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

July 27, 2012

(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 July 27, 2012, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended June 30, 2012. 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 July 27, 2012 reporting results of operations for the quarter ended June 30, 2012.
99.2	Exhibits to press release of Weyerhaeuser Company issued July 27, 2012

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: July 27, 2012

EX-99.1

For more information contact:	Analysts - Kathryn McAuley (253) 924-2058
	Media - Anthony Chavez (253) 924-7148

Weyerhaeuser Reports Second Quarter Results

FEDERAL WAY, Wash. (Jul 27, 2012) - Weyerhaeuser Company (NYSE: WY) today reported net earnings of $84 million for the second quarter, or 16 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $10 million on net sales from continuing operations of $1.6 billion for the same period last year.

Earnings for the second quarter of 2012 include after-tax gains of $37 million from special items. Excluding these items, the company reported net earnings of $47 million, or 9 cents per diluted share. This compares with net earnings before special items of $32 million, or 6 cents per diluted share, in the second quarter of 2011.

"We are seeing signs of a rebound in the U.S. housing market, and as markets strengthen, the operational improvements within our Wood Products business are yielding clear results," said Dan Fulton, president and chief executive officer. "Our ongoing work to improve performance across all businesses is positioning us to capture the full benefit of the market recovery, as it unfolds."

WEYERHAEUSER FINANCIAL HIGHLIGHTS	2012	2012	2011
(millions, except per share data)	1Q	2Q	2Q
Net sales from continuing operations	$1,494	$1,793	$1,610
Net earnings (1)	$41	$84	$10
Weighted average shares outstanding, diluted	540	540	541
Earnings per diluted share (1)	$0.08	$0.16	$0.02
Net earnings before special items	$9	$47	$32
Earnings per diluted share before special items	$0.02	$0.09	$0.06
Net cash from operations	($60)	$267	$114
Net change in cash and cash equivalents	($225)	$133	($582)
Cash and cash equivalents at end of period	$728	$861	$881
(1) The second quarter of 2011 included a net loss of $13 million from discontinued operations, or ($0.02) per diluted share, on net sales of $163 million. Discontinued operations include Weyerhaeuser's hardwoods and Westwood Shipping Lines businesses, which were sold in the third quarter of 2011.

Weyerhaeuser began reporting elimination of intersegment profit on inventory and the LIFO reserve as part of Unallocated Items during second quarter 2012. Previously these company-level adjustments were recorded in the business segments. This change provides a better understanding of business segment operating results. For consistency, segment contributions to pre-tax earnings for prior periods have been adjusted to classify these amounts as part of Unallocated Items. There was no change to Weyerhaeuser's consolidated net earnings.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	1Q 2012	2Q 2012	Change
Net sales	$250	$262	$12
Contribution to pre-tax earnings	$70	$77	$7

2Q 2012 Performance - The segment'searnings increased $7 million compared with the first quarter, primarily due to seasonally higher fee harvest in the West and South and increased demand for domestic and export logs. Average selling prices for export logs declined, and domestic prices for Western and Southern logs rose slightly.

3Q 2012 Outlook - Weyerhaeuser expects comparable earnings from the Timberlands segment in the third quarter. The company expects higher earnings from the disposition of non-strategic timberlands, partially offset by lower domestic selling prices for Western logs and a decline in Southern log price realizations due to mix.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	1Q 2012		2Q 2012	Change
Net sales	$634		$776	$142
Contribution (charge) to pre-tax earnings before special items	(13	)	30	$43
Pre-tax special items	—		6	6
GAAP contribution (charge) to pre-tax earnings	($13)		$36	$49

2Q 2012 Performance - Results before special items improved $43 million compared with the first quarter, primarily due to higher selling prices for lumber and oriented strand board and operational improvements. Lumber prices increased 13 percent, and prices for oriented strand board improved 9 percent. Sales volumes increased substantially.

Special items for the second quarter include a $6 million pre-tax gain on the sale of property.

