FOURTH AMENDMENT TO CREDIT AGREEMENT

     This Fourth Amendment to Credit Agreement ("Fourth Amendment") is entered 
into this 28th Day of February, 1995 by and between LONGVIEW FIBRE COMPANY as 
"Borrower," SEATTLE-FIRST NATIONAL BANK, as agent for the Banks ("Agent"), and 
the banks listed on the signature pages hereof as "Banks" and amends that 
certain Credit Agreement dated as of February 26, 1993, as previously amended 
by amendments dated August 31, 1993, January 28, 1994 and September 30, 1994 
respectively (as so amended, the "Agreement").

                                     Recitals

  A.  The Borrower has requested a one year extension of the Termination Date 
and the Banks are willing to grant such extension subject to the terms and 
conditions of this Fourth Amendment.

  B.  The parties further wish to amend the Agreement to include, and reflect 
the Commitment of, Union Bank of Switzerland as a Bank, and to change, delete 
or modify certain fees, covenants and other provisions as set forth below.

     NOW, THEREFORE, the parties hereto agree as follows:

                                     Agreement

  1.  Defined Terms.  All terms defined in the Agreement shall have the same 
meaning when used in this Fourth Amendment, except as may be otherwise 
provided in this Fourth Amendment, including, specifically, the definition in 
Section 1.1 of the Agreement for each of "Bank", "Commitment" and "Termination 
Date" which definitions are hereby deleted and replaced with the following:

     "Bank" means each bank listed on the signature pages of the Fourth 
      Amendment to this Agreement as having a Commitment, and its successors 
      and assigns.

     "Commitment" means from and after February 28, 1995, with respect to each
      Bank, the amount set forth opposite the name of such Bank on the   
      signature pages of the Fourth Amendment to this Agreement as its 
      Commitment.

     "Termination Date" means February 28, 1997 (or February 28 of such 
      subsequent year to which the Termination Date may have been extended in 
      accordance with Section 2.17 of this Agreement) or, if such day is not a 
      Euro-Dollar Business Day, the next preceding Euro-Dollar Business Day.

2.  Joinder of Union Bank of Switzerland.  To facilitate the joinder of Union 
Bank of Switzerland and to avoid matched funding breakage costs it is agreed, 
on a transitional basis only, that each Bank's interest in each Euro-Dollar 
Loan outstanding on the Effective Date shall remain pro rata in accordance 
with that percentage set forth opposite the name of each such Bank on the 
signature pages of the Second Amendment to Credit Agreement dated January 28, 
1994 until such Euro-Dollar Loan matures pursuant to Section 2.6 subsequent to 
the Effective Date.  Any Prime or Euro-Dollar Loan made on or after the 
Effective Date shall be made in accordance with Section 2.1.

3.  Commitment Fee.  The text of Section 2.8(b) of the Agreement is deleted in 
its entirety and replaced with the following:  "[Deliberately left blank]".

4.  Termination Date Extension.  The first sentence of Section 2.17 is amended 
to read as follows:

     Section 2.17 Termination Date Extension.  If the Borrower shall give to 
     the Agent written notice during December 1995 (or, if so extended 
     pursuant to this Section 2.17, the December of that subsequent year 
     occurring fourteen months prior to the then-current Termination Date) of 
     the Borrower's desire to extend the Termination Date for one additional 
     year then such Termination Date shall be so extended if each Bank by 
     February 28, 1996 (or February 28 of such subsequent year which is one 
     year prior to the then-current Termination Date) shall have provided its 
     written consent to such extension and the Borrower shall have paid such 
     appropriate fees and expenses as may be required by the Banks.

5.  Maximum Capitalization Ratio.  Section 5.5 of the Agreement, Ratio of 
Indebtedness to Tangible Net Worth, is deleted, replaced in its entirety and 
renamed to read as follows:

     5.5  Maximum Capitalization Ratio.  The Borrower's Capitalization Ratio 
     (as defined in the Second Amendment to this Agreement dated January 8, 
     1994) shall not exceed 0.58 to 1.0 as of any fiscal quarter ending on or 
     after February 28, 1995.

