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 26, 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 October 26, 2012, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended September 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 October 26, 2012 reporting results of operations for the quarter ended September 30, 2012.
99.2	Exhibits to press release of Weyerhaeuser Company issued October 26, 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: October 26, 2012

EX-99.1

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

Weyerhaeuser Reports Third Quarter Results

FEDERAL WAY, Wash. (Oct 26, 2012) - Weyerhaeuser Company (NYSE: WY) today reported net earnings of $117 million, or 22 cents per diluted share, for the third quarter. This compares with net earnings of $157 million, or 29 cents per diluted share, and net earnings before special items of $66 million, or 12 cents per diluted share, for the same period last year. Net sales for the third quarter of 2012 totaled $1.8 billion, compared with net sales from continuing operations of $1.6 billion for the third quarter of 2011.

"This month the Board of Directors increased our quarterly dividend by 13 percent to 17 cents per share," said Dan Fulton, president and chief executive officer. "As our third quarter performance indicates, the operational improvements within our businesses are demonstrating clear results, and we are capitalizing on an improving housing market to the benefit of our shareholders."

WEYERHAEUSER FINANCIAL HIGHLIGHTS	2012	2012		2011
(millions, except per share data)	2Q	3Q		3Q
Net sales from continuing operations	$1,793	$1,772		$1,569
Net earnings	$84	$117		$157	(1)
Weighted average shares outstanding, diluted	540	542		540
Earnings per diluted share	$0.16	$0.22		$0.29	(1)
Net earnings before special items	$47	$117		$66
Earnings per diluted share before special items	$0.09	$0.22		$0.12
Net cash from operations	$267	$122		$117
Net change in cash and cash equivalents	$133	($253)	(2)	$90
Cash and cash equivalents at end of period	$861	$608		$971
(1) The third quarter of 2011 included net earnings of $24 million from discontinued operations, or $0.04 per diluted share, on net sales of $83 million. Discontinued operations include Weyerhaeuser's hardwoods and Westwood Shipping Lines businesses, which were sold in the third quarter of 2011.
(2) Net change in cash and cash equivalents for the third quarter of 2012 includes $181 million for debt repayment and a $97 million payment on a note related to a timber monetization undertaken in 2002. Weyerhaeuser expects to receive cash of approximately $110 million when the related financial investment matures in the fourth quarter of 2012.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	2Q 2012	3Q 2012	Change
Net sales	$262	$267	$5
Contribution to pre-tax earnings	$77	$80	$3

3Q 2012 Performance - The segment'searnings improved $3 million compared with the second quarter. Earnings from disposition of non-strategic timberlands increased $18 million. This was mostly offset by lower domestic selling prices for Western logs, and reduced export log realizations due to mix. Western fee harvest volumes declined slightly, and road costs increased seasonally. In the South, average selling prices for logs improved slightly compared with the second quarter, and fee harvest volumes were slightly higher.

4Q 2012 Outlook - Weyerhaeuser expects comparable earnings from the Timberlands segment in the fourth quarter. The company expects seasonally higher fee harvest volumes and slightly improved selling prices for Western logs in export and domestic markets, offset by increased silviculture costs.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	2Q 2012	3Q 2012	Change
Net sales	$776	$816	$40
Contribution to pre-tax earnings before special items	$30	$59	$29
Pre-tax special items	6	—	(6	)
GAAP contribution to pre-tax earnings	$36	$59	$23

3Q 2012 Performance - The segment's earnings before special items improved $29 million compared with the second quarter due to strong markets and effective execution of performance improvement initiatives. Sales realizations were higher across nearly all product lines, most significantly in oriented strand board, which increased 25 percent. Sales volumes for engineered wood products increased, and volumes for lumber and oriented strand board declined slightly.

4Q 2012 Outlook - Weyerhaeuser anticipates lower earnings from the Wood Products segment in the fourth quarter due to seasonal declines in pricing and demand for most products.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	2Q 2012	3Q 2012	Change
Net sales	$459	$459	$0
Contribution to pre-tax earnings	$36	$78	$42

3Q 2012 Performance - The segment's earnings improved $42 million compared with the second quarter due to significantly lower maintenance costs, increased production and strong operating performance. Average pulp prices were flat. The segment completed one scheduled annual maintenance outage in the third quarter, compared with two in the second quarter.

