8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

October 28, 2011

(Date of earliest event report)

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

Washington	1-4825	91-0470860
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

Federal Way, Washington 98063-9777

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(253) 924-2345

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Exhibit 99.1

Exhibit 99.2

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 28, 2011, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended September 30, 2011. Copies of the press release and the exhibits thereto are furnished as Exhibits 99.1 and 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)	The following items are filed as exhibits to this report.
99.1	Press release of Weyerhaeuser Company issued October 28, 2011 reporting results of operations for the quarter ended September 30, 2011
99.2	Exhibits to press release of Weyerhaeuser Company issued October 28, 2011

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 hereunto duly authorized.

WEYERHAEUSER COMPANY
By	/s/ Jerald W. Richards
Its:	Chief Accounting Officer

Date: October 28, 2011

EX-99.1

Exhibit 99.2

For more information contact:	Media - Bruce Amundson (253) 924-3047
	Analysts - Kathryn McAuley (253) 924-2058

Weyerhaeuser Reports Third Quarter Results

FEDERAL WAY, Wash. (Oct 28, 2011) - Weyerhaeuser Company (NYSE: WY) today reported net earnings of $157 million for the third quarter, or 29 cents per diluted share, on net sales from continuing operations of $1.6 billion. This compares with net earnings of $1.116 billion on net sales from continuing operations of $1.5 billion for the same period last year.

Earnings for the third quarter of 2011 include after-tax gains of $91 million from special items, including an $83 million benefit related to foreign tax credits. Excluding these items, the company reported net earnings of $66 million, or 12 cents per diluted share. This compares with net earnings before special items of $81 million in the third quarter of 2010. Earnings for the third quarter of 2010 included special items of $1.035 billion, primarily income tax adjustments related to Weyerhaeuser's conversion to a real estate investment trust (REIT).

“All of our businesses faced challenging markets in the third quarter, as the U.S. housing market languished and we experienced a slowdown in demand from China,” said Dan Fulton, president and chief executive officer. "We remain focused on improving performance with today's level of demand, while being prepared to flex all of our operations as markets improve.”

WEYERHAEUSER FINANCIAL HIGHLIGHTS	2011		2010
(millions, except per share data)	2Q	3Q	3Q
Net sales
From continuing operations	$1,610	$1,569	$1,514
From discontinued operations (1)	$163	$83	$150
Total net sales	$1,773	$1,652	$1,664
Net earnings
From continuing operations	$23	$133	$1,112
From discontinued operations (1)	($13)	$24	$4
Net earnings	$10	$157	$1,116
Weighted average shares outstanding, diluted (2)	541	540	318
Earnings per diluted share
From continuing operations	$0.04	$0.25	$3.49
From discontinued operations (1)	($0.02)	$0.04	$0.01
Earnings per diluted share	$0.02	$0.29	$3.50
Net earnings before special items	$32	$66	$81
Earnings per diluted share before special items	$0.06	$0.12	$0.25
Net cash from operations	$114	$117	$97
Net change in cash and cash equivalents	($582)	$90	($478)
Cash and cash equivalents at end of period	$881	$971	$1,368
(1) Discontinued operations include Weyerhaeuser's hardwoods and Westwood Shipping Lines businesses, which were sold in the third quarter of 2011.
(2) Weyerhaeuser's outstanding shares increased substantially during the third quarter of 2010 due to a special dividend of approximately 324 million shares of common stock and $560 million in cash, paid on Sept. 1, 2010 in conjunction with the company's conversion to a REIT.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	2Q 2011	3Q 2011	Change
Net sales	$288	$252	($36)
Contribution to pre-tax earnings before special items	$112	$62	($50)
Pre-tax gain from special items	$0	$0	$0
GAAP contribution to pre-tax earnings	$112	$62	($50)

3Q 2011 Performance - The segment's earnings declined $50 million in the third quarter compared with the second. Earnings from disposition of non-strategic timberlands declined to $4 million, compared with $32 million in the second quarter. Average selling prices for Western logs were lower due to weakening Chinese and domestic markets. Selling prices for Southern logs also declined. The segment's silviculture and road costs increased seasonally. Fee harvest increased slightly compared with the second quarter, as a decline in Western harvest volume was offset by increased volume in the South.