3Q 2012 Outlook - Weyerhaeuser anticipates lower earnings from the Wood Products segment in the third quarter. The company expects comparable sales volumes for most products and seasonally lower selling prices for lumber.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	1Q 2012	2Q 2012	Change
Net sales	$473	$459	($14)
Contribution to pre-tax earnings	$48	$36	($12)

2Q 2012 Performance - The segment's earnings declined $12 million. Average selling prices for pulp were approximately flat compared with first quarter. Planned maintenance costs increased, and sales volumes declined due to timing of shipments and reduced pulp production resulting from operational issues experienced during the quarter. First and second quarter each included two scheduled annual maintenance outages.

3Q 2012 Outlook - Weyerhaeuser expects significantly higher earnings from the Cellulose Fibers segment in the third quarter. The company anticipates improved productivity, lower annual maintenance expense, and reduced chemical, energy and fiber costs, partially offset by slightly lower selling prices for pulp.

REAL ESTATE

FINANCIAL HIGHLIGHTS (millions)	1Q 2012	2Q 2012	Change
Net sales	$137	$296	$159
Contribution (charge) to pre-tax earnings	($8)	$15	$23

2Q 2012 Performance - The segment's earnings improved $23 million compared with the first quarter. Home closings increased seasonally to 508 single-family homes, and average margins on homes closed improved to nearly 20 percent due to mix. Second quarter results include earnings of $12 million from the sale of land and lots, compared with $1 million from the sale of lots in the first quarter.

At the end of the second quarter the backlog of homes sold, but not closed, totaled 1,033 units, a 53 percent increase compared with one year ago.

3Q 2012 Outlook - Weyerhaeuser expects slightly higher earnings from single-family homebuilding operations in the third quarter. The company anticipates seasonally higher home closings, partially offset by slightly lower average selling prices due to mix and slightly higher selling expenses due to the additional closing volume.

OTHER ITEMS

Special items for the second quarter include a pre-tax gain of $51 million from postretirement plan amendments. Weyerhaeuser expects no future gains related to these benefit changes, which were effective June 30, 2012.

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 2011, we employed approximately 12,800 employees in 11 countries. We have customers worldwide and generated $6.2 billion in sales from continuing operations in 2011. Our stock trades on the New York Stock exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on July 27 to discuss second quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on July 27.

To join the conference call from within North America, dial 877-296-9413 (access code – 41406958) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code – 41406958). Replays will be available for one week at 855-859-2056 (access code – 41406958) from within North America and at 404-537-3406 (access code – 41406958) from outside North America.

The webcast is available to both institutional and individual investors through the Thomson StreetEvents Network. Individual investors can listen to the call at www.fulldisclosure.com, Thomson’s individual investor portal. Institutional investors can access the call via Thomson’s password-protected site at 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 third quarter of 2012, including slightly lower export log realizations, lower domestic selling prices for Western logs, somewhat lower Southern log price realizations, higher earnings from the disposition of non-strategic timberlands, and comparable earnings from the Timberlands segment; flat to slightly lower sales volumes, seasonally softer sales realizations, increased log costs in Canada, flat log costs in the South, declining log costs in the West, and solidly profitable results from the Wood Products segment; weaker selling prices for pulp, higher pulp sales volumes, improved productivity, lower annual maintenance expense, reduced chemical and energy and fiber costs, slightly higher freight expense, and significantly higher earnings from the Cellulose Fibers segment; and higher home closing volume, slightly lower average selling prices, gross margins of approximately 20 percent, increased selling expenses, and increased earnings from single-family homebuilding operations 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 U.S. and international 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;

• the effect of weather;

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

• raw material prices;

• energy prices;

• transportation costs;

• federal tax policies;

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

• legal proceedings;

• performance of pension fund investments and related derivatives;

• 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; and

• other factors described under “Risk Factors” in the Company's annual report on Form10-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, and the relative value of the euro and the yen. Restrictions on international trade or tariffs imposed on imports also may affect the company.

