7 December 31, 2003....................................... 11.1 8.7 March 31, 2004.......................................... 13.5 12.3 June 30, 2004........................................... 21.5 17.1 September 30, 2004...................................... 30.4 19.7 December 31, 2004....................................... 11.5 9.6 ----------------- ---------------- $ 142.8 $ 105.1(1) ----------------- ----------------20549

USREPORT ~~Dollar~~OF toFOREIGN ~~Canadian~~PRIVATE ~~Dollar~~ISSUERPursuant ~~Canadian~~to ~~Dollar~~Rule ~~Appreciation(1)~~ 13a-~~--------------~~16 or 15d-~~--------------~~16 ~~September~~ofThe ~~30,~~Securities ~~2000................................~~Exchange ~~0.6636~~Act ~~September~~of 30, 2001................................ 0.6330 (4.8)% September 30, 2002................................ 0.6304 (0.4)% September 30, 2003................................ 0.7404 14.9% December 31, 2003................................. 0.7738 4.3% March 31, 2004.................................... 0.7634 (1.4)% June 30, 2004..................................... 0.7497 (1.8)% September 30, 2004................................ 0.7926 5.4% December 31, 2004................................. 0.8319 4.7%1934

~~Annual~~For ~~Effect~~the onmonth ~~----------------~~of ~~Riverside's~~February ~~Fiscal~~ 2005 ----------------------- Unit EBITDA Net Earnings ---- ------ ------------ Change ------ (dollars in millions) Lumber (mfbm).................................$ 10 $ 14,240 $ 8,544 Plywood and veneer (msf)...................... 10 5,080 3,048 Woodchips (bdu)............................... 10 6,800 4,080 Log costs (m3)................................ 2 9,960 5,976 Exchange rate.................................$ 0.01 $ 5,713 $ 2,457

~~Effect~~Commission ofFile ~~Quarter~~Number: ~~changes in Quarter ended~~ 333--------------------------- ended Sept 30, Dec 31, 2004 Price(1) Volume 2004 ------------- --------------- ---------- ------- (dollars in millions) Sales.............................................. $ 311.4 $ (45.6) $ (19.5) $ 246.3 Cost of products sold.............................. (201.2) 5.1 15.5 (180.6) Freight............................................ (20.2) (0.3) 1.1 (19.4) Countervailing and anti-dumping duties............. (25.4) 8.8 (1.0) (17.6) Selling and administration......................... (7.7) - - (7.7) Other income (expense)............................. (1.7) (0.6) - (2.3) ------------- ------------- ------------- ------------- EBITDA............................................. 55.2 (32.6) (3.9) 18.7 Depreciation and amortization...................... (7.1) (0.3) - (7.4) Other interest expense (income).................... 0.8 - - 0.8 Interest on long-term debt and amortization of deferred finance costs........................... (4.1) 0.3 - (3.8) Unrealized foreign exchange (loss) gain on long-term debt................................... 10.8 (1.9) - 8.9 Takeover costs..................................... (6.9) (12.9) - (19.8) Income taxes recovery (paid)....................... (15.5) 17.7 - 2.2 ------------- ------------- ------------- ------------- Net earnings (loss)................................ $ 33.2 $ (29.7) $ (3.9) $ (0.4) ------------- ------------- ------------- -------------116770

~~Effect~~RIVERSIDE ofFOREST ~~Quarter~~PRODUCTS ~~changes~~LIMITED in(Registrant’s ~~Quarter~~name) ~~ended~~3203 ~~---------------------------~~– ~~ended~~30th ~~Dec~~Avenue, 31Vernon, ~~Dec~~British 31Columbia, ~~2003~~V1T ~~Price(1)~~6M1 ~~Volume 2004 ------------- --------------- ---------- -------~~ (~~dollars~~Address ~~in millions) Sales.............................................. $ 145.1 $ 6.1 $ 95.1 $ 246.3 Cost~~ of ~~products~~principal ~~sold..............................~~executive ~~(94.8~~offices) (8.0) (77.8) (180.6) Freight............................................ (14.3) (1.8) (3.3) (19.4) Countervailing and anti-dumping duties............. (11.1) (2.1) (4.4) (17.6) Selling and administration......................... (4.4) (3.3) - (7.7) Other income (expense)............................. 1.9 (4.2) - (2.3) ------------- ------------- ------------- ------------- EBITDA............................................. 22.4 (13.3) 9.6 18.7 Depreciation and amortization...................... (5.8) (1.6) - (7.4) Other interest (expense) income.................... 0.3 0.5 - 0.8 Interest on long-term debt and amortization of deferred finance costs........................... (1.2) (2.6) - (3.8) Unrealized foreign exchange (loss) gain on long-term debt................................... 1.8 7.1 - 8.9 Takeover costs..................................... - (19.8) - (19.8) Income taxes recovery (paid)....................... (5.5) 7.7 - 2.2 ------------- ------------- ------------- ------------- Net earnings (loss)................................ $ 12.0 $ (22.0) $ 9.6 $ (0.4) ------------- ------------- ------------- -------------