4Q 2011 Outlook - Excluding earnings from disposition of non-strategic timberlands, Weyerhaeuser expects lower earnings from the Timberlands segment in the fourth quarter due to reduced fee harvest volumes and lower selling prices for Western logs. The company also anticipates seasonally higher road and silviculture costs.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	2Q 2011	3Q 2011	Change
Net sales
From continuing operations	$605	$603	($2)
From discontinued operations	$97	$27	($70)
Total net sales	$702	$630	($72)
Contribution (charge) to pre-tax earnings before special items
From continuing operations	($53)	($43)	$10
From discontinued operations	$1	($4)	($5)
Total charge to pre-tax earnings before special items	($52)	($47)	$5
Pre-tax charge from special items	($9)	($46)	($37)
GAAP charge to pre-tax earnings	($61)	($93)	($32)

3Q 2011 Performance - Results from continuing operations improved $10 million compared with the second quarter, as reduced log costs were partially offset by slightly lower sales volumes across most product lines. Operating results for the discontinued hardwoods operations declined $5 million compared with the second quarter. Weyerhaeuser completed the sale of the hardwoods operations in the third quarter.

Third quarter special charges of $46 million are primarily comprised of asset impairments due to the permanent closure of four engineered wood products facilities, restructuring costs, and charges related to the sale of the hardwoods operations. Second quarter included special charges of $9 million related to the sale of the hardwoods operations.

4Q 2011 Outlook - Excluding special items, Weyerhaeuser anticipates a larger loss from continuing operations in the fourth quarter due to seasonally weaker market conditions. The company expects lower selling prices for lumber and oriented strand board and reduced sales volumes and operating rates across all product lines.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	2Q 2011	3Q 2011	Change
Net sales	$526	$503	($23)
Contribution to pre-tax earnings before special items	$80	$135	$55
Pre-tax gain from special items	$0	$0	$0
GAAP contribution to pre-tax earnings	$80	$135	$55

3Q 2011 Performance -Third quarter earnings improved $55 million compared with second quarter. Maintenance costs decreased and production increased as the segment had no annual maintenance outages, compared with four planned outages in the second quarter. These improvements were partially offset by lower selling prices for pulp.

4Q 2011 Outlook - Weyerhaeuser expects slightly lower earnings from the Cellulose Fibers segment in the fourth quarter. The company anticipates lower selling prices for pulp and slightly higher shipment volumes.

REAL ESTATE

FINANCIAL HIGHLIGHTS (millions)	2Q 2011	3Q 2011	Change
Net sales	$191	$211	$20
Contribution to pre-tax earnings before special items	$8	$10	$2
Pre-tax gain from special items	$0	$0	$0
GAAP contribution to pre-tax earnings	$8	$10	$2

3Q 2011 Performance - The segment's earnings increased $2 million compared with the second quarter. Home closings increased 11 percent to 508 single-family homes. Average margins on homes closed improved due to mix. Third quarter included no earnings from the sale of land and lots, compared with $4 million in the second quarter.

4Q 2011 Outlook - Weyerhaeuser anticipates higher earnings from single-family homebuilding operations in the fourth quarter due to seasonally higher home closing volume.

CORPORATE AND OTHER

FINANCIAL HIGHLIGHTS (millions)	2Q 2011	3Q 2011	Change
Charge to pre-tax earnings before special items
From continuing operations	($11)	($16)	($5)
From discontinued operations	($11)	($4)	$7
Total charge to pre-tax earnings before special items	($22)	($20)	$2
Pre-tax gain from special items	$0	$58	$58
GAAP contribution (charge) to pre-tax earnings	($22)	$38	$60

Corporate and Other results from continuing operations declined $5 million, as foreign exchange losses reduced the segment's results by $18 million compared with the second quarter. This was offset primarily by $7 million of additional gains related to share-based compensation, as a decline in the company's stock price resulted in a larger mark-to-market adjustment.

Third quarter includes pre-tax gains of $58 million from special items, primarily the sale of Westwood Shipping Lines.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest forest products companies, began operations in 1900. We grow and harvest trees, build homes and make a range of forest products essential to everyday lives. We manage our timberland on a sustainable basis in compliance with internationally recognized forestry standards. At the end of 2010, we employed approximately 14,000 employees in 10 countries. We have customers worldwide and generated $6.6 billion in sales in 2010. Our stock trades on the New York Stock exchange under the symbol WY. Additional information about us is available at http://www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Oct. 28 to discuss third quarter results.

To access the conference call from within North America, dial (877) 296-9413 (access code – 29869197) at least 15 minutes prior to the call. Those calling from outside North America should dial 1-(706) 679-2458 (access code – 29869197). Replays will be available for one week at (800) 642-1687 (access code – 29869197) from within North America and at 1-(706) 645-9291 (access code – 29869197) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com and is accessible by selecting the “Q3 2011 Earnings Conference Call” link.

The webcast is available through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected site, StreetEvents (http://www.streetevents.com).

FORWARD LOOKING STATEMENTS

This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition. The company will not update these forward-looking statements after the date of this news release.

