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

January 25, 2013

(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 January 25, 2013, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended December 31, 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 January 25, 2013 reporting results of operations for the quarter ended December 31, 2012
99.2	Exhibits to press release of Weyerhaeuser Company issued January 25, 2013

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: January 25, 2013

EX-99.1

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

Weyerhaeuser Reports Fourth Quarter, Full Year Results

• Fourth quarter 2012 net earnings increased 22 percent compared with third quarter.

• Full year 2012 net sales rose 14 percent and net earnings before special items increased 78 percent.

• Total shareholder return for 2012 exceeded 50 percent.

FEDERAL WAY, Wash. (Jan 25, 2013) - Weyerhaeuser Company (NYSE: WY) today reported net earnings of $143 million, or 26 cents per diluted share, for the fourth quarter. This compares with net earnings of $65 million, or 12 cents per diluted share, and net earnings before special items of $77 million, or 14 cents per diluted share, for the same period last year. Net sales for the fourth quarter of 2012 totaled $2.0 billion, compared with net sales of $1.6 billion for the fourth quarter of 2011.

For the full year 2012, Weyerhaeuser reported net earnings of $385 million, or 71 cents per diluted share, on net sales of $7.1 billion. This compares with net earnings of $331 million, or 61 cents per diluted share, on net sales from continuing operations of $6.2 billion for the full year 2011.

“As I look forward to 2013, I am excited by the opportunity to build on the momentum of this past year,” said Dan Fulton, president and chief executive officer. “In 2012, we began to realize the results of our work to position the company to capture the benefits of an improving housing market. As a result, our bottom line improved significantly, the Board increased the dividend, and our total shareholder return exceeded 50 percent, one of the best in our industry.”

WEYERHAEUSER FINANCIAL HIGHLIGHTS	2012		2011
(millions, except per share data)	3Q	4Q	4Q
Net sales	$1,772	$2,000	$1,615
Net earnings	$117	$143	$65
Weighted average shares outstanding, diluted	542	547	538
Earnings per diluted share	$0.22	$0.26	$0.12
Net earnings before special items	$117	$143	$77
Earnings per diluted share before special items	$0.22	$0.26	$0.14
Net cash from operations	$122	$252	$147
Net change in cash and cash equivalents(1)	($253)	$290	($18)
Cash and cash equivalents at end of period(1)	$608	$898	$953

(1) 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. Fourth quarter of 2012 includes $110 million received upon maturity of financial investments related to that timber monetization.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	3Q 2012	4Q 2012	Change
Net sales	$267	$298	$31
Contribution to pre-tax earnings	$80	$95	$15

4Q 2012 Performance - Earnings increased compared with the third quarter due to improved selling prices and stronger market demand for export and domestic logs. Fee harvest volumes increased in both the West and the South. Earnings from disposition of non-strategic timberlands decreased $5 million.

1Q 2013 Outlook - Excluding dispositions of non-strategic timberlands, Weyerhaeuser expects earnings from the segment to be comparable to the fourth quarter. The company anticipates improved selling prices for Western domestic and export logs, offset by a seasonal decline in Southern fee harvest volumes. Earnings from dispositions of non-strategic timberlands are expected to decrease.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	3Q 2012	4Q 2012	Change
Net sales	$816	$832	$16
Charge to pre-tax earnings	$59	$38	($21)

4Q 2012 Performance - Stronger than expected market conditions for oriented strand board and lumber resulted in higher average selling prices and sales volumes for those products. However, all product lines experienced higher raw material costs. Engineered wood products operating rates decreased due to maintenance and seasonally weaker market conditions.

1Q 2013 Outlook - Weyerhaeuser anticipates significantly higher earnings from the Wood Products segment in the first quarter. The company expects increased average sales realizations for lumber and oriented strand board and seasonally higher sales volumes across all product lines. Unit manufacturing costs are expected to decline due to improved operating rates, partially offset by higher raw material costs.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	3Q 2012	4Q 2012	Change
Net sales	$459	$463	$4
Contribution to pre-tax earnings	$78	$61	($17)

4Q 2012 Performance - Average sales realizations for pulp declined, and chemical and energy costs increased. Sales realizations and volumes for liquid packaging board decreased due to operational issues that are now resolved. These factors were partially offset by lower maintenance costs and improved pulp mill productivity due to fewer days of scheduled annual maintenance outages.

1Q 2013 Outlook - Weyerhaeuser expects lower earnings from the Cellulose Fibers segment in the first quarter. The company anticipates increased maintenance expenses, partially offset by slightly higher average selling prices for pulp.