4Q 2012 Outlook - Weyerhaeuser expects earnings from the Cellulose Fibers segment to be comparable to the third quarter. The company anticipates lower selling prices for fluff pulp, offset by increased sales volumes and slightly lower maintenance expense.

REAL ESTATE

FINANCIAL HIGHLIGHTS (millions)	2Q 2012	3Q 2012	Change
Net sales	$296	$230	($66)
Contribution to pre-tax earnings	$15	$17	$2

3Q 2012 Performance - The segment's earnings improved $2 million. Third quarter included earnings of $17 million from single-family homebuilding, compared with $3 million from single-family homebuilding and $12 million from sale of land and lots in the second quarter. Home closings increased seasonally to 615 single-family homes, and average margins on homes closed were substantially higher due to mix.

At the end of the third quarter the backlog of homes sold, but not closed, totaled 1,055 units, a 74 percent increase compared with one year ago.

4Q 2012 Outlook - Excluding any earnings from potential land sales, Weyerhaeuser expects slightly lower earnings from single-family homebuilding operations in the fourth quarter. The company anticipates a seasonal increase in home closings, lower average margins due to mix and higher selling expenses due to the additional closing volume.

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 October 26 to discuss third quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on October 26.

To join the conference call from within North America, dial 877-296-9413 (access code – 41409566) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code – 41409566). Replays will be available for one week at 800-585-8367 (access code – 41409566) from within North America and at 404-537-3406 (access code – 41409566) 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 during the fourth quarter of 2012, including slightly improved selling prices and comparable sales volumes for Western logs, increased demand and slightly improved price realizations for export logs, slightly lower Southern log realizations due to mix and a small seasonal increase in fee harvest volume, increased silviculture costs, earnings from non-strategic land sales expected to be flat, and comparable earnings from the Timberlands segment; a seasonal decline in pricing and demand, and lower earnings from the Wood Products segment; lower selling prices for fluff pulp, increased sales volumes, lower maintenance expense, somewhat higher energy costs and comparable earnings from the Cellulose Fibers segment; and a seasonal increase in home closings, lower average margins due to mix, higher selling expenses due to additional volume, and slightly lower 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;

• 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;

• 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
Q3.2012 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
in millions	Q2			Q3						Year-to-date
	June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Net sales and revenues	$	1,793		$	1,772		$	1,569		$	5,059		$	4,601
Cost of products sold	1,516			1,424			1,283			4,230			3,803
Gross margin	277			348			286			829			798
Selling, general and administrative expenses	142			156			135			448			452
Research and development expenses	8			8			7			23			21
Charges for restructuring, closures and impairments	4			10			41			26			52
Other operating costs (income), net	(53		)	(28		)	3			(147		)	(190		)
Operating income	176			202			100			479			463
Interest income and other	11			15			15			38			35
Interest expense, net of capitalized interest	(86		)	(87		)	(86		)	(260		)	(296		)
Earnings from continuing operations before income taxes	101			130			29			257			202
Income taxes	(17		)	(13		)	104			(15		)	52
Earnings from continuing operations	84			117			133			242			254
Earnings from discontinued operations, net of income taxes	—			—			24			—			12
Net earnings attributable to Weyerhaeuser common shareholders	$	84		$	117		$	157		$	242		$	266
Per Share Information
in millions	Q2			Q3						Year-to-date
	June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Earnings per share attributable to Weyerhaeuser common shareholders, basic and diluted:
Continuing operations	$	0.16		$	0.22		$	0.25		$	0.45		$	0.47
Discontinued operations	—			—			0.04			—			0.02
Net earnings per share	$	0.16		$	0.22		$	0.29		$	0.45		$	0.49
Dividends paid per share	$	0.15		$	0.15		$	0.15		$	0.45		$	0.45
Weighted average shares outstanding (in thousands):
Basic	537,966			539,094			537,969			538,146			537,906
Diluted	540,033			542,311			539,827			540,694			540,469
Common shares outstanding at end of period (in thousands)	537,526			540,672			537,210			540,672			537,210
Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions	Q2			Q3						Year-to-date
	June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Operating income	$	176		$	202		$	100		$	479		$	463
Depreciation, depletion and amortization	113			112			120			338			359
Special items	(57		)	—			33			(95		)	(119		)
Capitalized interest included in cost of products sold	19			6			5			28			17
EBITDA, excluding special items*	$	251		$	320		$	258		$	750		$	720
* Non-GAAP measure - see page 9 for definition.