Some forward-looking statements discuss the company's plans, strategies and intentions. They use words such as “expects,” “may,” “will,” “believes,” “should,” “approximately,” “anticipates,” “estimates,” and “plans.” In addition, these words may use the positive or negative or other variations of those terms.

This release contains forward-looking statements regarding the company's expectations for the fourth quarter of 2011, including reduced fee harvest volumes, lower selling prices for Western logs, seasonally higher road and silviculture expenses, and lower earnings in the Timberlands segment excluding earnings from disposition of non-strategic timberlands; seasonally weaker market conditions, lower selling prices for lumber and oriented strand board, reduced sales volumes and operating rates across all products lines, and a larger loss from continuing operations in the Wood Products segment excluding special items; lower selling prices for pulp, slightly higher shipment volumes, and slightly lower earnings in the Cellulose Fiber segment; and higher earnings from single-family homebuilding operations, and seasonally higher home closing volume in the Real Estate segment.

Major risks, uncertainties and assumptions that affect the company's businesses and may cause actual results to differ from these forward-looking statements, include, but are not limited to:

• the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages, and strength of the U.S. dollar;

• market demand for the company's products, which is related to the strength of the various U.S. business segments and economic conditions;

• performance of the company's manufacturing operations, including maintenance requirements;

• the successful execution of internal performance plans, including restructurings and cost reduction initiatives;

• the level of competition from domestic and foreign producers;

• raw material prices;

• energy prices;

• transportation costs;

• the effect of weather;

• the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;

• federal tax policies;

• the effect of forestry, land use, environmental and other governmental regulations;

• legal proceedings;

• the effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation;

• changes in accounting principles;

• performance of pension fund investments and related derivatives; and

• other factors described under “Risk Factors” in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan and China. It is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar. Restrictions on international trade or tariffs imposed on imports also may affect the company.

EX-99.2

Exhibit 99.2

Weyerhaeuser Company                                     

Q3.2011 Analyst Package

Preliminary results, subject to audit

Consolidated Statement of Operations

in millions	Q2			Q3						Year-to-date
	June 30, 2011			September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Net sales and revenues	$	1,610		$	1,569		$	1,514		$	4,601		$	4,438
Cost of products sold	1,343			1,283			1,193			3,803			3,609
Gross margin	267			286			321			798			829
Selling, general and administrative expenses	145			135			161			452			479
Research and development expenses	7			7			8			21			24
Charges for restructuring, closures and impairments	7			41			16			52			22
Other operating costs (income), net	(19		)	3			(24		)	(190		)	(96		)
Operating income	127			100			160			463			400
Interest income and other	9			15			19			35			73
Interest expense, net of capitalized interest	(117		)	(86		)	(95		)	(296		)	(356		)
Earnings from continuing operations before income taxes	19			29			84			202			117
Income taxes (1)	4			104			1,028			52			986
Earnings from continuing operations	23			133			1,112			254			1,103
Earnings (loss) from discontinued operations, net of income taxes	(13		)	24			4			12			9
Net earnings	10			157			1,116			266			1,112
Less: net earnings attributable to noncontrolling interests	—			—			—			—			(2		)
Net earnings attributable to Weyerhaeuser common shareholders	$	10		$	157		$	1,116		$	266		$	1,110
(1) Year-to-date 2011 includes an $83 million tax benefit related to foreign tax credits. Year-to-date 2010 includes $1.043 billion income for the reversal of deferred tax liabilities associated with the conversion to REIT status partially offset by $39 million for tax charges related to the elimination of the ability to claim a tax deduction provided to retirees and reimbursed under the Medicare Part D subsidy beginning in 2013, state tax law and rate changes, unrecognized tax benefits and other adjustments.
Per Share Information
	Q2			Q3						Year-to-date
	June 30, 2011			September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Earnings (loss) per share attributable to Weyerhaeuser common shareholders, basic:
Continuing operations	$	0.04		$	0.25		$	3.51		$	0.47		$	4.45
Discontinued operations	(0.02		)	0.04			0.01			0.02			0.04
Net earnings per share	$	0.02		$	0.29		$	3.52		$	0.49		$	4.49
Earnings (loss) per share attributable to Weyerhaeuser common shareholders, diluted:
Continuing operations	$	0.04		$	0.25		$	3.49		$	0.47		$	4.44
Discontinued operations	(0.02		)	0.04			0.01			0.02			0.04
Net earnings per share	$	0.02		$	0.29		$	3.50		$	0.49		$	4.48
Dividends paid per share	$	0.15		$	0.15		$	26.46		$	0.45		$	26.56
Weighted average shares outstanding (in thousands):
Basic	538,599			537,969			317,369			537,906			247,192
Diluted	541,095			539,827			318,360			540,469			247,879
Common shares outstanding at end of period (in thousands)	538,640			537,210			535,935			537,210			535,935