REAL ESTATE

FINANCIAL HIGHLIGHTS (millions)	3Q 2012	4Q 2012	Change
Net sales	$230	$407	$177
Contribution to pre-tax earnings	$17	$81	$64

4Q 2012 Performance - Fourth quarter included earnings of $16 million from single-family homebuilding and $65 million from land sales, compared with $17 million from single-family homebuilding in the third quarter. Home closings increased seasonally to 842 single-family homes. Average margins on homes closed declined to 20 percent due to mix, and selling costs increased due to the additional closing volume.

At the end of the fourth quarter the backlog of homes sold, but not closed, totaled 774 units, compared with 429 units one year ago.

1Q 2013 Outlook - Weyerhaeuser anticipates a slight profit from single-family homebuilding operations in the first quarter. Home closings should decline seasonally to approximately 500 homes, with margins comparable to fourth quarter. Selling expenses are expected to decrease due to lower closing volumes.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control more than 6 million acres of timberlands, primarily in the U.S., and manage another 14 million acres under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood and cellulose fibers products, and we develop real estate, primarily as a builder of single-family homes. Our company is a real estate investment trust. In 2012, we generated $7.1 billion in sales and employed approximately 13,200 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our stock trades on the New York Stock exchange under the symbol WY. More information about us is available atwww.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Jan. 25 to discuss fourth quarter results.

To access the conference call from within North America, dial 877-296-9413 (access code - 86484844) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code - 86484844). Replays will be available for one week at 855-859-2056 (access code - 86484844) from within North America and at 404-537-3406 (access code - 86484844) 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 “Q4 2012 Weyerhaeuser Co. 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 www.fulldisclosure.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected site, StreetEvents (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 first quarter of 2013, including improved selling prices for Western domestic and export logs, a seasonal decline in Southern fee harvest volumes, decreased earnings from dispositions of non-strategic timberlands, and comparable earnings from the Timberlands segment excluding disposition of non-strategic timberlands; increased average sales realizations for lumber and oriented strand board, seasonally higher sales volumes across all product lines, improved operating rates, higher raw material costs, and significantly higher earnings from the Wood Products segment; increased maintenance expenses, slightly higher average selling prices for pulp, and lower earnings from the Cellulose Fibers segment; and seasonally lower home closings, comparable margins, decreased selling expenses due to lower closing volumes, and a slight profit from single-family homebuilding 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 level of competition from domestic and foreign producers;

• raw material prices;

• the effect of weather;

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

• energy prices;

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

• 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

Weyerhaeuser Company																Exhibit 99.2
Q4.2012 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2012			Jun 30, 2012			Sep 30, 2012			Dec 31, 2012			Dec 31, 2011			Dec 31, 2012			Dec 31, 2011
Net sales and revenues	$	1,494		$	1,793		$	1,772		$	2,000		$	1,615		$	7,059		$	6,216
Cost of products sold	1,290			1,516			1,424			1,580			1,317			5,810			5,120
Gross margin	204			277			348			420			298			1,249			1,096
Selling expenses	42			47			49			56			45			194			178
General and administrative expenses	108			95			107			126			104			436			423
Research and development expenses	7			8			8			9			9			32			30
Charges for restructuring, closures and impairments	12			4			10			6			31			32			83
Other operating income, net	(66		)	(53		)	(28		)	(33		)	(22		)	(180		)	(212		)
Operating income	101			176			202			256			131			735			594
Interest income and other	12			11			15			14			12			52			47
Interest expense, net of capitalized interest	(87		)	(86		)	(87		)	(88		)	(88		)	(348		)	(384		)
Earnings from continuing operations before income taxes	26			101			130			182			55			439			257
Income taxes	15			(17		)	(13		)	(40		)	10			(55		)	62
Earnings from continuing operations	41			84			117			142			65			384			319
Earnings from discontinued operations, net of income taxes	—			—			—			—			—			—			12
Net earnings	41			84			117			142			65			384			331
Add: net loss attributable to noncontrolling interests	—			—			—			1			—			1			—
Net earnings attributable to Weyerhaeuser common shareholders	$	41		$	84		$	117		$	143		$	65		$	385		$	331
Per Share Information
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2012			Jun 30, 2012			Sep 30, 2012			Dec 31, 2012			Dec 31, 2011			Dec 31, 2012			Dec 31, 2011
Earnings per share attributable to Weyerhaeuser common shareholders, basic:
Continuing operations	$	0.08		$	0.16		$	0.22		$	0.26		$	0.12		$	0.71		$	0.60
Discontinued operations	—			—			—			—			—			—			0.02
Net earnings per share	$	0.08		$	0.16		$	0.22		$	0.26		$	0.12		$	0.71		$	0.62
Earnings per share attributable to Weyerhaeuser common shareholders, diluted:
Continuing operations	$	0.08		$	0.16		$	0.22		$	0.26		$	0.12		$	0.71		$	0.59
Discontinued operations	—			—			—			—			—			—			0.02
Net earnings per share	$	0.08		$	0.16		$	0.22		$	0.26		$	0.12		$	0.71		$	0.61
Dividends paid per share	$	0.15		$	0.15		$	0.15		$	0.17		$	0.15		$	0.62		$	0.60
Weighted average shares outstanding (in thousands):
Basic	537,368			537,966			539,094			542,101			536,432			539,140			537,534
Diluted	539,728			540,033			542,311			547,137			538,119			542,310			539,879
Common shares outstanding at end of period (in thousands)	537,409			537,526			540,672			542,393			536,425			542,393			536,425
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2012			Jun 30, 2012			Sep 30, 2012			Dec 31, 2012			Dec 31, 2011			Dec 31, 2012			Dec 31, 2011
Operating income	$	101		$	176		$	202		$	256		$	131		$	735		$	594
Depreciation, depletion and amortization	113			113			112			118			117			456			476
Non-operating pension and postretirement costs	7			7			7			8			5			29			26
Special items	(38		)	(57		)	—			—			19			(95		)	(100		)
Capitalized interest included in cost of products sold	3			19			6			9			12			37			29
Adjusted EBITDA, excluding special items*	$	186		$	258		$	327		$	391		$	284		$	1,162		$	1,025
* Non-GAAP measure - see page 9 for definition.