Page 1 of 9

Weyerhaeuser Company
Q3.2012 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
in millions	June 30, 2012		September 30, 2012		December 31, 2011
ASSETS
Forest Products:
Current assets:
Cash and cash equivalents	$	857	$	602	$	950
Receivables, less allowances	488		504		468
Receivables for taxes	6		97		22
Inventories	487		512		476
Prepaid expenses	86		83		68
Deferred tax assets	100		117		81
Total current assets	2,024		1,915		2,065
Property and equipment, net	2,770		2,759		2,901
Construction in progress	208		220		145
Timber and timberlands at cost, less depletion charged to disposals	3,963		3,967		3,978
Investments in and advances to equity affiliates	187		188		192
Goodwill	40		40		40
Other assets	435		352		444
Assets held by variable interest entities	916		914		916
	10,543		10,355		10,681
Real Estate:
Cash and cash equivalents	4		6		3
Receivables, less allowances	38		36		41
Real estate in process of development and for sale	581		602		555
Land being processed for development	959		982		936
Investments in and advances to equity affiliates	20		20		21
Deferred tax assets	238		233		240
Other assets	89		98		113
Assets held by variable interest entities	3		6		8
	1,932		1,983		1,917
Total assets	$	12,475	$	12,338	$	12,598
LIABILITIES AND EQUITY
Forest Products:
Current liabilities:
Current maturities of long-term debt	$	184	$	340	$	12
Accounts payable	360		356		336
Accrued liabilities	576		558		593
Total current liabilities	1,120		1,254		941
Long-term debt	4,005		3,842		4,181
Deferred income taxes	92		68		93
Deferred pension and other postretirement benefits	1,429		1,378		1,467
Other liabilities	400		477		408
Liabilities (nonrecourse to the company) held by variable interest entities	778		680		776
	7,824		7,699		7,866
Real Estate:
Long-term debt	283		109		285
Other liabilities	171		177		172
Liabilities (nonrecourse to the company) held by variable interest entities	—		—		8
	454		286		465
Total liabilities	8,278		7,985		8,331
Equity:
Total Weyerhaeuser shareholders' interest	4,186		4,340		4,263
Noncontrolling interests	11		13		4
Total equity	4,197		4,353		4,267
Total liabilities and equity	$	12,475	$	12,338	$	12,598

Page 2 of 9

Weyerhaeuser Company
Q3.2012 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions	Q2			Q3						Year-to-date
	June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Cash flows from operations:
Net earnings	$	84		$	117		$	157		$	242		$	266
Noncash charges (credits) to income:
Depreciation, depletion and amortization	113			112			120			338			363
Deferred income taxes, net	13			15			(103		)	22			(77		)
Pension and other postretirement benefits	(30		)	19			17			(39		)	60
Share-based compensation expense	8			10			2			28			19
Charges for impairment of assets	4			7			34			19			37
Net gains on dispositions of assets	(10		)	(22		)	(51		)	(39		)	(227		)
Foreign exchange transaction (gains) losses	9			(10		)	19			(8		)	11
Change in:
Receivables less allowances	(18		)	(10		)	35			(33		)	(34		)
Receivable for taxes	18			(1		)	8			15			(19		)
Inventories	28			(22		)	(9		)	(34		)	(40		)
Real estate and land	7			(47		)	(15		)	(95		)	(49		)
Prepaid expenses	(12		)	2			—			(18		)	(14		)
Accounts payable and accrued liabilities	65			1			(51		)	10			(74		)
Deposits on land positions and other assets	22			(11		)	(5		)	11			(9		)
Pension and postretirement contributions	(33		)	(41		)	(27		)	(109		)	(64		)
Other	(1		)	3			(14		)	19			(5		)
Net cash from operations	267			122			117			329			144
Cash flows from investing activities:
Property and equipment	(68		)	(75		)	(62		)	(197		)	(136		)
Timberlands reforestation	(7		)	(5		)	(4		)	(22		)	(23		)
Proceeds from sale of assets	18			12			157			36			353
Payments of liabilities held by special purpose entities	—			(97		)	—			(97		)	—
Other	(1		)	(1		)	(1		)	(1		)	(6		)
Cash from investing activities	(58		)	(166		)	90			(281		)	188
Cash flows from financing activities:
Cash dividends	(80		)	(81		)	(81		)	(242		)	(242		)
Change in book overdrafts	9			(12		)	(8		)	(32		)	(26		)
Payments on debt	(4		)	(181		)	—			(187		)	(550		)
Exercises of stock options	2			66			—			73			37
Repurchase of common stock	—			—			(24		)	—			(24		)
Other	(3		)	(1		)	(4		)	(5		)	(23		)
Cash from financing activities	(76		)	(209		)	(117		)	(393		)	(828		)
Net change in cash and cash equivalents	133			(253		)	90			(345		)	(496		)
Cash and cash equivalents at beginning of period	728			861			881			953			1,467
Cash and cash equivalents at end of period	$	861		$	608		$	971		$	608		$	971
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	57		$	117		$	115		$	290		$	362
Income taxes	$	(5	)	$	1		$	6		$	(14	)	$	21