Page 1 of 9

Weyerhaeuser Company

Q3.2011 Analyst Package

Preliminary results, subject to audit

Consolidated Balance Sheet

in millions	June 30, 2011		September 30, 2011		December 31, 2010
ASSETS
Forest Products:
Current assets:
Cash and cash equivalents	$	877	$	969	$	1,466
Receivables, less allowances	533		467		451
Inventories	513		468		478
Prepaid expenses	115		81		81
Deferred tax assets	167		106		113
Total current assets	2,205		2,091		2,589
Property and equipment, net	3,083		2,943		3,217
Construction in progress	137		122		123
Timber and timberlands at cost, less depletion charged to disposals	3,987		3,997		4,035
Investments in and advances to equity affiliates	191		194		194
Goodwill	40		40		40
Other assets	511		558		363
Restricted assets held by special purpose entities	915		914		915
	11,069		10,859		11,476
Real Estate:
Cash and cash equivalents	4		2		1
Receivables, less allowances	36		31		51
Real estate in process of development and for sale	535		549		517
Land being processed for development	988		989		974
Investments in and advances to equity affiliates	15		15		16
Deferred tax assets	263		260		266
Other assets	121		122		120
Consolidated assets not owned	8		8		8
	1,970		1,976		1,953
Total assets	$	13,039	$	12,835	$	13,429
LIABILITIES AND EQUITY
Forest Products:
Current liabilities:
Current maturities of long-term debt	$	—	$	11	$	—
Accounts payable	326		305		340
Accrued liabilities	712		672		734
Total current liabilities	1,038		988		1,074
Long-term debt	4,192		4,181		4,710
Deferred income taxes	533		440		366
Deferred pension and other postretirement benefits	835		797		930
Other liabilities	412		335		393
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities	774		773		772
	7,784		7,514		8,245
Real Estate:
Long-term debt	318		318		350
Other liabilities	193		196		212
Consolidated liabilities not owned	8		8		8
	519		522		570
Total liabilities	8,303		8,036		8,815
Equity:
Total Weyerhaeuser shareholders' interest	4,734		4,795		4,612
Noncontrolling interests	2		4		2
Total equity	4,736		4,799		4,614
Total liabilities and equity	$	13,039	$	12,835	$	13,429

Page 2 of 9

Weyerhaeuser Company

Q3.2011 Analyst Package

Preliminary results, subject to audit

Consolidated Statement of Cash Flows

in millions	Q2			Q3						Year-to-date
	June 30, 2011			September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Cash flows from operations:
Net earnings	$	10		$	157		$	1,116		$	266		$	1,112
Noncash charges (credits) to income:
Depreciation, depletion and amortization	120			120			124			363			376
Income taxes, net	(13		)	(103		)	(1,030		)	(77		)	(940		)
Pension and other postretirement benefits	19			17			(8		)	60			(19		)
Share-based compensation expense	3			2			4			19			16
Charges for impairment of assets	2			34			2			37			5
Net gains on dispositions of assets and operations	(20		)	(51		)	(10		)	(227		)	(103		)
Foreign exchange transaction (gains) losses	(1		)	19			(4		)	11			(4		)
Change in:
Receivables less allowances	(10		)	35			12			(34		)	(103		)
Receivable for taxes	—			6			(30		)	7			521
Inventories	35			(9		)	(7		)	(40		)	(32		)
Real estate and land	(32		)	(15		)	(6		)	(49		)	(43		)
Prepaid expenses	(4		)	—			(1		)	(14		)	(8		)
Accounts payable and accrued liabilities	6			(61		)	(19		)	(106		)	(72		)
Deposits on land positions and other assets	(4		)	(5		)	(10		)	(9		)	(13		)
Pension contributions	(9		)	(17		)	(68		)	(32		)	(206		)
Other	12			(12		)	32			(31		)	(23		)
Net cash from operations	114			117			97			144			464
Cash flows from investing activities:
Property and equipment	(39		)	(62		)	(37		)	(136		)	(115		)
Timberlands reforestation	(7		)	(4		)	(6		)	(23		)	(26		)
Redemption of short-term investments	—			—			—			—			47
Proceeds from sale of assets and operations	3			157			30			353			160
Repayments from pension trust	—			—			—			—			146
Other	(10		)	(1		)	14			(6		)	3
Cash from investing activities	(53		)	90			1			188			215
Cash flows from financing activities:
Notes, commercial paper borrowings and revolving credit facilities, net	—			—			—			—			(3		)
Cash dividends	(80		)	(81		)	(560		)	(242		)	(581		)
Change in book overdrafts	1			(8		)	(15		)	(26		)	(27		)
Payments on debt	(548		)	—			(2		)	(550		)	(567		)
Exercises of stock options	3			—			—			37			—
Repurchase of common stock	—			(24		)	—			(24		)	—
Other	(19		)	(4		)	1			(23		)	(2		)
Cash from financing activities	(643		)	(117		)	(576		)	(828		)	(1,180		)
Net change in cash and cash equivalents	(582		)	90			(478		)	(496		)	(501		)
Cash and cash equivalents at beginning of period	1,463			881			1,846			1,467			1,869
Cash and cash equivalents at end of period	$	881		$	971		$	1,368		$	971		$	1,368
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	91		$	115		$	133		$	362		$	406
Income taxes	$	13		$	6		$	1		$	21		$	(444	)