EX-99.2

Exhibit 99.2

Weyerhaeuser Company                                     

Q2.2012 Analyst Package

Preliminary results, subject to audit

Consolidated Statement of Operations

in millions	Q1			Q2						Year-to-date
	March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Net sales and revenues	$	1,494		$	1,793		$	1,610		$	3,287		$	3,032
Cost of products sold	1,290			1,516			1,343			2,806			2,520
Gross margin	204			277			267			481			512
Selling, general and administrative expenses	150			142			145			292			317
Research and development expenses	7			8			7			15			14
Charges for restructuring, closures and impairments	12			4			7			16			11
Other operating income, net	(66		)	(53		)	(19		)	(119		)	(193		)
Operating income	101			176			127			277			363
Interest income and other	12			11			9			23			20
Interest expense, net of capitalized interest	(87		)	(86		)	(117		)	(173		)	(210		)
Earnings from continuing operations before income taxes	26			101			19			127			173
Income taxes	15			(17		)	4			(2		)	(52		)
Earnings from continuing operations	41			84			23			125			121
Loss from discontinued operations, net of income taxes	—			—			(13		)	—			(12		)
Net earnings attributable to Weyerhaeuser common shareholders	$	41		$	84		$	10		$	125		$	109
Per Share Information
	Q1			Q2						Year-to-date
	March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Earnings (loss) per share attributable to Weyerhaeuser common shareholders, basic and diluted:
Continuing operations	$	0.08		$	0.16		$	0.04		$	0.23		$	0.22
Discontinued operations	—			—			(0.02		)	—			(0.02		)
Net earnings per share	$	0.08		$	0.16		$	0.02		$	0.23		$	0.20
Dividends paid per share	$	0.15		$	0.15		$	0.15		$	0.30		$	0.30
Weighted average shares outstanding (in thousands):
Basic	537,368			537,966			538,599			537,667			537,873
Diluted	539,728			540,033			541,095			539,880			540,790
Common shares outstanding at end of period (in thousands)	537,409			537,526			538,640			537,526			538,640

Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions	Q1			Q2					Year-to-date
	March 31, 2012			June 30, 2012			June 30, 2011		June 30, 2012			June 30, 2011
Operating income	$	101		$	176		$	127	$	277		$	363
Depreciation, depletion and amortization	113			113			118		226			239
Special items	(38		)	(57		)	—		(95		)	(152		)
Capitalized interest included in cost of products sold	3			19			7		22			12
EBITDA, excluding special items*	$	179		$	251		$	252	$	430		$	462

* Non-GAAP measure - see page 9 for definition.

Page 1 of 9

Weyerhaeuser Company     

Q2.2012 Analyst Package                                     

Preliminary results, subject to audit

Consolidated Balance Sheet

in millions	March 31, 2012		June 30, 2012		December 31, 2011
ASSETS
Forest Products:
Current assets:
Cash and cash equivalents	$	726	$	857	$	950
Receivables, less allowances	503		494		490
Inventories	517		487		476
Prepaid expenses	80		86		68
Deferred tax assets	113		100		81
Total current assets	1,939		2,024		2,065
Property and equipment, net	2,829		2,770		2,901
Construction in progress	192		208		145
Timber and timberlands at cost, less depletion charged to disposals	3,970		3,963		3,978
Investments in and advances to equity affiliates	189		187		192
Goodwill	40		40		40
Other assets	442		435		444
Restricted assets held by special purpose entities	914		916		916
	10,515		10,543		10,681
Real Estate:
Cash and cash equivalents	2		4		3
Receivables, less allowances	30		38		41
Real estate in process of development and for sale	606		581		555
Land being processed for development	943		959		936
Investments in and advances to equity affiliates	19		20		21
Deferred tax assets	246		238		240
Other assets	113		89		113
Consolidated assets not owned	—		3		8
	1,959		1,932		1,917
Total assets	$	12,474	$	12,475	$	12,598
LIABILITIES AND EQUITY
Forest Products:
Current liabilities:
Current maturities of long-term debt	$	167	$	184	$	12
Accounts payable	343		360		336
Accrued liabilities	536		576		593
Total current liabilities	1,046		1,120		941
Long-term debt	4,026		4,005		4,181
Deferred income taxes	108		92		93
Deferred pension and other postretirement benefits	1,470		1,429		1,467
Other liabilities	407		400		408
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities	775		778		776
	7,832		7,824		7,866
Real Estate:
Long-term debt	283		283		285
Other liabilities	154		171		172
Consolidated liabilities not owned	—		—		8
	437		454		465
Total liabilities	8,269		8,278		8,331
Equity:
Total Weyerhaeuser shareholders' interest	4,197		4,186		4,263
Noncontrolling interests	8		11		4
Total equity	4,205		4,197		4,267
Total liabilities and equity	$	12,474	$	12,475	$	12,598