~~Payments~~Indicate ~~due~~ by ~~period~~check ~~(dollars~~mark inwhether ~~millions)~~the ~~------------------------------------------------------------------------------~~registrant ~~Contractual~~files ~~Obligations~~or ~~Less~~will ~~than~~file ~~More~~annual ~~than~~reports ~~Total~~under 1cover ~~year~~Form 120-3F ~~years~~or ~~3-5~~Form ~~years 5 years ------------- ------------ ------------- ------------- ------------- Long-Term Debt Obligations~~40F............ $ 180.3 $ - $ - $ - $ 180.3 Operating Lease Obligations........... 1.1 0.1 0.9 0.1 - Property Lease Obligations............ 2.5 0.1 1.1 0.9 0.4 ------------- ------------ ------------- ------------- ------------- Total................................. $ 183.9 $ 0.2 $ 2.0 $ 1.0 $ 180.7 ------------- ------------ ------------- ------------- -------------

~~--------------------------------------------------------------------------------------------------------------~~Form 3 months 3 months 3 months ended ended ended Dec 31, Dec 31, Sept 30, 2004 2003 2004 --------------- -------------- -------------- Sales (note 8) $ 246,271 $ 145,079 $ 311,397 --------------- -------------- -------------- Cost of sales 180,581 94,826 201,153 Freight and other distribution costs 19,438 14,293 20~~,209 Countervailing and anti~~-~~dumping~~F ~~duties~~X ~~17,575~~Form ~~11,115 25,415 Selling and administration 7,724 4,371 7,659 Depreciation and amortization 7,389 5,743 7,142 Other (income) expense 1,458 (2,229) 934~~ 40--------------- -------------- -------------- 234,165 128,119 262,512 --------------- -------------- -------------- Operating earnings 12,106 16,960 48,885 Interest on long-term debt 3,491 1,140 3,784 Amortization of deferred financing costs 319 75 324 Unrealized foreign exchange loss (gain) on long-term debt (8,940) (1,756) (10,830) Takeover costs (note 3) 19,782 - 6,891 --------------- -------------- -------------- 14,652 (541) 169 --------------- -------------- -------------- Earnings (loss) before income taxes (2,546) 17,501 48,716 Income tax expense (recovery) Current (4,421) 6,346 17,460 Future 2,233 (830) (1,929) --------------- -------------- -------------- (2,188) 5,516 15,531 Net earnings (loss) $ (358) $ 11,985 $ 33,185 Retained earnings, beginning of period 173,355 93,919 140,736 Dividends - (264) (566) --------------- -------------- -------------- Retained earnings, end of period $ 172,997 $ 105,640 $ 173,355 --------------- -------------- -------------- Net earnings (loss) per common share, basic and $ (0.04) $ 1.36 $ 3.52 diluted --------------- -------------- -------------- Weighted average number of common shares outstanding, basic and diluted 9,434,987 8,803,993 9,434,987F

~~Quarterly~~Indicate ~~Comparisons~~by ~~Net~~check ~~Earnings~~mark ~~(loss)~~if ~~EBITDA~~the ~~(note~~registrant ~~10)~~is ~~--------------------------------------------~~submitting ~~2005~~the ~~2004~~Form ~~2005 2004~~ 6-~~-------------~~K ~~-------------~~in ~~--------------~~paper ~~-------------~~as ~~First~~permitted $by ~~(358)~~Regulation ~~$ 11,985 $ 18,682 $ 22,413 Second 9,527 26,928 Third 26,380 56,187 Fourth 33,185 55,188~~ S-~~-------------~~T ~~-------------~~Rule ~~-------------- ------------- Total $~~ 101(~~358~~b) ~~$ 81,077 $ 18,682 $ 160,716 -------------- ------------- -------------- ------------- Earnings~~ (~~loss) per Share 2005 2004 -------------- ------------- First $ (0.04) $~~ 1~~.36 Second 1.08 Third 2.80 Fourth 3.52 -------------- ------------- Total $ (0.04~~) ~~$ 8.89 -------------- -------------~~:

3Indicate ~~months 3 months 3 months ended ended ended Dec 31, Dec 31, Sept 30, 2004 2003 2004 ------------ ------------- ------------ Cash Provided~~ by ~~(used~~check ~~in)~~mark ~~Operations~~if ~~Net~~the ~~earnings~~registrant ~~(loss)~~is $submitting ~~(358)~~the $Form 11,985 $ 33,185 Items not involving cash Depreciation and amortization 7,708 5,818 7,466 Unrealized foreign exchange loss (gain) on debt revaluation (8,940) (1,756) (10,830) Gain on disposal of property, plant and equipment (121) (38) (77) Future income taxes 2,233 (830) (2,255) Change in reforestation obligation 3,680 5,064 (1,185) 6-~~-----------~~K ~~------------ ------------ 4,202 20,243 26,304 Changes~~ in ~~non-cash~~paper ~~operating~~as ~~working~~permitted ~~capital~~by ~~Change~~Regulation in accounts receivable 18,282 8,892 6,883 Change in inventory (17,424) (31,497) 5,599 Change in prepaid expenses 2,501 1,270 (4,234) Change in accounts payable and accrued liabilities (59,833) 18,906 34,759 S-~~-----------~~T ~~------------~~Rule ~~------------~~ 101(~~56,474~~b) (2,429) 43,007 ------------ ------------ ------------ (52,272) 17,814 69,311 ------------ ------------ ------------ Investing Advances to affiliated company (60,000) - - Change in investments and advances (66) (119) (3,353) Proceeds on disposal of property, plant and equipment 188 30 176 Purchase of property, plant and equipment (13,125) (659) (7~~,382~~) Increase in deferred finance costs - - (1) ------------ ------------ ------------ (73,003) (748) (10,560) ------------ ------------ ------------ Financing Repayment of long-term debt - (2,800) - Change in other long-term liabilities 4,741 832 (2,359) Dividends paid - (264) (566) ------------ ------------ ------------ 4,741 (2,232) (2,925) ------------ ------------ ------------ Change in cash (120,534) 14,834 55,826 Cash, beginning of period 189,724 34,485 133,898 ------------ ------------ ------------ Cash, end of period $ 69,190 $ 49,319 $189,724 ------------ ------------ ------------ Supplementary Information Interest paid $ 2,523 $ 600 $ 8,074 Income taxes paid (recovered) $ 38,347 $ 127 $ (630):

~~----------------------------------------------------------------------------------------------~~Indicate ~~--------------------~~by Ascheck atmark Aswhether atthe ~~December~~registrant 31by ~~September~~furnishing 30the ~~-------------------------------------~~information ~~----------------~~contained ~~2004~~in ~~2003~~this ~~2004~~Form ~~-----------------~~is ~~----------------~~also ~~----------------~~thereby ~~Assets~~furnishing ~~Current~~the ~~assets~~information ~~Cash~~to $the ~~69,190~~Commission $pursuant ~~49,319~~to $Rule ~~189,724 Accounts receivable 53,131 29,802 71,413 Due from affiliated company (note 4) 60,000~~ 12g3- ~~- Inventory~~ 2(~~note 5~~b) ~~113,853~~under ~~83,635~~the ~~96,429~~Securities ~~Prepaid~~Exchange ~~expenses~~Act 2,564 2,095 5,065 ----------------- ---------------- ---------------- 298,738 164,851 362,631 Investments and advances 10,646 4,768 10,580 Property, plant and equipment 162,535 117,596 156,782 Timber licenses and roads 135,300 92,271 135,384 Goodwill 7,259 - 7,259 Deferred financing costs 9,529 404 9,848 ----------------- ---------------- ---------------- $ 624,007 $ 379,890 $ 682,484 ----------------- ---------------- ---------------- Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities $ 91,219 $ 75,573 $ 105,189 Current portion of long-term debt - 25,032 - Income taxes payable 3,132 5,820 45,900 ----------------- ---------------- ---------------- 94,351 106,425 151,089 Reforestation obligation 20,064 11,277 19,479 Long-term debt (note 6) 180,300 34,942 189,240 Other long-term liabilities 11,916 8,450 7,175 Future income taxes 56,590 35,351 54,357 Shareholders' equity Share capital (note 7) 87,789 77,805 87,789 Retained earnings 172,997 105,640 173,355 ----------------- ---------------- ---------------- 260,786 183,445 261,144 ----------------- ---------------- ---------------- $ 624,007 $ 379,890 $ 682,484 --------------------------------------------------------- ----------------- -- ---------------- ----------------1934.