Page 3 of 9

Weyerhaeuser Company							Total Company Statistics
Q3.2012 Analyst Package
Preliminary results, subject to audit
Special Items Included in Net Earnings
in millions	Q2			Q3						Year-to-date
	June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Net earnings	$	84		$	117		$	157		$	242		$	266
Gain on sale of 82,000 acres of non-strategic timberlands	—			—			—			—			(96		)
Loss on early extinguishment of debt	—			—			—			—			16
Restructuring, impairments and other charges	—			—			24			10			24
Gain on postretirement plan amendment	(33		)	—			—			(67		)	—
Gain on sale of properties	(4		)	—			(9		)	(4		)	(9		)
Tax adjustments	—			—			(83		)	(8		)	(83		)
Charges related to the sale of hardwoods	—			—			8			—			14
Gain on sale of Westwood Shipping Lines	—			—			(31		)	—			(31		)
Net earnings before special items	$	47		$	117		$	66		$	173		$	101
	Q2			Q3						Year-to-date
	June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Net earnings per diluted share	$	0.16		$	0.22		$	0.29		$	0.45		$	0.49
Gain on sale of 82,000 acres of non-strategic timberlands	—			—			—			—			(0.18		)
Loss on early extinguishment of debt	—			—			—			—			0.03
Restructuring, impairments and other charges	—			—			0.04			0.02			0.04
Gain on postretirement plan amendment	(0.06		)	—			—			(0.12		)	—
Gain on sale of properties	(0.01		)	—			(0.01		)	(0.01		)	(0.01		)
Tax adjustments	—			—			(0.15		)	(0.01		)	(0.15		)
Charges related to the sale of hardwoods	—			—			0.01			—			0.03
Gain on sale of Westwood Shipping Lines	—			—			(0.06		)	—			(0.06		)
Net earnings before special items per diluted share	$	0.09		$	0.22		$	0.12		$	0.33		$	0.19
Selected Total Company Items, Excluding Discontinued Operations
in millions	Q2			Q3						Year-to-date
	June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Depreciation, depletion and amortization:
Cost of products sold	$	103		$	102		$	108		$	307		$	318
Selling, general and administrative expenses	10			10			12			31			41
Total depreciation, depletion and amortization	$	113		$	112		$	120		$	338		$	359
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	14		$	12		$	9		$	39		$	34
Pension and postretirement costs not allocated	7			7			6			21			21
Total company pension and postretirement costs	$	21		$	19		$	15		$	60		$	55
Total decrease (increase) in Forest Products working capital (1)	$	103		$	(29	)	$	70		$	(74	)	$	(170	)
Cash spent for capital expenditures	$	(75	)	$	(80	)	$	(65	)	$	(219	)	$	(156	)
(1) Working capital does not include cash balances.