Page 3 of 9

Weyerhaeuser Company	Total Company Statistics
Q3.2011 Analyst Package
Preliminary results, subject to audit

Special Items Included in Net Earnings

in millions	Q2			Q3						Year-to-date
	June 30, 2011			September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Net earnings	$	10		$	157		$	1,116		$	266		$	1,110
Income tax adjustments	—			(83		)	(1,035		)	(83		)	(1,004		)
Gain on sale of wood products assets	—			—			—			—			(31		)
Loss on early extinguishment of debt	16			—			—			16			33
Gain on sale of 82,000 acres of non-strategic timberlands	—			—			—			(96		)	—
Charges for restructuring and impairments	—			24			—			24			—
Charges related to the sale of hardwoods	6			8			—			14			—
Gain on sale of properties	—			(9		)	—			(9		)	—
Gain on sale of Westwood Shipping Lines	—			(31		)	—			(31		)	—
Net earnings before special items	$	32		$	66		$	81		$	101		$	108
	Q2			Q3						Year-to-date
	June 30, 2011			September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Net earnings per diluted share	$	0.02		$	0.29		$	3.50		$	0.49		$	4.48
Income tax adjustments	—			(0.15		)	(3.25		)	(0.15		)	(4.05		)
Gain on sale of wood products assets	—			—			—			—			(0.13		)
Loss on early extinguishment of debt	0.03			—			—			0.03			0.13
Gain on sale of 82,000 acres of non-strategic timberlands	—			—			—			(0.18		)	—
Charges for restructuring and impairments	—			0.04			—			0.04			—
Charges related to the sale of hardwoods	0.01			0.01			—			0.03			—
Gain on sale of properties	—			(0.01		)	—			(0.01		)	—
Gain on sale of Westwood Shipping Lines	—			(0.06		)	—			(0.06		)	—
Net earnings before special items per diluted share	$	0.06		$	0.12		$	0.25		$	0.19		$	0.43
Selected Total Company Items, Excluding Discontinued Operations
in millions	Q2			Q3						Year-to-date
	June 30, 2011			September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Depreciation, depletion and amortization:
Cost of products sold	$	105		$	108		$	106		$	318		$	321
Selling, general and administrative expenses	13			12			16			41			49
Total depreciation, depletion and amortization	$	118		$	120		$	122		$	359		$	370
Pension and postretirement costs (credits):
Pension and postretirement costs allocated to business segments	$	16		$	9		$	8		$	36		$	32
Pension and postretirement costs (credits) retained by Corporate segment	3			6			(18		)	21			(56		)
Total company pension and postretirement costs (credits)	$	19		$	15		$	(10	)	$	57		$	(24	)
Total decrease (increase) in Forest Products working capital	$	(21	)	$	69		$	24		$	(110	)	$	592
Cash spent for capital expenditures	$	(44	)	$	(65	)	$	(43	)	$	(156	)	$	(141	)

Page 4 of 9

Weyerhaeuser Company	Timberlands Segment
Q3.2011 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q2.2011			Q3.2011			Q3.2010			YTD.2011			YTD.2010
Trade sales and revenues (unaffiliated customers)	$	288		$	252		$	240		$	770		$	667
Intersegment sales	134			154			145			479			439
Total net sales and revenues	422			406			385			1,249			1,106
Cost of products sold	296			321			294			937			831
Gross margin	126			85			91			312			275
Selling, general and administrative expenses	24			23			20			70			63
Research and development expenses	4			4			5			12			14
Charges for restructuring, closures and impairments	—			—			1			—			2
Other operating income, net	(13		)	(3		)	(9		)	(182		)	(28		)
Operating income	111			61			74			412			224
Interest income and other	1			1			1			3			2
Net contribution to earnings	$	112		$	62		$	75		$	415		$	226