5.Yes ~~Inventory~~No (in thousands of dollars) December 31, December 31, September 30, 2004 2003 2004 ------------------ ------------------- ------------------ Veneer....................................... $ 1,352 $ 1,596 $ 1,602 Plywood...................................... 3,586 5,840 3,488 Finished lumber.............................. 23,373 7,202 23,346 Rough lumber................................. 6,758 6,464 6,704 Logs......................................... 50,149 39,024 39,129 Ties......................................... 13,429 11,526 8,147 Parts, supplies and bins..................... 15,206 11,983 14,013 ------------------ ------------------- ------------------ $ 113,853 $ 83,635 $ 96,429 ------------------ ------------------- ------------------X

~~December~~If ~~31,~~“Yes” ~~December~~is 31marked, ~~September~~indicate ~~30,~~below ~~(in~~the ~~thousands~~file ofnumber ~~dollars)~~assigned ~~2004~~to ~~2003~~the ~~2004~~registrant ~~-------------------~~in ~~-------------------~~connection ~~------------------~~with USRule ~~$150,000,000 unsecured senior notes, due March 1, 2014 $ 180,300 $~~ 12g3-2(b): ~~$ 189,240 Senior Notes payable~~ 82- 42,640 - HSBC Capital loan - 17,334 - ------------------- ------------------- ------------------ $ 180,300 $ 59,974 $ 189,240 ------------------- ------------------- ------------------ Current $ - $ 25,032 $ - Long-term 180,300 34,942 189,240 ------------------- ------------------- ------------------ $ 180,300 $ 59,974 $ 189,240 ------------------- ------------------- ------------------___

~~Authorized:~~DOCUMENT 25,000,000 common shares, no par value Issued: Amount Number of (in thousands Shares of dollars) -------------------- -------------------- September 30, 2003 8,803,993 $ 77,805 Shares issued March 31, 2004 for acquisition of Lignum Limited 630,994 10,000 Share issue costs - (16) -------------------- -------------------- 9,434,987 $ 87,789 -------------------- --------------------INDEX

December 31, December 31, September 30, (in thousands of dollars) 2004 2003 2004 ------------------- ------------------- ------------------- Sales Stud and dimension lumber $ 171,638 $ 78,954 $ 220,651 Plywood and veneer 49,674 48,798 60,733 Wood chips 15,329 9,076 16,876 Other products 9,630 8,251 13,137 ------------------- ------------------- ------------------- $ 246,271 $ 145,079 $ 311,397 ------------------- ------------------- ------------------- Sales volumes Stud and dimension lumber (mfbm) 356,336 194,577 368,514 Plywood and veneer (msf) 126,967 110,718 143,631 Wood chips (bdu) 197,765 132,163 210,213 Geographic distribution of sales dollars Canada $ 92,701 $ 46,226 $ 100,793 United States 142,749 84,875 197,102 Japan 10,378 12,903 13,147 Europe 240 35 - Other 203 1,040 355 ------------------- ------------------- ------------------- Sales $ 246,271 $ 145,079 $ 311,397 ------------------- ------------------- -------------------

Document		Page No.

1.	Press Release dated February 24, 2005	3

~~3 months 3 months 3 months ended ended ended Dec 31, Dec 31, Sept 30, (in thousands of dollars) 2004 2003 2004~~ -~~------------- ------------ ------------- Net (loss) earnings $ (358) $ 11,985 $ 33,185 Income taxes (recovery) (~~2~~,188) 5,516 15,531 Unrealized foreign exchange gain on long~~-term debt (8,940) (1,756) (10,830) Interest on long-term debt 3,491 1,140 3,784 Amortization of deferred finance charges 319 75 324 Depreciation and amortization 7,389 5,743 7,142 Net operating interest income (813) (290) (839) Takeover costs 19,782 - 6,891 -------------- ------------ ------------- EBITDA $ 18,682 $ 22,413 $ 55,188 -------------- ------------ -------------