Page 4 of 9

Weyerhaeuser Company								Timberlands Segment
Q3.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Sales to and revenues from unaffiliated customers		$	262		$	267		$	252		$	779		$	770
Intersegment sales		146			162			154			498			479
Total net sales and revenues		408			429			406			1,277			1,249
Cost of products sold		313			336			322			1,002			932
Gross margin		95			93			84			275			317
Selling, general and administrative expenses		23			24			23			72			70
Research and development expenses		5			4			4			13			12
Other operating income, net		(10		)	(14		)	(3		)	(35		)	(182		)
Operating income		77			79			60			225			417
Interest income and other		—			1			1			2			3
Net contribution to earnings(see note 1 on page 9)		$	77		$	80		$	61		$	227		$	420
Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Operating income		$	77		$	79		$	60		$	225		$	417
Depreciation, depletion and amortization		34			35			35			104			102
Special items		—			—			—			—			(152		)
EBITDA, excluding special items*		$	111		$	114		$	95		$	329		$	367
* Non-GAAP measure - see page 9 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Gain on sale of 82,000 acres of non-strategic timberlands		$	—		$	—		$	—		$	—		$	152
Selected Segment Items
		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)		$	6		$	19		$	60		$	16		$	(20	)
Cash spent for capital expenditures		$	(15	)	$	(17	)	$	(12	)	$	(44	)	$	(40	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Third Party  Net Sales and Revenue (millions)	Logs:
	West	$	146		$	132		$	144		$	408		$	406
	South	56			60			53			166			143
	Canada	2			5			4			14			12
	Total Logs	204			197			201			588			561
	Pay as cut timber sales	9			8			9			28			25
	Timberlands exchanges	7			24			2			39			62
	Higher and better use land sales	5			4			5			13			11
	Minerals, oil and gas	7			8			14			22			43
	Products from international operations	29			26			21			80			59
	Other products	1			—			—			9			9
	Total	$	262		$	267		$	252		$	779		$	770
Logs Third Party Sales Realizations (per cubic meter)	West	$	94.47		$	89.28		$	104.27		$	94.09		$	104.97
	South	$	41.15		$	42.04		$	39.11		$	41.26		$	40.21
	Canada	$	34.66		$	35.23		$	33.73		$	35.74		$	34.91
	International	$	23.53		$	23.76		$	33.73		$	23.45		$	35.65
Logs Third Party Sales Volumes (cubic meters, thousands)	West	1,551			1,480			1,385			4,339			3,871
	South	1,354			1,430			1,336			4,012			3,552
	Canada	54			133			116			392			333
	International	82			99			88			259			239
	Total	3,041			3,142			2,925			9,002			7,995
Logs Fee Harvest Volumes (cubic meters, thousands)	West	1,831			1,784			1,604			5,294			4,962
	South	2,788			2,809			2,535			8,311			7,070
	International	161			198			270			531			589
	Total	4,780			4,791			4,409			14,136			12,621