Page 1 of 9

Weyerhaeuser Company
Q4.2012 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
in millions	Mar 31, 2012		Jun 30, 2012		Sep 30, 2012		Dec 31, 2012		Dec 31, 2011
ASSETS
Forest Products:
Current assets:
Cash and cash equivalents	$	726	$	857	$	602	$	893	$	950
Receivables, less allowances	479		488		504		468		468
Receivables for taxes	24		6		97		95		22
Inventories	517		487		512		531		476
Prepaid expenses	80		86		83		83		68
Deferred tax assets	113		100		117		65		81
Total current assets	1,939		2,024		1,915		2,135		2,065
Property and equipment, net	2,829		2,770		2,759		2,859		2,901
Construction in progress	192		208		220		50		145
Timber and timberlands at cost, less depletion charged to disposals	3,970		3,963		3,967		3,961		3,978
Investments in and advances to equity affiliates	189		187		188		192		192
Goodwill	40		40		40		40		40
Deferred tax assets	50		48		56		189		36
Other assets	442		435		352		358		444
Assets held by variable interest entities	914		916		914		805		916
	10,565		10,591		10,411		10,589		10,717
Real Estate:
Cash and cash equivalents	2		4		6		5		3
Receivables, less allowances	30		38		36		72		41
Real estate in process of development and for sale	606		581		602		658		555
Land being processed for development	943		959		982		904		936
Investments in and advances to equity affiliates	19		20		20		21		21
Deferred tax assets	246		238		233		202		240
Other assets	113		89		98		94		113
Assets held by variable interest entities	—		3		6		47		8
	1,959		1,932		1,983		2,003		1,917
Total assets	$	12,524	$	12,523	$	12,394	$	12,592	$	12,634
LIABILITIES AND EQUITY
Forest Products:
Current liabilities:
Current maturities of long-term debt	$	167	$	184	$	340	$	340	$	12
Accounts payable	343		360		356		329		336
Accrued liabilities	536		576		558		561		593
Total current liabilities	1,046		1,120		1,254		1,230		941
Long-term debt	4,026		4,005		3,842		3,842		4,181
Deferred income taxes	158		140		124		—		129
Deferred pension and other postretirement benefits	1,470		1,429		1,378		1,936		1,467
Other liabilities	407		400		477		493		408
Liabilities (nonrecourse to the company) held by variable interest entities	775		778		680		681		776
	7,882		7,872		7,755		8,182		7,902
Real Estate:
Long-term debt	283		283		109		109		285
Other liabilities	154		171		177		187		172
Liabilities (nonrecourse to the company) held by variable interest entities	—		—		—		1		8
	437		454		286		297		465
Total liabilities	8,319		8,326		8,041		8,479		8,367
Equity:
Total Weyerhaeuser shareholders' interest	4,197		4,186		4,340		4,070		4,263
Noncontrolling interests	8		11		13		43		4
Total equity	4,205		4,197		4,353		4,113		4,267
Total liabilities and equity	$	12,524	$	12,523	$	12,394	$	12,592	$	12,634