Page 2 of 9

Weyerhaeuser Company     

Q2.2012 Analyst Package                                     

Preliminary results, subject to audit

Consolidated Statement of Cash Flows

in millions	Q1			Q2						Year-to-date
	March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Cash flows from operations:
Net earnings	$	41		$	84		$	10		$	125		$	109
Noncash charges (credits) to income:
Depreciation, depletion and amortization	113			113			120			226			243
Deferred income taxes, net	(6		)	13			(13		)	7			26
Pension and other postretirement benefits	(28		)	(30		)	19			(58		)	43
Share-based compensation expense	10			8			3			18			17
Charges for impairment of assets	8			4			2			12			3
Net gains on dispositions of assets	(7		)	(10		)	(20		)	(17		)	(176		)
Foreign exchange transaction (gains) losses	(7		)	9			(1		)	2			(8		)
Change in:
Receivables less allowances	(5		)	(18		)	(10		)	(23		)	(69		)
Receivable for taxes	(2		)	18			(7		)	16			(27		)
Inventories	(40		)	28			35			(12		)	(31		)
Real estate and land	(55		)	7			(32		)	(48		)	(34		)
Prepaid expenses	(8		)	(12		)	(4		)	(20		)	(14		)
Accounts payable and accrued liabilities	(56		)	65			15			9			(23		)
Deposits on land positions and other assets	—			22			(4		)	22			(4		)
Pension and postretirement contributions	(35		)	(33		)	(18		)	(68		)	(37		)
Other	17			(1		)	19			16			9
Net cash from operations	(60		)	267			114			207			27
Cash flows from investing activities:
Property and equipment	(54		)	(68		)	(39		)	(122		)	(74		)
Timberlands reforestation	(10		)	(7		)	(7		)	(17		)	(19		)
Proceeds from sale of assets	6			18			3			24			196
Other	1			(1		)	(10		)	—			(5		)
Cash from investing activities	(57		)	(58		)	(53		)	(115		)	98
Cash flows from financing activities:
Cash dividends	(81		)	(80		)	(80		)	(161		)	(161		)
Change in book overdrafts	(29		)	9			1			(20		)	(18		)
Payments on debt	(2		)	(4		)	(548		)	(6		)	(550		)
Exercises of stock options	5			2			3			7			37
Other	(1		)	(3		)	(19		)	(4		)	(19		)
Cash from financing activities	(108		)	(76		)	(643		)	(184		)	(711		)
Net change in cash and cash equivalents	(225		)	133			(582		)	(92		)	(586		)
Cash and cash equivalents at beginning of period	953			728			1,463			953			1,467
Cash and cash equivalents at end of period	$	728		$	861		$	881		$	861		$	881
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	114		$	54		$	91		$	168		$	247
Income taxes	$	(10	)	$	(5	)	$	13		$	(15	)	$	15

Page 3 of 9

Weyerhaeuser Company	Total Company Statistics
Q2.2012 Analyst Package
Preliminary results, subject to audit