Page 5 of 9

Weyerhaeuser Company								Wood Products Segment
Q3.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Sales to and revenues from unaffiliated customers		$	776		$	816		$	603		$	2,226		$	1,734
Intersegment sales		20			18			20			58			61
Total net sales and revenues		796			834			623			2,284			1,795
Cost of products sold		708			713			624			2,032			1,786
Gross margin		88			121			(1		)	252			9
Selling, general and administrative expenses		50			54			47			154			146
Research and development expenses		1			2			1			4			3
Charges for restructuring, closures and impairments		2			2			38			5			44
Other operating costs (income), net		(1		)	4			(6		)	8			(15		)
Operating income (loss)		36			59			(81		)	81			(169		)
Interest income and other		—			—			1			1			3
Net contribution to earnings from continuing operations		36			59			(80		)	82			(166		)
Net contribution to earnings from discontinued operations		—			—			(17		)	—			(25		)
Net contribution to earnings(see note 1 on page 9)		$	36		$	59		$	(97	)	$	82		$	(191	)
Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Operating income (loss)		$	36		$	59		$	(81	)	$	81		$	(169	)
Depreciation, depletion and amortization		33			33			38			100			116
Special items		(6		)	—			33			(6		)	33
EBITDA, excluding special items*		$	63		$	92		$	(10	)	$	175		$	(20	)
* Non-GAAP measure - see page 9 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Gain on sale of property		$	6		$	—		$	5		$	6		$	5
Charges for restructuring and impairments		—			—			(38		)				(38		)
Total special items from continuing operations		6			—			(33		)	6			(33		)
Charges related to sale of discontinued hardwoods operations		—			—			(13		)	—			(22		)
Total		$	6		$	—		$	(46	)	$	6		$	(55	)
Selected Segment Items
		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)		$	5		$	(21	)	$	34		$	(128	)	$	(41	)
Cash spent for capital expenditures		$	(15	)	$	(16	)	$	(8	)	$	(37	)	$	(21	)
(1) Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Structural Lumber (board feet)	Third Party Net Sales and Revenue	$	370		$	363		$	281		$	1,024		$	831
	Third Party Sales Realizations	$	350		$	359		$	301		$	341		$	305
	Third Party Sales Volumes	1,056			1,013			934			3,006			2,723
	Production Volumes	1,004			945			890			2,907			2,686
Engineered Solid Section (cubic feet)	Third Party Net Sales and Revenue	$	70		$	76		$	63		$	211		$	180
	Third Party Sales Realizations	$	1,789		$	1,800		$	1,883		$	1,806		$	1,967
	Third Party Sales Volumes	3.9			4.2			3.4			11.7			9.2
	Production Volumes	3.8			4.3			3.4			11.8			10.7
Engineered I-joists (lineal feet)	Third Party Net Sales and Revenue	$	49		$	53		$	43		$	143		$	124
	Third Party Sales Realizations	$	1,211		$	1,248		$	1,275		$	1,246		$	1,266
	Third Party Sales Volumes	40			43			34			115			98
	Production Volumes	37			39			32			110			96
Oriented Strand Board (square feet 3/8')	Third Party Net Sales and Revenue	$	138		$	169		$	96		$	418		$	264
	Third Party Sales Realizations	$	214		$	268		$	176		$	227		$	181
	Third Party Sales Volumes	643			630			546			1,838			1,462
	Production Volumes	626			642			574			1,869			1,586
Softwood Plywood (square feet 3/8')	Third Party Net Sales and Revenue	$	26		$	34		$	18		$	83		$	48
	Third Party Sales Realizations	$	332		$	356		$	259		$	334		$	260
	Third Party Sales Volumes	81			95			69			249			185
	Production Volumes	50			54			49			155			150

Page 6 of 9

Weyerhaeuser Company								Cellulose Fibers Segment
Q3.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Total net sales and revenues		$	459		$	459		$	503		$	1,391		$	1,535
Cost of products sold		404			364			345			1,175			1,156
Gross margin		55			95			158			216			379
Selling, general and administrative expenses		22			23			24			69			70
Research and development expenses		2			2			2			6			6
Other operating income, net		(4		)	(5		)	(4		)	(18		)	(12		)
Operating income		35			75			136			159			315
Interest income and other		1			3			3			3			1
Net contribution to earnings (see note 1 on page 9)		$	36		$	78		$	139		$	162		$	316
Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Operating income		$	35		$	75		$	136		$	159		$	315
Depreciation, depletion and amortization		36			37			37			110			110
EBITDA, excluding special items*		$	71		$	112		$	173		$	269		$	425
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)		$	24		$	(20	)	$	(14	)	$	49		$	(37	)
Cash spent for capital expenditures		$	(44	)	$	(45	)	$	(43	)	$	(134	)	$	(92	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Pulp (air-dry metric tons)	Third Party Net Sales and Revenue (millions)	$	348		$	354		$	391		$	1,069		$	1,198
	Third Party Sales Realizations	$	819		$	818		$	920		$	818		$	930
	Third Party Sales Volumes (thousands)	425			432			426			1,306			1,288
	Production Volumes (thousands)	417			453			462			1,308			1,309
Liquid Packaging Board (tons)	Third Party Net Sales and Revenue (millions)	$	90		$	84		$	87		$	257		$	265
	Third Party Sales Realizations	$	1,176		$	1,155		$	1,165		$	1,171		$	1,170
	Third Party Sales Volumes (thousands)	76			74			76			220			227
	Production Volumes (thousands)	78			77			81			220			228