Page 2 of 9

Weyerhaeuser Company
Q4.2012 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2012			Jun 30, 2012			Sep 30, 2012			Dec 31, 2012			Dec 31, 2011			Dec 31, 2012			Dec 31, 2011
Cash flows from operations:
Net earnings	$	41		$	84		$	117		$	142		$	65		$	384		$	331
Noncash charges (credits) to income:
Depreciation, depletion and amortization	113			113			112			118			117			456			480
Deferred income taxes, net	(6		)	13			15			40			51			62			(26		)
Pension and other postretirement benefits	(28		)	(30		)	19			20			21			(19		)	81
Share-based compensation expense	10			8			10			9			6			37			25
Charges for impairment of assets	8			4			7			5			19			24			56
Net gains on dispositions of assets	(7		)	(10		)	(22		)	(30		)	(9		)	(69		)	(236		)
Foreign exchange transaction (gains) losses	(7		)	9			(10		)	2			(5		)	(6		)	6
Change in:
Receivables less allowances	(5		)	(18		)	(10		)	—			(19		)	(33		)	(53		)
Receivable for taxes	(2		)	18			(1		)	2			(18		)	17			(37		)
Inventories	(40		)	28			(22		)	(20		)	(6		)	(54		)	(46		)
Real estate and land	(55		)	7			(47		)	20			37			(75		)	(12		)
Prepaid expenses	(8		)	(12		)	2			2			17			(16		)	3
Accounts payable and accrued liabilities	(56		)	65			1			(5		)	(59		)	5			(133		)
Deposits on land positions and other assets	—			22			(11		)	(7		)	5			4			(4		)
Pension and postretirement contributions	(35		)	(33		)	(41		)	(36		)	(79		)	(145		)	(143		)
Other	17			(1		)	3			(10		)	4			9			(1		)
Net cash from operations	(60		)	267			122			252			147			581			291
Cash flows from investing activities:
Property and equipment	(54		)	(68		)	(75		)	(59		)	(76		)	(256		)	(212		)
Timberlands reforestation	(10		)	(7		)	(5		)	(7		)	(6		)	(29		)	(29		)
Proceeds from sale of assets	6			18			12			44			9			80			362
Proceeds of investments (payments of liabilities) held by special purpose entities	—			—			(97		)	110			—			13			—
Other	1			(1		)	(1		)	1			7			—			1
Cash from investing activities	(57		)	(58		)	(166		)	89			(66		)	(192		)	122
Cash flows from financing activities:
Cash dividends	(81		)	(80		)	(81		)	(92		)	(81		)	(334		)	(323		)
Change in book overdrafts	(29		)	9			(12		)	—			28			(32		)	2
Payments on debt	(2		)	(4		)	(181		)	—			(33		)	(187		)	(583		)
Exercises of stock options	5			2			66			39			1			112			38
Repurchase of common stock	—			—			—			—			(13		)	—			(37		)
Other	(1		)	(3		)	(1		)	2			(1		)	(3		)	(24		)
Cash from financing activities	(108		)	(76		)	(209		)	(51		)	(99		)	(444		)	(927		)
Net change in cash and cash equivalents	(225		)	133			(253		)	290			(18		)	(55		)	(514		)
Cash and cash equivalents at beginning of period	953			728			861			608			971			953			1,467
Cash and cash equivalents at end of period	$	728		$	861		$	608		$	898		$	953		$	898		$	953
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	116		$	57		$	117		$	51		$	58		$	341		$	420
Income taxes	$	(10	)	$	(5	)	$	1		$	1		$	7		$	(13	)	$	28