6.  Defaults on Other Obligations.  Section 6.1 (d) is amended to read as 
follows:

     (d)  Defaults on Other Obligations.  There shall exist a material default 
     in the performance of any other material agreement or obligation for the 
     payment of borrowed money, for the deferred purchase price of property or 
     services, for the payment of rent under any lease, or the Borrower shall 
     fail to observe or perform any negative pledge or other covenant 
     restricting liens under any material agreement to which the Borrower is a 
     party on the date hereof, as such covenant is in effect on the date 
     hereof, and such default shall have continued for thirty (30) days after 
     the Borrower has become aware of such default.

7.  Effective Date.  This Fourth Amendment shall be effective on February 28, 
1995 (the "Effective Date") subject to the condition precedent that on or 
prior to said date, each of the following events have occurred:

a.  This Fourth Amendment shall have been fully executed in one or more 
counterparts by the Borrower and Banks and delivered to the Agent;

b.  All fees and other amounts due and payable on or before the Effective Date 
shall have been paid in full;

c.  No Event of Default or Default shall have occurred and be continuing; and

d.  Agent shall have received a copy of a Board resolution in form and 
substance satisfactory to Agent authorizing the Borrower's execution, delivery 
and performance of the Fourth Amendment.

8.  Representations and Warranties.  Borrower hereby represents and warrants 
as follows:

a.  This Fourth Amendment and the Agreement as hereby amended each constitutes 
the valid and binding obligation of the Borrower enforceable in accordance 
with its terms, having been duly authorized by all necessary corporate action, 
having received all necessary governmental approvals, and not being in 
contravention of any law, any provision of the Articles of Incorporation or 
Bylaws of the Borrower or of any contract binding upon the Borrower.

b.  Each of the matters set forth in Article 4 of the Agreement is true and 
correct in each case as if made on the Effective Date of this Fourth Amendment 
and no Event of Default or Default shall have occurred and be continuing or 
will have occurred as a result of the execution and performance of this Fourth 
Amendment.

9.  Other Terms.  Except as specifically amended by this Fourth Amendment, all 
other terms, conditions, and definitions of the Agreement and the other Loan 
Documents shall remain in full force and effect, and are ratified by each of 
the undersigned.

10.  Counterparts.  This Fourth Amendment may be signed in any number of 
counterparts, each of which shall be an original, with the same effect as if 
the signatures to such counterparts were upon the same instrument.

Dated and effective as of the 28th day of February, 1995.

Borrower                           Agent

LONGVIEW FIBRE COMPANY             SEATTLE-FIRST NATIONAL BANK

By:\s\ L. J. Holbrook              By:\s\ Dora A. Brown
Title: Sr. V.P.-Finance            Title: Asst. Vice President

Banks:                             Commitment             Percentage of 
                                                            Commitment
SEATTLE-FIRST NATIONAL BANK        $56.0 Million               30.10%

By:\s\ Bob Ingram
Title: Vice President

BANK OF AMERICA NATIONAL           $26.0 Million               13.98%
TRUST & SAVINGS ASSOCIATION

By:\s\ Michael J. Balok
Title: Vice President

ABN AMRO BANK N.V.                 $26.0 Million               13.98%

By:\s\ Jim Rice
Title: Vice President

By:\s\ Leif Olsson
Title: Vice President

THE BANK OF NOVA SCOTIA            $26.0 Million               13.98%

By:\s\ Errett Hummel
Title: Vice President

UNITED STATES NATIONAL BANK        $26.0 Million               13.98%
OF OREGON

By:\s\ Janice Thede
Title: Vice President

UNION BANK OF SWITZERLAND          $26.0 Million               13.98%
Los Angeles Branch

By:\s\ Thomas G. Jackson
Title: Vice President

By:\s\ Daniel H. To
Title: Vice President
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