Selected Segment Items

	Q2.2011			Q3.2011			Q3.2010			YTD.2011			YTD.2010
Depreciation, depletion and amortization	$	35		$	34		$	30		$	100		$	88
Total decrease (increase) in working capital	$	(40	)	$	32		$	20		$	(24	)	$	(4	)
Cash spent for capital expenditures	$	(14	)	$	(12	)	$	(17	)	$	(40	)	$	(52	)

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q2.2011		Q3.2011		Q3.2010		YTD.2011		YTD.2010
Gain on sale of 82,000 acres of non-strategic timberlands	$	—	$	—	$	—	$	152	$	—

Segment Statistics

		Q2.2011		Q3.2011		Q3.2010		YTD.2011		YTD.2010
Third Party Net Sales and  Revenue (millions)	Logs:
	West	$	152	$	144	$	110	$	406	$	317
	South	49		53		40		143		104
	Canada	1		4		3		12		12
	Total Logs	202		201		153		561		433
	Pay as cut timber sales	8		9		8		25		25
	Timberlands exchanges and dispositions	39		2		41		62		89
	Higher and better use land sales	2		5		6		11		18
	Minerals, oil and gas	15		14		15		43		46
	Products from international operations	21		21		17		59		49
	Other products	1		—		—		9		7
	Total	$	288	$	252	$	240	$	770	$	667
Logs Third Party Sales Realizations (per cubic meter)	West	$	109.42	$	104.27	$	91.45	$	104.97	$	91.78
	South	$	40.59	$	39.11	$	43.63	$	40.21	$	43.78
	Canada	$	42.79	$	33.73	$	29.94	$	34.91	$	32.83
	International	$	21.41	$	22.09	$	17.96	$	20.82	$	19.30
Logs Third Party Sales Volumes (cubic meters, thousands)	West	1,391		1,385		1,205		3,871		3,456
	South	1,211		1,336		903		3,552		2,364
	Canada	23		116		92		333		366
	International	79		88		63		239		209
	Total	2,704		2,925		2,263		7,995		6,395
Logs Fee Depletion (cubic meters, thousands)	West	1,747		1,604		1,444		4,962		4,279
	South	2,355		2,535		2,060		7,070		6,081
	International	221		270		89		589		270
	Total	4,323		4,409		3,593		12,621		10,630

Page 5 of 9

Weyerhaeuser Company	Wood Products Segment
Q3.2011 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q2.2011			Q3.2011			Q3.2010			YTD.2011			YTD.2010
Trade sales and revenues (unaffiliated customers)	$	605		$	603		$	537		$	1,734		$	1,737
Intersegment sales	21			20			17			61			47
Total net sales and revenues	626			623			554			1,795			1,784
Cost of products sold	629			620			587			1,785			1,762
Gross margin	(3		)	3			(33		)	10			22
Selling, general and administrative expenses	49			47			62			146			192
Research and development expenses	1			1			1			3			4
Charges for restructuring, closures and impairments	4			38			9			44			11
Other operating income, net	(4		)	(6		)	(3		)	(15		)	(48		)
Operating loss	(53		)	(77		)	(102		)	(168		)	(137		)
Interest income and other	—			1			—			3			2
Net contribution to earnings from continuing operations	(53		)	(76		)	(102		)	(165		)	(135		)
Net contribution to earnings from discontinued hardwoods operations	(8		)	(17		)	2			(25		)	13
Net contribution to earnings	$	(61	)	$	(93	)	$	(100	)	$	(190	)	$	(122	)

Selected Segment Items, Excluding Hardwoods Operations

	Q2.2011			Q3.2011			Q3.2010			YTD.2011			YTD.2010
Depreciation, depletion and amortization	$	35		$	36		$	42		$	110		$	128
Total decrease (increase) in working capital	$	43		$	16		$	59		$	(56	)	$	(10	)
Cash spent for capital expenditures	$	(7	)	$	(8	)	$	(5	)	$	(21	)	$	(12	)

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q2.2011			Q3.2011			Q3.2010		YTD.2011			YTD.2010
Gain on sale of wood products assets	$	—		$	—		$	—	$	—		$	52
Charges for restructuring and impairments	—			(38		)	—		(38		)	—
Gain on sale of properties	—			5			—		5			—
Total special items from continuing operations	—			(33		)	—		(33		)	52
Charges related to the sale of discontinued hardwoods operations	(9		)	(13		)	—		(22		)	—
Total	$	(9	)	$	(46	)	$	—	$	(55	)	$	52