Special Items Included in Net Earnings

in millions	Q1			Q2						Year-to-date
	March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Net earnings	$	41		$	84		$	10		$	125		$	109
Gain on sale of 82,000 acres of non-strategic timberlands	—			—			—			—			(96		)
Loss on early extinguishment of debt	—			—			16			—			16
Restructuring, impairments and other charges	10			—			—			10			—
Gain on postretirement plan amendment	(34		)	(33		)	—			(67		)	—
Gain on sale of properties	—			(4		)	—			(4		)	—
Tax settlements	(8		)	—			—			(8		)	—
Charges related to the sale of hardwoods	—			—			6			—			6
Net earnings before special items	$	9		$	47		$	32		$	56		$	35
	Q1			Q2						Year-to-date
	March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Net earnings per diluted share	$	0.08		$	0.16		$	0.02		$	0.23		$	0.20
Gain on sale of 82,000 acres of non-strategic timberlands	—			—			—			—			(0.18		)
Loss on early extinguishment of debt	—			—			0.03			—			0.03
Restructuring, impairments and other charges	0.02			—			—			0.02			—
Gain on postretirement plan amendment	(0.06		)	(0.06		)	—			(0.12		)	—
Gain on sale of properties	—			(0.01		)	—			(0.01		)	—
Tax settlements	(0.02		)	—			—			(0.02		)	—
Charges related to the sale of hardwoods	—			—			0.01			—			0.01
Net earnings before special items per diluted share	$	0.02		$	0.09		$	0.06		$	0.10		$	0.06
Selected Total Company Items, Excluding Discontinued Operations
in millions	Q1			Q2						Year-to-date
	March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Depreciation, depletion and amortization:
Cost of products sold	$	102		$	103		$	105		$	205		$	210
Selling, general and administrative expenses	11			10			13			21			29
Total depreciation, depletion and amortization	$	113		$	113		$	118		$	226		$	239
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	13		$	13		$	15		$	26		$	25
Pension and postretirement costs not allocated	7			7			3			14			15
Total company pension and postretirement costs	$	20		$	20		$	18		$	40		$	40
Total decrease (increase) in Forest Products working capital (1)	$	(148	)	$	103		$	(46	)	$	(45	)	$	(240	)
Cash spent for capital expenditures	$	(64	)	$	(75	)	$	(44	)	$	(139	)	$	(91	)

⁽¹⁾ Working capital does not include cash balances.

Page 4 of 9

Weyerhaeuser Company	Timberlands Segment
Q2.2012 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2012			Q2.2012			Q2.2011			YTD.2012			YTD.2011
Sales to and revenues from unaffiliated customers	$	250		$	262		$	288		$	512		$	518
Intersegment sales	190			146			134			336			325
Total net sales and revenues	440			408			422			848			843
Cost of products sold	353			313			290			666			610
Gross margin	87			95			132			182			233
Selling, general and administrative expenses	25			23			24			48			47
Research and development expenses	4			5			4			9			8
Other operating income, net	(11		)	(10		)	(13		)	(21		)	(179		)
Operating income	69			77			117			146			357
Interest income and other	1			—			1			1			2
Net contribution to earnings(see note 1 on page 9)	$	70		$	77		$	118		$	147		$	359

Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions	Q1.2012		Q2.2012		Q2.2011		YTD.2012		YTD.2011
Operating income	$	69	$	77	$	117	$	146	$	357
Depreciation, depletion and amortization	35		34		36		69		67
Special items	—		—		—		—		(152		)
EBITDA, excluding special items*	$	104	$	111	$	153	$	215	$	272

* Non-GAAP measure - see page 9 for definition.

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

	Q1.2012		Q2.2012		Q2.2011		YTD.2012		YTD.2011
Gain on sale of 82,000 acres of non-strategic timberlands	$	—	$	—	$	—	$	—	$	152

Selected Segment Items

	Q1.2012			Q2.2012			Q2.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)	$	(9	)	$	6		$	(71	)	$	(3	)	$	(80	)
Cash spent for capital expenditures	$	(12	)	$	(15	)	$	(14	)	$	(27	)	$	(28	)

⁽¹⁾ Working capital does not include cash balances.

Segment Statistics

		Q1.2012		Q2.2012		Q2.2011		YTD.2012		YTD.2011
Third Party  Net Sales  and Revenue (millions)	Logs:
	West	$	130	$	146	$	152	$	276	$	262
	South	50		56		49		106		90
	Canada	7		2		1		9		8
	Total Logs	187		204		202		391		360
	Pay as cut timber sales	11		9		8		20		16
	Timberlands exchanges	8		7		39		15		60
	Higher and better use land sales	4		5		2		9		6
	Minerals, oil and gas	7		7		15		14		29
	Products from international operations	25		29		21		54		38
	Other products	8		1		1		9		9
	Total	$	250	$	262	$	288	$	512	$	518
Logs Third Party Sales Realizations (per cubic meter)	West	$	99.10	$	94.47	$	109.42	$	96.59	$	105.36
	South	$	40.48	$	41.15	$	40.59	$	40.83	$	40.88
	Canada	$	36.35	$	34.66	$	42.79	$	36.00	$	35.55
	International	$	22.97	$	23.53	$	37.78	$	23.26	$	30.36
Logs Third Party Sales Volumes (cubic meters, thousands)	West	1,308		1,551		1,391		2,859		2,486
	South	1,228		1,354		1,211		2,582		2,216
	Canada	205		54		23		259		217
	International	78		82		79		160		151
	Total	2,819		3,041		2,704		5,860		5,070
Logs Fee Harvest Volumes (cubic meters, thousands)	West	1,679		1,831		1,747		3,510		3,358
	South	2,714		2,788		2,355		5,502		4,535
	International	172		161		221		333		319
	Total	4,565		4,780		4,323		9,345		8,212