Page 7 of 9

Weyerhaeuser Company										Real Estate Segment
Q3.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions	Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Total net sales and revenues	$	296		$	230		$	211		$	663		$	562
Cost of products sold	248			175			164			536			437
Gross margin	48			55			47			127			125
Selling, general and administrative expenses	34			36			36			102			107
Charges for restructuring, closures and impairments	1			3			2			5			4
Other operating income, net	(1		)	—			—			(1		)	—
Operating income	14			16			9			21			14
Interest income and other	1			1			1			3			3
Net contribution to earnings	$	15		$	17		$	10		$	24		$	17
Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions	Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Operating income	$	14		$	16		$	9		$	21		$	14
Depreciation, depletion and amortization	3			3			3			8			9
Capitalized interest included in cost of products sold	14			5			3			22			13
EBITDA, excluding special items*	$	31		$	24		$	15		$	51		$	36
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
	Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Cash spent for capital expenditures	$	—		$	(1	)	$	(1	)	$	(2	)	$	(2	)
Segment Statistics
	Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Net sales and revenues:
Single-family housing	$	190		$	229		$	204		$	550		$	536
Land	105			1			5			109			23
Other	1			—			2			4			3
Total net sales and revenue	$	296		$	230		$	211		$	663		$	562
Single-family homes sold	764			637			440			2,098			1,496
Single-family homes closed	508			615			508			1,472			1,330
Single-family homes sold but not closed (backlog)	1,033			1,055			605			1,055			605
Single-family cancellation rate	15.4		%	18.3		%	17.4		%	14.6		%	15.0		%
Single-family buyer traffic	17,677			17,894			11,803			49,843			39,592
Single-family average price of homes closed (in thousands)	$	374		$	372		$	403		$	374		$	403
Single-family home gross margin - excluding impairments (1)	19.5		%	24.3		%	23.0		%	21.0		%	22.4		%
(1) Single-family gross margin excluding impairments equals revenue less cost of sales and period costs (other than impairments and deposit write-offs).

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Weyerhaeuser Company										Unallocated Items
Q3.2012 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	Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Unallocated corporate function expenses	$	(3	)	$	(5	)	$	(10	)	$	(14	)	$	(36	)
Unallocated share-based compensation	(1		)	(7		)	12			(13		)	1
Unallocated pension & postretirement costs	(7		)	(7		)	(6		)	(21		)	(21		)
Foreign exchange gains (losses)	(8		)	11			(16		)	9			(9		)
Elimination of intersegment profit in inventory and LIFO (1)	(2		)	(10		)	1			(24		)	(19		)
Other	35			(9		)	(5		)	56			(30		)
Operating income (loss)	14			(27		)	(24		)	(7		)	(114		)
Interest income and other	9			10			9			29			25
Net contribution to earnings from continuing operations	23			(17		)	(15		)	22			(89		)
Net contribution to earnings from discontinued operations	—			—			54			—			45
Net contribution to earnings	$	23		$	(17	)	$	39		$	22		$	(44	)
(1) We began reporting the elimination of intersegment profit on inventory and the LIFO reserve in Unallocated Items in second quarter 2012. 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	Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Operating income (loss)	$	14		$	(27	)	$	(24	)	$	(7	)	$	(114	)
Depreciation, depletion and amortization	7			4			7			16			22
Special items	(51		)	—			—			(89		)	—
Capitalized interest included in cost of products sold	5			1			2			6			4
EBITDA, excluding special items*	$	(25	)	$	(22	)	$	(15	)	$	(74	)	$	(88	)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
	Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Gain on postretirement plan amendment	$	51		$	—		$	—		$	103		$	—
Restructuring, impairments and other charges	—			—			—			(14		)	—
Total special items from continuing operations	51			—			—			89			—
Gain on sale of property	—			—			9			—			9
Gain on sale of Westwood Shipping Lines	—			—			49			—			49
Total	$	51		$	—		$	58		$	89		$	58
Unallocated Selected Items
	Q2.2012			Q3.2012			Q3.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)	$	68		$	(7	)	$	(10	)	$	(11	)	$	(72	)
Cash spent for capital expenditures	$	(1	)	$	(1	)	$	(1	)	$	(2	)	$	(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.

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