Segment Statistics

in millions, except for third-party sales realizations		Q2.2011		Q3.2011		Q3.2010		YTD.2011		YTD.2010
Structural Lumber (board feet)	Third Party Net Sales and Revenue	$	290	$	281	$	254	$	831	$	803
	Third Party Sales Realizations	$	300.84	$	300.74	$	286.84	$	305.18	$	317.08
	Third Party Sales Volumes	963		934		889		2,723		2,534
	Production Volumes	903		890		857		2,686		2,504
Engineered Solid Section (cubic feet)	Third Party Net Sales and Revenue	$	71	$	65	$	68	$	198	$	213
	Third Party Sales Realizations	$	1,904.83	$	1,865.05	$	1,848.76	$	1,874.76	$	1,782.89
	Third Party Sales Volumes	4		4		4		11		12
	Production Volumes	3		4		4		11		12
Engineered I-joists (lineal feet)	Third Party Net Sales and Revenue	$	48	$	44	$	39	$	125	$	136
	Third Party Sales Realizations	$	1,258.14	$	1,275.43	$	1,246.02	$	1,266.35	$	1,161.32
	Third Party Sales Volumes	38		34		31		98		116
	Production Volumes	34		32		25		96		107
Oriented Strand Board (square feet 3/8')	Third Party Net Sales and Revenue	$	89	$	97	$	80	$	271	$	262
	Third Party Sales Realizations	$	178.43	$	176.33	$	185.07	$	181.75	$	218.16
	Third Party Sales Volumes	498		549		428		1,492		1,199
	Production Volumes	518		574		446		1,586		1,292
Softwood Plywood (square feet 3/8')	Third Party Net Sales and Revenue	$	16	$	18	$	19	$	51	$	58
	Third Party Sales Realizations	$	271.01	$	260.23	$	280.78	$	264.81	$	287.69
	Third Party Sales Volumes	61		69		68		193		203
	Production Volumes	48		49		57		150		169
Hardwood Lumber (board feet)	Third Party Net Sales and Revenue	$	63	$	17	$	54	$	138	$	172
	Third Party Sales Realizations	$	858.51	$	861.33	$	836.60	$	853.30	$	828.12
	Third Party Sales Volumes	73		20		65		162		208
	Production Volumes	62		15		60		135		180

Page 6 of 9

Weyerhaeuser Company	Cellulose Fibers Segment
Q3.2011 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q2.2011			Q3.2011			Q3.2010			YTD.2011			YTD.2010
Total net sales and revenues	$	526		$	503		$	522		$	1,535		$	1,400
Cost of products sold	422			349			326			1,171			1,068
Gross margin	104			154			196			364			332
Selling, general and administrative expenses	24			24			21			70			61
Research and development expenses	2			2			2			6			6
Other operating income, net	(3		)	(4		)	(6		)	(12		)	(13		)
Operating income	81			132			179			300			278
Interest income and other	(1		)	3			2			1			(4		)
Net contribution to earnings	$	80		$	135		$	181		$	301		$	274

Selected Segment Items

	Q2.2011			Q3.2011			Q3.2010			YTD.2011			YTD.2010
Depreciation, depletion and amortization	$	35		$	37		$	34		$	108		$	106
Total increase in working capital	$	(32	)	$	(9	)	$	(39	)	$	(21	)	$	(73	)
Cash spent for capital expenditures	$	(23	)	$	(43	)	$	(19	)	$	(92	)	$	(73	)

Segment Statistics

		Q2.2011		Q3.2011		Q3.2010		YTD.2011		YTD.2010
Pulp (air-dry metric tons)	Third Party Net Sales and Revenue (millions)	$	409	$	391	$	412	$	1,198	$	1,087
	Third Party Sales Realizations	$	960.04	$	919.65	$	926.28	$	930.47	$	849.47
	Third Party Sales Volumes (thousands)	426		426		445		1,288		1,280
	Production Volumes (thousands)	410		462		470		1,309		1,321
Liquid Packaging Board (tons)	Third Party Net Sales and Revenue (millions)	$	93	$	87	$	88	$	265	$	249
	Third Party Sales Realizations	$	1,194.46	$	1,164.99	$	1,103.48	$	1,169.58	$	1,083.95
	Third Party Sales Volumes (thousands)	77		76		80		227		230
	Production Volumes (thousands)	80		81		82		228		232