Page 3 of 9

Weyerhaeuser Company													Total Company Statistics
Q4.2012 Analyst Package
Preliminary results, subject to audit
Special Items Included in Net Earnings
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2012			Jun 30, 2012			Sep 30, 2012			Dec 31, 2012			Dec 31, 2011			Dec 31, 2012			Dec 31, 2011
Net earnings	$	41		$	84		$	117		$	143		$	65		$	385		$	331
Income tax adjustments	—			—			—			—			—			—			(83		)
Gain on sale of 82,000 acres of non-strategic timberlands	—			—			—			—			—			—			(96		)
Loss on early extinguishment of debt	—			—			—			—			—			—			16
Restructuring, impairments and other charges	10			—			—			—			12			10			36
Gain on postretirement plan amendment	(34		)	(33		)	—			—			—			(67		)	—
Gain on sale of properties	—			(4		)	—			—			—			(4		)	(9		)
Tax settlements	(8		)	—			—			—			—			(8		)	—
Charges related to the sale of hardwoods	—			—			—			—			—			—			14
Gain on sale of Westwood Shipping Lines	—			—			—			—			—			—			(31		)
Net earnings before special items	$	9		$	47		$	117		$	143		$	77		$	316		$	178
	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2012			Jun 30, 2012			Sep 30, 2012			Dec 31, 2012			Dec 31, 2011			Dec 31, 2012			Dec 31, 2011
Net earnings per diluted share	$	0.08		$	0.16		$	0.22		$	0.26		$	0.12		$	0.71		$	0.61
Income tax adjustments	—			—			—			—			—			—			(0.15		)
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	0.02			—			—			—			0.02			0.02			0.07
Gain on postretirement plan amendment	(0.06		)	(0.06		)	—			—			—			(0.12		)	—
Gain on sale of properties	—			(0.01		)	—			—			—			(0.01		)	(0.02		)
Tax settlements	(0.02		)	—			—			—			—			(0.02		)	—
Charges related to the sale of hardwoods	—			—			—			—			—			—			0.03
Gain on sale of Westwood Shipping Lines	—			—			—			—			—			—			(0.06		)
Net earnings before special items per diluted share	$	0.02		$	0.09		$	0.22		$	0.26		$	0.14		$	0.58		$	0.33
Selected Total Company Items, Excluding Discontinued Operations
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2012			Jun 30, 2012			Sep 30, 2012			Dec 31, 2012			Dec 31, 2011			Dec 31, 2012			Dec 31, 2011
Depreciation, depletion and amortization:
Cost of products sold	$	102		$	103		$	102		$	109		$	104		$	416		$	422
Selling, general and administrative expenses	11			10			10			9			13			40			54
Total depreciation, depletion and amortization	$	113		$	113		$	112		$	118		$	117		$	456		$	476
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	13		$	14		$	12		$	12		$	12		$	51		$	46
Pension and postretirement costs not allocated	7			7			7			8			5			29			26
Total company pension and postretirement costs	$	20		$	21		$	19		$	20		$	17		$	80		$	72
Total decrease (increase) in Forest Products working capital (1)	$	(148	)	$	103		$	(29	)	$	(85	)	$	(41	)	$	(159	)	$	(211	)
Cash spent for capital expenditures	$	(64	)	$	(75	)	$	(80	)	$	(66	)	$	(82	)	$	(285	)	$	(238	)
(1) Working capital does not include cash balances.

Page 4 of 9

Weyerhaeuser Company											Timberlands Segment
Q4.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Sales to and revenues from unaffiliated customers		$	250		$	262		$	267		$	298		$	274		$	1,077		$	1,044
Intersegment sales		190			146			162			185			167			683			646
Total net sales and revenues		440			408			429			483			441			1,760			1,690
Cost of products sold		353			313			336			374			358			1,376			1,290
Gross margin		87			95			93			109			83			384			400
Selling expenses		2			2			3			2			3			9			10
General and administrative expenses		23			21			21			20			18			85			81
Research and development expenses		4			5			4			6			6			19			18
Restructuring, closures and impairments		—			—			—			2			—			2			—
Other operating income, net		(11		)	(10		)	(14		)	(14		)	(14		)	(49		)	(196		)
Operating income		69			77			79			93			70			318			487
Interest income and other		1			—			1			1			1			3			4
Loss attributable to noncontrolling interest		—			—			—			1			—			1			—
Net contribution to earnings(see note 1 on page 9)		$	70		$	77		$	80		$	95		$	71		$	322		$	491
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Operating income		$	69		$	77		$	79		$	93		$	70		$	318		$	487
Depreciation, depletion and amortization		35			34			35			38			35			142			137
Special items		—			—			—			—			—			—			(152		)
Adjusted EBITDA, excluding special items*		$	104		$	111		$	114		$	131		$	105		$	460		$	472
* Non-GAAP measure - see page 9 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Gain on sale of 82,000 acres of non-strategic timberlands		$	—		$	—		$	—		$	—		$	—		$	—		$	152
Selected Segment Items
		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)		$	(9	)	$	6		$	19		$	(37	)	$	(6	)	$	(21	)	$	(26	)
Cash spent for capital expenditures		$	(12	)	$	(15	)	$	(17	)	$	(16	)	$	(13	)	$	(60	)	$	(53	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Third Party  Net Sales and Revenue (millions)	Logs:
	West	$	130		$	146		$	132		$	151		$	139		$	559		$	545
	South	50			56			60			67			53			233			196
	Canada	7			2			5			5			5			19			17
	Total Logs	187			204			197			223			197			811			758
	Pay as cut timber sales	11			9			8			9			9			37			34
	Timberlands exchanges	8			7			24			20			15			59			77
	Higher and better use land sales	4			5			4			9			14			22			25
	Minerals, oil and gas	7			7			8			9			10			31			53
	Products from international operations	25			29			26			26			27			106			86
	Other products	8			1			—			2			2			11			11
	Total	$	250		$	262		$	267		$	298		$	274		$	1,077		$	1,044
Logs Third Party Sales Realizations (per cubic meter)	West	$	99.10		$	94.47		$	89.28		$	96.46		$	99.71		$	94.72		$	103.57
	South	$	40.48		$	41.15		$	42.04		$	43.30		$	39.82		$	41.83		$	40.10
	Canada	$	36.35		$	34.66		$	35.23		$	38.70		$	34.04		$	36.51		$	34.65
	International	$	22.97		$	23.53		$	23.76		$	24.30		$	17.03		$	23.66		$	28.11
Logs Third Party Sales Volumes (cubic meters, thousands)	West	1,308			1,551			1,480			1,559			1,396			5,898			5,267
	South	1,228			1,354			1,430			1,563			1,327			5,575			4,879
	Canada	205			54			133			139			146			531			479
	International	78			82			99			84			75			343			314
	Total	2,819			3,041			3,142			3,345			2,944			12,347			10,939
Logs Fee Harvest Volumes (cubic meters, thousands)	West	1,679			1,831			1,784			1,876			1,633			7,170			6,595
	South	2,714			2,788			2,809			3,177			2,668			11,488			9,738
	International	172			161			198			232			265			763			854
	Total	4,565			4,780			4,791			5,285			4,566			19,421			17,187