Page 5 of 9

Weyerhaeuser Company	Wood Products Segment
Q2.2012 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2012			Q2.2012			Q2.2011			YTD.2012		YTD.2011
Sales to and revenues from unaffiliated customers	$	634		$	776		$	605		$	1,410	$	1,131
Intersegment sales	20			20			21			40		41
Total net sales and revenues	654			796			626			1,450		1,172
Cost of products sold	611			708			630			1,319		1,162
Gross margin	43			88			(4		)	131		10
Selling, general and administrative expenses	50			50			49			100		99
Research and development expenses	1			1			1			2		2
Charges for restructuring, closures and impairments	1			2			4			3		6
Other operating costs (income), net	5			(1		)	(4		)	4		(9		)
Operating income (loss)	(14		)	36			(54		)	22		(88		)
Interest income and other	1			—			—			1		2
Net contribution to earnings from continuing operations	(13		)	36			(54		)	23		(86		)
Net contribution to earnings from discontinued hardwoods operations	—			—			(8		)	—		(8		)
Net contribution to earnings(see note 1 on page 9)	$	(13	)	$	36		$	(62	)	$	23	$	(94	)

Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions	Q1.2012			Q2.2012			Q2.2011			YTD.2012			YTD.2011
Operating income (loss)	$	(14	)	$	36		$	(54	)	$	22		$	(88	)
Depreciation, depletion and amortization	34			33			37			67			78
Special items	—			(6		)	—			(6		)	—
EBITDA, excluding special items*	$	20		$	63		$	(17	)	$	83		$	(10	)

* Non-GAAP measure - see page 9 for definition.

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

	Q1.2012		Q2.2012		Q2.2011			YTD.2012		YTD.2011
Gain on sale of property	$	—	$	6	$	—		$	6	$	—
Total special items from continuing operations	—		6		—			6		—
Charges related to sale of discontinued hardwoods operations	—		—		(9		)	—		(9		)
Total	$	—	$	6	$	(9	)	$	6	$	(9	)

Selected Segment Items

	Q1.2012			Q2.2012			Q2.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)	$	(112	)	$	5		$	44		$	(107	)	$	(75	)
Cash spent for capital expenditures	$	(6	)	$	(15	)	$	(7	)	$	(21	)	$	(13	)

⁽¹⁾ Working capital does not include cash balances.

Segment Statistics

in millions, except for third-party sales realizations		Q1.2012		Q2.2012		Q2.2011		YTD.2012		YTD.2011
Structural Lumber (board feet)	Third Party Net Sales and Revenue	$	291	$	370	$	290	$	661	$	550
	Third Party Sales Realizations	$	311.00	$	349.91	$	300.84	$	331.63	$	307.50
	Third Party Sales Volumes	937		1,056		963		1,993		1,789
	Production Volumes	958		1,004		903		1,962		1,796
Engineered Solid Section (cubic feet)	Third Party Net Sales and Revenue	$	65	$	70	$	64	$	135	$	117
	Third Party Sales Realizations	$	1,830.07	$	1,789.35	$	2,005.03	$	1,808.83	$	2,014.70
	Third Party Sales Volumes	3.6		3.9		3.2		7.5		5.8
	Production Volumes	3.7		3.8		3.7		7.5		7.3
Engineered I-joists (lineal feet)	Third Party Net Sales and Revenue	$	41	$	49	$	48	$	90	$	81
	Third Party Sales Realizations	$	1,284.98	$	1,210.80	$	1,258.14	$	1,243.80	$	1,261.55
	Third Party Sales Volumes	32		40		38		72		64
	Production Volumes	34		37		34		71		64
Oriented Strand Board (square feet 3/8')	Third Party Net Sales and Revenue	$	111	$	138	$	86	$	249	$	168
	Third Party Sales Realizations	$	196.89	$	213.97	$	177.22	$	205.98	$	183.61
	Third Party Sales Volumes	565		643		484		1,208		916
	Production Volumes	601		626		518		1,227		1,012
Softwood Plywood (square feet 3/8')	Third Party Net Sales and Revenue	$	23	$	26	$	15	$	49	$	30
	Third Party Sales Realizations	$	309.26	$	331.56	$	264.54	$	320.93	$	260.32
	Third Party Sales Volumes	73		81		58		154		116
	Production Volumes	51		50		48		101		101

