WILLAMETTE INDUSTRIES, INC.
                        9 1/8% NOTE DUE FEBRUARY 15, 2003


                  WILLAMETTE  INDUSTRIES,  INC., an Oregon  corporation  (herein
called the "Company,"  which term includes any successor  corporation  under the
Indenture  referred to below),  for value  received  hereby  promises to pay to:
___________________________   or  registered  assigns,   the  principal  sum  of
________________________  dollars on  February  15,  2003,  and to pay  interest
thereon from February 11, 1991, or from the most recent Interest Payment Date to
which  interest has been paid or duly provided for  semiannually  on February 15
and August 15 in each year commencing August 15, 1991, at the rate of 9 1/8% per
annum  (computed on the basis of a 360-day year of twelve  30-day  months) until
the  principal  hereof is paid or made  available  for payment.  The interest so
payable,  and punctually paid or duly provided for, on any Interest Payment Date
will,  as provided in said  Indenture,  be paid to the Person in whose name this
Note (or one or more  Predecessor  Securities)  is  registered  at the  close of
business  on the  Regular  Record  Date for such  interest,  which  shall be the
February 1 or August 1 (whether or not a Business Day), as the case may be, next
preceding such Interest  Payment Date. Any such interest not so punctually  paid
or duly  provided for will  forthwith  cease to be payable to the Holder on such
Regular Record Date and may either be paid to the person in whose name this Note
(or one or more  Predecessor  Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted  interest to be fixed
by the  Trustee,  notice  whereof  shall be given to the Holder of this Note not
less than ten days prior to such Special  Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities
exchange  on which  the  Notes may be  listed,  and upon  such  notice as may be
required by such exchange, all as more fully provided in said Indenture.

                  Payment of the  principal of and interest on this Note will be
made at the office or agency of the Company  maintained  for that purpose in the
Borough of Manhattan,  the City of New York,  New York, in such coin or currency
of the United  States as at the time of payment is legal  tender for  payment of
public and private debts,  provided,  however, that at the option of the Company
payment of  interest  may be made by check  mailed to the  address of the Person
entitled thereto as such address shall appear in the Security Register.

                  Reference  is hereby  made to the further  provisions  of this
Note set forth on the reverse  hereof,  which further  provisions  shall for all
purposes have the same effect as if set forth at this place.



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<PAGE>



                  Unless  the  certificate  of  authentication  hereon  has been
manually  executed by the Trustee or  Authenticating  Agent  referred to in said
Indenture, this Note shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose.

                  IN WITNESS  WHEREOF,  the  Company  has caused this Note to be
duly executed under its corporate seal.

DATED:

                  CERTIFICATE OF AUTHENTICATION

                  This is one of the Securities of the series  designated herein
issued under the within-mentioned Indenture.

                  THE CHASE MANHATTAN BANK
                  (National Association), as Trustee


By
         Authorized Officer

                                             WILLAMETTE INDUSTRIES, INC.

         Attest:                             By
                 (Facsimile Signature)              (Facsimile Signature)

Facsimile Seal



                  President                          Secretary


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<PAGE>




                  This Note is one of a duly  authorized  issue of Securities of
the Company,  issued and to be issued in one or more series under an  Indenture,
dated as of March 15, 1983 (herein called the "Indenture"),  between the Company
and The Chase Manhattan Bank (National  Association),  as trustee (herein called
the "Trustee,"  which term includes any successor  trustee under the Indenture),
to which Indenture and all Indentures  supplemental  thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities  thereunder  of the  Company,  the  Trustee  and the  Holders  of the
Securities  and of the terms  upon  which  the  Securities  are,  and are to be,
authenticated  and  delivered.  This Note is one of the series of the Securities
designated  as the 9 1/8%  Notes  Due  February  15,  2003  (herein  called  the
"Notes"), limited in aggregate principal amount to $50,000,000.

                  The Notes may not be redeemed prior to Stated Maturity.

                  If an Event of Default  with  respect to the Notes shall occur
and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture.

                  The  Indenture  permits,  with certain  exceptions  as therein
provided,  the  amendment  thereof  and  the  modification  of  the  rights  and
obligations  of the Company and the rights of the Holders of the  Securities  of
each series  under the  Indenture  to be affected at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of
the  Securities  at the time  Outstanding  of each  series to be  affected.  The
Indenture  also  contains  provisions  permitting  the  Holders of a majority in
principal  amount of the Securities of each series at the time  Outstanding,  on
behalf of the Holders of all Securities of such series,  to waive  compliance by
the Company with certain  provisions  of the Indenture and certain past defaults
under the  Indenture and their  consequences.  Any such consent or waiver by the
Holder of this Note shall be  conclusive  and binding  upon such Holder and upon
all future Holders of this Note and of any Note issued upon the  registration of
transfer  hereof  or in  exchange  herefor  or in lieu  hereof,  whether  or not
notation of such consent or waiver is made upon this Note.

                  No reference  herein to the Indenture and no provision of this
Note or of the  Indenture  shall alter or impair the  obligation of the Company,
which is absolute  and  unconditional,  to pay the  principal of and interest on
this Note at the  times,  place and rate,  and in the coin or  currency,  herein
prescribed.

                  As   provided  in  the   Indenture   and  subject  to  certain
limitations  therein set forth,  the transfer of this Note is registrable in the
Security  Register upon surrender of this Note for  registration  of transfer at
the office or agency of the  Company  in any place  where the  principal  of and
interest on this Note are payable, duly endorsed by, or accompanied by a written
instrument  of transfer  in form  satisfactory  to the Company and the  Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes of authorized denominations and for
the same aggregate principal amount will be issued to the designated  transferee
or transferees.


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<PAGE>



                  The Notes are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple of thereof.  As provided in
the Indenture and subject to certain  limitations  therein set forth,  the Notes
are exchangeable  for a like aggregate  principal amount of Notes of a different
authorized denomination, as requested by the Holder surrendering the same.

                  No service charge shall be made for any such  registration  of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  Prior to due  presentment  of this  Note for  registration  of
transfer,  the Company,  the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is  registered  as the owner hereof
for all purposes,  whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

                  All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

                                   ASSIGNMENT

                  FOR VALUE RECEIVED,  the undersigned hereby sells, assigns and
transfers unto

                  PLEASE INSERT SOCIAL SECURITY OR OTHER  IDENTIFYING  NUMBER OR
ASSIGNEE:
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  (Please print or typewrite name and address, including zip code of assignee)

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the within Note and all rights thereunder,  hereby irrevocably  constituting and
appointing attorney.

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to  transfer  said  Note  on the  books  of the  Company,  with  full  power  of
substitution in the premises.

Dated:
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                         NOTICE:  The signature to this  assignment must respond
                         with the name as it appears upon the face of the within
                         Note  in  every  particular,   without   alteration  or
                         enlargement or any change whatever.



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