Page 5 of 9

Weyerhaeuser Company											Wood Products Segment
Q4.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Sales to and revenues from unaffiliated customers		$	634		$	776		$	816		$	832		$	542		$	3,058		$	2,276
Intersegment sales		20			20			18			16			19			74			80
Total net sales and revenues		654			796			834			848			561			3,132			2,356
Cost of products sold		611			708			713			748			573			2,780			2,359
Gross margin		43			88			121			100			(12		)	352			(3		)
Selling expenses		21			21			23			24			19			89			79
General and administrative expenses		29			29			31			34			27			123			113
Research and development expenses		1			1			2			1			1			5			4
Charges for restructuring, closures and impairments		1			2			2			1			20			6			64
Other operating costs (income), net		5			(1		)	4			2			(2		)	10			(17		)
Operating income (loss)		(14		)	36			59			38			(77		)	119			(246		)
Interest income and other		1			—			—			—			—			1			3
Net contribution to earnings from continuing operations		(13		)	36			59			38			(77		)	120			(243		)
Net contribution to earnings from discontinued hardwoods operations		—			—			—			—			—			—			(25		)
Net contribution to earnings(see note 1 on page 9)		$	(13	)	$	36		$	59		$	38		$	(77	)	$	120		$	(268	)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Operating income (loss)		$	(14	)	$	36		$	59		$	38		$	(77	)	$	119		$	(246	)
Depreciation, depletion and amortization		34			33			33			33			35			133			151
Special items		—			(6		)	—			—			19			(6		)	52
Adjusted EBITDA, excluding special items*		$	20		$	63		$	92		$	71		$	(23	)	$	246		$	(43	)
* Non-GAAP measure - see page 9 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Gain on sale of property		$	—		$	6		$	—		$	—		$	—		$	6		$	5
Charges for restructuring and impairments		—			—			—			—			(19		)	—			(57		)
Total special items from continuing operations		—			6			—			—			(19		)	6			(52		)
Charges related to sale of discontinued hardwoods operations		—			—			—			—			—			—			(22		)
Total		$	—		$	6		$	—		$	—		$	(19	)	$	6		$	(74	)
Selected Segment Items
		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)		$	(112	)	$	5		$	(21	)	$	9		$	18		$	(119	)	$	(23	)
Cash spent for capital expenditures		$	(6	)	$	(15	)	$	(16	)	$	(19	)	$	(14	)	$	(56	)	$	(35	)
(1) Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Structural  Lumber (board feet)	Third Party Net Sales and Revenue	$	291		$	370		$	363		$	376		$	256		$	1,400		$	1,087
	Third Party Sales Realizations	$	311		$	350		$	359		$	366		$	296		$	347		$	303
	Third Party Sales Volumes	937			1,056			1,013			1,025			863			4,031			3,586
	Production Volumes	958			1,004			945			939			842			3,846			3,528
Engineered Solid Section (cubic feet)	Third Party Net Sales and Revenue	$	65		$	70		$	76		$	68		$	55		$	279		$	235
	Third Party Sales Realizations	$	1,830		$	1,789		$	1,800		$	1,817		$	1,783		$	1,808		$	1,920
	Third Party Sales Volumes	3.6			3.9			4.2			3.7			3.1			15.4			12.3
	Production Volumes	3.7			3.8			4.3			3.6			2.7			15.4			13.4
Engineered I-joists (lineal feet)	Third Party Net Sales and Revenue	$	41		$	49		$	53		$	47		$	37		$	190		$	161
	Third Party Sales Realizations	$	1,285		$	1,211		$	1,248		$	1,265		$	1,258		$	1,250		$	1,264
	Third Party Sales Volumes	32			40			43			37			30			152			128
	Production Volumes	34			37			39			37			26			147			122
Oriented Strand Board (square feet 3/8')	Third Party Net Sales and Revenue	$	111		$	138		$	169		$	194		$	90		$	612		$	354
	Third Party Sales Realizations	$	197		$	214		$	268		$	290		$	173		$	244		$	179
	Third Party Sales Volumes	565			643			630			670			516			2,508			1,977
	Production Volumes	601			626			642			642			541			2,511			2,127
Softwood  Plywood (square feet 3/8')	Third Party Net Sales and Revenue	$	23		$	26		$	34		$	32		$	18		$	115		$	66
	Third Party Sales Realizations	$	309		$	332		$	356		$	347		$	274		$	338		$	264
	Third Party Sales Volumes	73			81			95			91			65			340			249
	Production Volumes	51			50			54			59			47			214			197