Page 6 of 9

Weyerhaeuser Company	Cellulose Fibers Segment
Q2.2012 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2012			Q2.2012			Q2.2011			YTD.2012			YTD.2011
Total net sales and revenues	$	473		$	459		$	526		$	932		$	1,032
Cost of products sold	407			404			417			811			811
Gross margin	66			55			109			121			221
Selling, general and administrative expenses	24			22			24			46			46
Research and development expenses	2			2			2			4			4
Other operating income, net	(9		)	(4		)	(3		)	(13		)	(8		)
Operating income	49			35			86			84			179
Interest income and other	(1		)	1			(1		)	—			(2		)
Net contribution to earnings (see note 1 on page 9)	$	48		$	36		$	85		$	84		$	177

Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions	Q1.2012		Q2.2012		Q2.2011		YTD.2012		YTD.2011
Operating income	$	49	$	35	$	86	$	84	$	179
Depreciation, depletion and amortization	37		36		36		73		73
EBITDA, excluding special items*	$	86	$	71	$	122	$	157	$	252

* Non-GAAP measure - see page 9 for definition.

Selected Segment Items

	Q1.2012			Q2.2012			Q2.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)	$	45		$	24		$	(37	)	$	69		$	(23	)
Cash spent for capital expenditures	$	(45	)	$	(44	)	$	(23	)	$	(89	)	$	(49	)

⁽¹⁾ Working capital does not include cash balances.

Segment Statistics

		Q1.2012		Q2.2012		Q2.2011		YTD.2012		YTD.2011
Pulp (air-dry metric tons)	Third Party Net Sales and Revenue (millions)	$	367	$	348	$	409	$	715	$	807
	Third Party Sales Realizations	$	818.42	$	818.88	$	960.04	$	818.65	$	935.81
	Third Party Sales Volumes (thousands)	449		425		426		874		862
	Production Volumes (thousands)	438		417		410		855		847
Liquid Packaging Board (tons)	Third Party Net Sales and Revenue (millions)	$	83	$	90	$	93	$	173	$	178
	Third Party Sales Realizations	$	1,181.34	$	1,176.32	$	1,194.46	$	1,178.72	$	1,171.86
	Third Party Sales Volumes (thousands)	70		76		77		146		151
	Production Volumes (thousands)	65		78		80		143		147

Page 7 of 9

Weyerhaeuser Company	Real Estate Segment
Q2.2012 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2012			Q2.2012			Q2.2011		YTD.2012			YTD.2011
Total net sales and revenues	$	137		$	296		$	191	$	433		$	351
Cost of products sold	113			248			147		361			273
Gross margin	24			48			44		72			78
Selling, general and administrative expenses	32			34			36		66			71
Charges for restructuring, closures and impairments	1			1			1		2			2
Other operating income, net	—			(1		)	—		(1		)	—
Operating income (loss)	(9		)	14			7		5			5
Interest income and other	1			1			1		2			2
Net contribution to earnings	$	(8	)	$	15		$	8	$	7		$	7

Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions	Q1.2012			Q2.2012		Q2.2011		YTD.2012		YTD.2011
Operating income (loss)	$	(9	)	$	14	$	7	$	5	$	5
Depreciation, depletion and amortization	2			3		3		5		6
Capitalized interest included in cost of products sold	3			14		6		17		10
EBITDA, excluding special items*	$	(4	)	$	31	$	16	$	27	$	21

* Non-GAAP measure - see page 9 for definition.