Page 7 of 9

Weyerhaeuser Company	Real Estate Segment
Q3.2011 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q2.2011		Q3.2011		Q3.2010			YTD.2011		YTD.2010
Total net sales and revenues	$	191	$	211	$	210		$	562	$	618
Cost of products sold	147		164		158			437		468
Gross margin	44		47		52			125		150
Selling, general and administrative expenses	36		36		40			107		115
Charges for restructuring, closures and impairments	1		2		1			4		4
Other operating income, net	—		—		(2		)	—		—
Operating income	7		9		13			14		31
Interest income and other	1		1		7			3		49
Loss attributable to noncontrolling interests	—		—		—			—		(2		)
Net contribution to earnings	$	8	$	10	$	20		$	17	$	78

Selected Segment Items

	Q2.2011		Q3.2011			Q3.2010			YTD.2011			YTD.2010
Depreciation and amortization	$	3	$	3		$	4		$	9		$	12
Cash spent for capital expenditures	$	—	$	(1	)	$	(2	)	$	(2	)	$	(3	)

Segment Statistics

	Q2.2011			Q3.2011			Q3.2010			YTD.2011			YTD.2010
Net sales and revenues:
Single-family housing	$	180		$	204		$	200		$	536		$	576
Land	11			5			9			23			39
Other	—			2			1			3			3
Total net sales and revenue	$	191		$	211		$	210		$	562		$	618
Single-family homes sold	521			440			418			1,496			1,529
Single-family homes closed	459			508			501			1,330			1,519
Single-family homes sold but not closed (backlog)	673			605			660			605			660
Single-family average price of homes closed (in thousands)	$	391		$	403		$	400		$	403		$	379
Single-family home gross margin - excluding impairments (1)	22.4		%	23.0		%	24.3		%	22.4		%	22.9		%

⁽¹⁾ Single-family gross margin excluding impairments equals revenue less cost of sales and period costs (other than impairments and deposit write-offs).

Page 8 of 9

Weyerhaeuser Company	Corporate & Other Segment
Q3.2011 Analyst Package
Preliminary results, subject to audit

Corporate and Other includes certain gains or charges that are not related to an individual operating segment and the portion of items such as share-based compensation, pension and postretirement costs, foreign exchange transaction gains and losses associated with financing and other general and administrative expenses that are not allocated to the business segments. Historically, Corporate and Other included the results of our transportation operations. This included our five short line railroads that were sold at the end of 2010 and Westwood Shipping Lines that was sold on September 30, 2011. Westwood results are included in our results of discontinued operations.

Segment Statement of Operations

in millions	Q2.2011			Q3.2011			Q3.2010			YTD.2011			YTD.2010
Trade sales and revenues (unaffiliated customers)	$	—		$	—		$	5		$	—		$	16
Intersegment sales	—			—			1			—			2
Total net sales and revenues	—			—			6			—			18
Cost of products sold	4			3			(9		)	13			(32		)
Gross margin	(4		)	(3		)	15			(13		)	50
Selling, general and administrative expenses	12			5			18			59			48
Charges for restructuring, closures and impairments	2			1			6			4			6
Other operating costs (income), net	1			16			(5		)	19			(8		)
Operating income (loss)	(19		)	(25		)	(4		)	(95		)	4
Interest income and other	8			9			9			25			24
Net contribution to earnings from continuing operations	(11		)	(16		)	5			(70		)	28
Net contribution to earnings from discontinued operations (1)	(11		)	54			5			45			2
Net contribution to earnings	$	(22	)	$	38		$	10		$	(25	)	$	30

⁽¹⁾ Third quarter 2011 includes a $9 million gain and second quarter 2011 includes charges of $13 million related to businesses we have divested in prior years. Third quarter 2011 also includes a $49 million gain on the sale of Westwood Shipping Lines.

Selected Segment Items, Excluding Westwood Shipping Lines

	Q2.2011			Q3.2011			Q3.2010			YTD.2011			YTD.2010
Depreciation, depletion and amortization	$	10		$	10		$	12		$	32		$	36
Total decrease (increase) in working capital	$	8		$	30		$	(16	)	$	(9	)	$	679
Cash spent for capital expenditures	$	—		$	(1	)	$	—		$	(1	)	$	(1	)
Share-based compensation expense (income)	$	(5	)	$	(12	)	$	8		$	(1	)	$	7
Foreign exchange losses (gains)	$	(1	)	$	17		$	(4	)	$	10		$	(5	)
Pension and postretirement costs (credits) retained by Corporate segment	$	3		$	6		$	(18	)	$	21		$	(56	)

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q2.2011		Q3.2011		Q3.2010		YTD.2011		YTD.2010
Gain on sale of property	$	—	$	9	$	—	$	9	$	—
Gain on sale of Westwood Shipping Lines	—		49		—		49		—
Total	$	—	$	58	$	—	$	58	$	—

Page 9 of 9