Page 6 of 9

Weyerhaeuser Company											Cellulose Fibers Segment
Q4.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Total net sales and revenues		$	473		$	459		$	459		$	463		$	523		$	1,854		$	2,058
Cost of products sold		407			404			364			385			368			1,560			1,524
Gross margin		66			55			95			78			155			294			534
Selling expenses		4			5			4			5			5			18			18
General and administrative expenses		20			17			19			18			19			74			76
Research and development expenses		2			2			2			2			2			8			8
Charges for restructuring, closures and impairments		—			—			—			—			1			—			1
Other operating income, net		(9		)	(4		)	(5		)	(6		)	(7		)	(24		)	(19		)
Operating income		49			35			75			59			135			218			450
Interest income and other		(1		)	1			3			2			1			5			2
Net contribution to earnings (see note 1 on page 9)		$	48		$	36		$	78		$	61		$	136		$	223		$	452
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Operating income		$	49		$	35		$	75		$	59		$	135		$	218		$	450
Depreciation, depletion and amortization		37			36			37			40			37			150			147
Adjusted EBITDA, excluding special items*		$	86		$	71		$	112		$	99		$	172		$	368		$	597
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)		$	45		$	24		$	(20	)	$	(30	)	$	(28	)	$	19		$	(65	)
Cash spent for capital expenditures		$	(45	)	$	(44	)	$	(45	)	$	(26	)	$	(54	)	$	(160	)	$	(146	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Pulp (air-dry metric tons)	Third Party Net Sales and Revenue (millions)	$	367		$	348		$	354		$	364		$	419		$	1,433		$	1,617
	Third Party Sales Realizations	$	818		$	819		$	818		$	799		$	895		$	813		$	921
	Third Party Sales Volumes (thousands)	449			425			432			456			468			1,762			1,756
	Production Volumes (thousands)	438			417			453			465			460			1,773			1,769
Liquid Packaging Board (tons)	Third Party Net Sales and Revenue (millions)	$	83		$	90		$	84		$	75		$	81		$	332		$	346
	Third Party Sales Realizations	$	1,181		$	1,176		$	1,155		$	1,085		$	1,151		$	1,150		$	1,165
	Third Party Sales Volumes (thousands)	70			76			74			69			70			289			297
	Production Volumes (thousands)	65			78			77			72			79			292			307