Selected Segment Items

	Q1.2012			Q2.2012		Q2.2011		YTD.2012			YTD.2011
Cash spent for capital expenditures	$	(1	)	$	—	$	—	$	(1	)	$	(1	)

Segment Statistics

	Q1.2012			Q2.2012			Q2.2011			YTD.2012			YTD.2011
Net sales and revenues:
Single-family housing	$	131		$	190		$	180		$	321		$	332
Land	3			105			11			108			18
Other	3			1			—			4			1
Total net sales and revenue	$	137		$	296		$	191		$	433		$	351
Single-family homes sold	697			764			521			1,461			1,056
Single-family homes closed	349			508			459			857			822
Single-family homes sold but not closed (backlog)	777			1,033			673			1,033			673
Single-family cancellation rate	10.1		%	15.4		%	16.2		%	12.9		%	13.9		%
Single-family buyer traffic	14,272			17,677			14,885			31,949			27,789
Single-family average price of homes closed (in thousands)	$	376		$	374		$	391		$	375		$	404
Single-family home gross margin - excluding impairments (1)	17.3		%	19.5		%	22.4		%	18.6		%	22.0		%

⁽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	Unallocated Items
Q2.2012 Analyst Package
Preliminary results, subject to audit

Unallocated items are gains or charges not related to or allocated to an individual operating segment. They include a portion of items such as: share-based compensation; pension and postretirement costs; foreign exchange transaction gains and losses associated with financing; and the elimination of intersegment profit in inventory and the LIFO reserve.

Contribution to Earnings

in millions	Q1.2012			Q2.2012			Q2.2011			YTD.2012			YTD.2011
Unallocated corporate function expenses	$	(6	)	$	(3	)	$	(10	)	$	(9	)	$	(26	)
Unallocated share-based compensation	(5		)	(1		)	5			(6		)	(11		)
Unallocated pension & postretirement costs	(7		)	(7		)	(3		)	(14		)	(15		)
Foreign exchange gains (losses)	6			(8		)	1			(2		)	7
Elimination of intersegment profit in inventory and LIFO (1)	(12		)	(2		)	(10		)	(14		)	(20		)
Other	30			35			(12		)	65			(25		)
Operating income (loss)	6			14			(29		)	20			(90		)
Interest income and other	10			9			8			19			16
Net contribution to earnings from continuing operations	16			23			(21		)	39			(74		)
Net contribution to earnings from discontinued operations	—			—			(11		)	—			(9		)
Net contribution to earnings	$	16		$	23		$	(32	)	$	39		$	(83	)

⁽¹⁾ We now report the elimination of intersegment profit on inventory and the LIFO reserve in Unallocated Items. Previously these company-level adjustments were recorded in the business segments. This provides a better understanding of business operating results. Prior period results have been adjusted to reflect the change.

Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*

in millions	Q1.2012			Q2.2012			Q2.2011			YTD.2012			YTD.2011
Operating income (loss)	$	6		$	14		$	(29	)	$	20		$	(90	)
Depreciation, depletion and amortization	5			7			6			12			15
Special items	(38		)	(51		)	—			(89		)	—
Capitalized interest included in cost of products sold	—			5			1			5			2
EBITDA, excluding special items*	$	(27	)	$	(25	)	$	(22	)	$	(52	)	$	(73	)

* Non-GAAP measure - see below for definition.

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

	Q1.2012			Q2.2012		Q2.2011		YTD.2012			YTD.2011
Gain on postretirement plan amendment	$	52		$	51	$	—	$	103		$	—
Restructuring, impairments and other charges	(14		)	—		—		(14		)	—
Total	$	38		$	51	$	—	$	89		$	—

Unallocated Selected Items

	Q1.2012			Q2.2012			Q2.2011		YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)	$	(72	)	$	68		$	18	$	(4	)	$	(62	)
Cash spent for capital expenditures	$	—		$	(1	)	$	—	$	(1	)	$	—

⁽¹⁾ Working capital does not include cash balances.

*EBITDA excluding special items is a non-GAAP measure that management uses to evaluate the performance of the company. EBITDA excluding special items, as we define it, is operating income from continuing operations adjusted for depreciation, depletion, amortization, special items and interest included in cost of products sold. EBITDA excluding special items should not be considered in isolation from and is not intended to represent an alternative to our results computed under GAAP.

Page 9 of 9