~~EBITDA~~RIVERSIDE ~~Quarter~~FOREST byPRODUCTS ~~Quarter~~LIMITEDNEWS for the year to date is as follows: 3 months 3 months 3 months 3 months ended ended ended ended March 31, June 30, Sept 30, Dec 31, 2004 2004 2004 2004 ------------- ------------- ------------- ------------- Net earnings (loss) $ 9,527 $ 26,380 $ 33,185 $ (358) Income taxes (recovery) 5,303 15,227 15,531 (2,188) Unrealized foreign exchange loss (gain) on long-term debt 1,756 3,570 (10,830) (8,940) Interest on long-term debt 1,097 3,967 3,784 3,491 Amortization of deferred finance charges 25 323 324 319 Depreciation and amortization 5,881 7,219 7,142 7,389 Net operating interest income (218) (499) (839) (813) Prepayment penalties on the repayment of long-term debt 3,557 - - - Takeover costs - - 6,891 19,782 ------------- ------------- ------------- ------------- EBITDA $ 26,928 $ 56,187 $ 55,188 $ 18,682 ------------- ------------- ------------- -------------RELEASE

For Immediate Release

Thursday, February 24, 2005

RIVERSIDE FOREST PRODUCTS LIMITED ANNOUNCES TENDER OFFER FOR ITS 7 7/8%
SENIOR NOTES DUE MARCH 1, 2014

Kelowna, Canada – February 24, 2005 – Riverside Forest Products Limited today announced that it has commenced an offer to purchase for cash all of its outstanding 7 7/8% Senior Notes due March 1, 2014 (the “Notes”). The aggregate principal amount of Notes outstanding is US$97,500,000. Riverside is also soliciting consents from the holders of the Notes to approve certain amendments to the indenture under which the Notes were issued, which amendments will eliminate substantially all of the covenants contained in the indenture and certain events of default. The tender offer is subject to various conditions, including the receipt of consents necessary to approve the amendments to the indenture governing the Notes.

The tender offers will expire at 5:00 p.m., New York City time, on March 23, 2005, unless extended or earlier terminated by Riverside. The total consideration to be paid to holders that tender their Notes and deliver their consents prior to 5:00 p.m., New York City time, on March 8, 2005, will be equal to US$1,170.19 per US$1,000 principal amount of Notes, which includes a consent payment of US$20.00 per US$1,000 principal amount of Notes. Holders that tender their Notes after 5:00 p.m. on March 8, 2005, and prior to the expiration of the tender offer will receive US$1,150.19 per US$1,000 principal amount of Notes.

Notes purchased pursuant to the tender offer will be paid for as follows:

•

Notes tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on March 8, 2005 will be paid for on, or on a date promptly following, the date on which Riverside has received the unrevoked consent of the holders of a majority of the Notes to the proposed amendments to the indenture, and the other industry standard conditions to the offer are satisfied; and

•	Notes tendered and not validly withdrawn after 5:00 p.m., New York City time, on March 8, 2005 but prior to 5:00 p.m., New York City time, on March 23, 2005 will be paid for on, or on a date promptly following, March 23, 2005.

Information regarding the pricing, tender and delivery procedures and conditions of the tender offers and consent solicitations is contained in the Offer to Purchase and Consent Solicitation Statement dated February 23, 2005. Copies of the Offer to Purchase and Consent Solicitation Statement can be obtained by contacting Global Bondholder Services Corporation, the information agent, at (866) 873-6300 (toll free). RBC Capital Markets is the exclusive dealer manager and solicitation agent. Additional information concerning the terms and conditions of the tender offer and consent solicitation may be obtained by contacting RBC Capital Markets at 1-800-370-9558 (toll free) or (212) 703-2200.

For further information, contact Trevor Jahnig, Chief Financial Officer, Riverside Forest Products Limited, (250) 545-4411.

-3-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

RIVERSIDE FOREST PRODUCTS LIMITED

Date:	February 24, 2005	By:	/s/ John E. Thorlakson

			(Signature)

				John E. Thorlakson, Vice President

				(Name and Title of Signing Officer)

			By:	/s/ Trevor Jahnig

				(Signature)

				Trevor Jahnig, Chief Financial Officer

				(Name and Title of Signing Officer)

-4-

For Immediate Release Thursday, February 24, 2005

RIVERSIDE FOREST PRODUCTS LIMITED ANNOUNCES TENDER OFFER FOR ITS 7 7/8% SENIOR NOTES DUE MARCH 1, 2014

For Immediate Release

Thursday, February 24, 2005

RIVERSIDE FOREST PRODUCTS LIMITED ANNOUNCES TENDER OFFER FOR ITS 7 7/8%
SENIOR NOTES DUE MARCH 1, 2014

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