Page 7 of 9

Weyerhaeuser Company													Real Estate Segment
Q4.2012 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions	Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Total net sales and revenues	$	137		$	296		$	230		$	407		$	276		$	1,070		$	838
Cost of products sold	113			248			175			276			191			812			628
Gross margin	24			48			55			131			85			258			210
Selling expenses	15			19			19			25			18			78			71
General and administrative expenses	17			15			17			27			19			76			73
Charges for restructuring, closures and impairments	1			1			3			1			10			6			14
Other operating income, net	—			(1		)	—			(1		)	(1		)	(2		)	(1		)
Operating income (loss)	(9		)	14			16			79			39			100			53
Interest income and other	1			1			1			2			2			5			5
Net contribution to earnings	$	(8	)	$	15		$	17		$	81		$	41		$	105		$	58
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions	Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Operating income (loss)	$	(9	)	$	14		$	16		$	79		$	39		$	100		$	53
Depreciation, depletion and amortization	2			3			3			4			4			12			13
Capitalized interest included in cost of products sold	3			14			5			8			10			30			23
Adjusted EBITDA, excluding special items*	$	(4	)	$	31		$	24		$	91		$	53		$	142		$	89
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
	Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Cash from operations	$	(32	)	$	43		$	(24	)	$	77		$	43		$	64		$	18
Cash spent for capital expenditures	$	(1	)	$	—		$	(1	)	$	(2	)	$	(1	)	$	(4	)	$	(3	)
Segment Statistics
	Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Net sales and revenues:
Single-family housing	$	131		$	190		$	229		$	320		$	232		$	870		$	768
Land	3			105			1			84			44			193			67
Other	3			1			—			3			—			7			3
Total net sales and revenue	$	137		$	296		$	230		$	407		$	276		$	1,070		$	838
Single-family homes sold	697			764			637			561			406			2,659			1,902
Single-family homes closed	349			508			615			842			582			2,314			1,912
Single-family homes sold but not closed (backlog)	777			1,033			1,055			774			429			774			429
Single-family cancellation rate	10.1		%	15.4		%	18.3		%	15.9		%	18.1		%	14.9		%	15.7		%
Single-family buyer traffic	14,272			17,677			17,894			14,567			10,533			64,410			50,125
Single-family average price of homes closed (in thousands)	$	376		$	374		$	372		$	381		$	398		$	376		$	402
Single-family home gross margin - excluding impairments (1)	17.3		%	19.5		%	24.3		%	20.2		%	25.4		%	20.7		%	23.3		%
(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
Q4.2012 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			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Unallocated corporate function expenses	$	(6	)	$	(3	)	$	(5	)	$	(8	)	$	(8	)	$	(22	)	$	(44	)
Unallocated share-based compensation	(5		)	(1		)	(7		)	(3		)	(6		)	(16		)	(5		)
Unallocated pension & postretirement costs	(7		)	(7		)	(7		)	(8		)	(5		)	(29		)	(26		)
Foreign exchange gains (losses)	6			(8		)	11			(2		)	4			7			(5		)
Elimination of intersegment profit in inventory and LIFO (1)	(12		)	(2		)	(10		)	8			(6		)	(16		)	(25		)
Other	30			35			(9		)	—			(15		)	56			(45		)
Operating income (loss)	6			14			(27		)	(13		)	(36		)	(20		)	(150		)
Interest income and other	10			9			10			9			8			38			33
Net contribution to earnings from continuing operations	16			23			(17		)	(4		)	(28		)	18			(117		)
Net contribution to earnings from discontinued operations	—			—			—			—			—			—			45
Net contribution to earnings	$	16		$	23		$	(17	)	$	(4	)	$	(28	)	$	18		$	(72	)
(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.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions	Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Operating income (loss)	$	6		$	14		$	(27	)	$	(13	)	$	(36	)	$	(20	)	$	(150	)
Depreciation, depletion and amortization	5			7			4			3			6			19			28
Non-operating pension and postretirement costs	7			7			7			8			5			29			26
Special items	(38		)	(51		)	—			—			—			(89		)	—
Capitalized interest included in cost of products sold	—			5			1			1			2			7			6
Adjusted EBITDA, excluding special items*	$	(20	)	$	(18	)	$	(15	)	$	(1	)	$	(23	)	$	(54	)	$	(90	)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
	Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Gain on postretirement plan amendment	$	52		$	51		$	—		$	—		$	—		$	103		$	—
Restructuring, impairments and other charges	(14		)	—			—			—			—			(14		)	—
Total special items from continuing operations	38			51			—			—			—			89			—
Gain on sale of property	—			—			—			—			—			—			9
Gain on sale of Westwood Shipping Lines	—			—			—			—			—			—			49
Total	$	38		$	51		$	—		$	—		$	—		$	89		$	58
Unallocated Selected Items
	Q1.2012			Q2.2012			Q3.2012			Q4.2012			Q4.2011			YTD.2012			YTD.2011
Total decrease (increase) in working capital (1)	$	(72	)	$	68		$	(7	)	$	(27	)	$	(25	)	$	(38	)	$	(97	)
Cash spent for capital expenditures	$	—		$	(1	)	$	(1	)	$	(3	)	$	—		$	(5	)	$	(1	)
(1) Working capital does not include cash balances.
*Adjusted EBITDA, excluding special items is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income from continuing operations adjusted for depreciation, depletion, amortization, pension and postretirement costs not allocated to business segments (primarily interest cost, expected return on plan assets, amortization of actuarial loss and amortization of prior service cost/credit), special items and interest included in cost of products sold. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.

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