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 31, 2014

(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 31, 2014, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended December 31, 2013. 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 31, 2014 reporting results of operations for the quarter ended December 31, 2013
99.2	Exhibits to press release of Weyerhaeuser Company issued January 31, 2014

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/ Jeanne M. Hillman
Its:	Vice President and Chief Accounting Officer

Date: January 31, 2014

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

• Full year 2013 net earnings before special items doubled compared with 2012 on 21 percent improvement in net sales

• Entered into agreement to combine Weyerhaeuser's homebuilding subsidiary with TRI Pointe Homes

• Acquired Longview Timber LLC

FEDERAL WAY, Wash. (Jan 31, 2014) - Weyerhaeuser Company (NYSE: WY) today reported full year 2013 net earnings of $540 million, or 95 cents per diluted share, on net sales of $8.5 billion. This compares with net earnings of $385 million, or 71 cents per diluted share, on net sales of $7.1 billion for the full year 2012.

Earnings for 2013 include after-tax charges of $114 million for special items, primarily for a previously announced real estate impairment that was partially offset by unrelated tax adjustments. Excluding these items, the company reported full year 2013 net earnings of $654 million, or $1.14 per diluted share, compared with net earnings before special items of $316 million, or 58 cents per diluted share, for full year 2012.

SIGNIFICANT FULL YEAR 2013 AND 2012 ITEMS
(millions, except per share data)	FULL YEAR 2013			FULL YEAR 2012
	Pre-Tax	After-Tax	Per Share	Pre-Tax	After-Tax	Per Share
Restructuring, impairments and other charges(1)	($366)	($247)	($0.42)	($14)	($10)	($0.02)
Tax adjustments	—	$168	$0.30	—	$8	$0.02
Loss on early extinguishment of debt	($25)	($25)	($0.05)	—	—	—
Costs related to Real Estate divestiture(1)	($15)	($10)	($0.02)	—	—	—
Gain on postretirement plan amendment	—	—	—	$103	$67	$0.12
Gain on sale of properties	—	—	—	$6	$4	$0.01
(1) 2013 charges include non-cash impairments in the Real Estate, Unallocated and Wood Products segments.
(2) Charges are included in the Real Estate and Unallocated segments.

“Our vision is to grow a truly great company for our shareholders, customers and employees. In 2013, we made initial progress toward this goal, as we doubled earnings before special items, increased our per share dividend by nearly 30 percent, announced an agreement to combine our real estate operation with TRI Pointe Homes, and acquired approximately 645,000 acres of outstanding timberlands in the Pacific Northwest through the purchase of Longview Timber,” said Doyle Simons, president and chief executive officer. “As 2014 begins, we are relentlessly focused on driving operational excellence to fully capitalize on improving markets and deliver value to our shareholders.”

For the fourth quarter of 2013, Weyerhaeuser reported net earnings before special items of $157 million, or 27 cents per diluted share, on net sales of $2.3 billion. Including after-tax charges of $114 million for special items, the company reported net earnings of $43 million, or 7 cents per diluted share. This compares with net earnings of $143 million, or 26 cents per diluted share, on net sales of $2.0 billion for the same period last year.

WEYERHAEUSER FINANCIAL HIGHLIGHTS	3Q	4Q	4Q	FULL YEAR
(millions, except per share data)	2013	2013	2012	2013	2012
Net sales	$2,181	$2,256	$2,000	$8,529	$7,059
Net earnings	$157	$43	$143	$540	$385
Weighted average shares outstanding, diluted(1)	587	589	547	571	542
Earnings per diluted share	$0.27	$0.07	$0.26	$0.95	$0.71
Net earnings before special items	$157	$157	$143	$654	$316
Earnings per diluted share before special items	$0.27	$0.27	$0.26	$1.14	$0.58
Net cash from operations	$343	$348	$252	$1,004	$581
Net change in cash and cash equivalents(2)	($965)	($562)	$290	($63)	($55)
Cash and cash equivalents at end of period(2)	$1,397	$835	$898	$835	$898

⁽¹⁾ Weyerhaeuser's common shares outstanding increased during the second and third quarters of 2013 following the issuance of approximately 33 million common shares in conjunction with the acquisition of Longview Timber LLC.

⁽²⁾ During the second, third and fourth quarters of 2013, Weyerhaeuser received $2,610 million from the issuance of debt and common and mandatory convertible preference shares related to the acquisition of Longview Timber LLC. These funds were recorded upon receipt as "Cash and cash equivalents designated for purchase of Longview Timber LLC and the repayment of their acquired debt" on the Consolidated Balance Sheet. During the third quarter of 2013, the company used a portion of these funds to complete the acquisition of Longview Timber LLC. During the fourth quarter, the company used the remaining funds for repayment of Longview Timber indebtedness assumed in the acquisition.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	3Q 2013	4Q 2013	Change
Net sales	$353	$364	$11
Contribution to pre-tax earnings	$118	$134	$16

4Q 2013 Performance - Construction markets in China drove increased demand and selling prices for Western logs. Western fee harvest volumes rose due to this increased demand and a full quarter of harvest from the Longview Timber acquisition. Weyerhaeuser’s average log price realizations were comparable to third quarter due to a shift in export mix and a greater proportion of domestic volume. These factors were partially offset by seasonally higher road and silviculture costs. Earnings from disposition of non-strategic timberlands decreased $3 million to $20 million in the fourth quarter.

1Q 2014 Outlook - Excluding dispositions of non-strategic timberlands, Weyerhaeuser anticipates significantly higher earnings from the Timberlands segment in the first quarter. In the West, the company anticipates improved selling prices and volumes due to increasing export demand, and road and silviculture costs should decline seasonally. In the South, the company anticipates seasonally lower fee harvest volumes and higher silviculture costs, partially offset by slightly higher pulpwood realizations. First quarter earnings from dispositions of non-strategic timberlands are expected to be minimal.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	3Q 2013	4Q 2013		Change
Net sales	$1,030	$926		($104)
Contribution to pre-tax earnings before special items	$79	$58		($21)
Pre-tax charge for special items	—	(10	)	(10	)
GAAP contribution to pre-tax earnings	$79	$48		($31)

4Q 2013 Performance - Sales volumes declined across all product lines due to seasonality and unusually severe winter weather. Seasonally lower oriented strand board prices were offset by higher average selling prices for lumber and engineered wood products. Log costs increased, primarily in the West, and production fell due to seasonally lower demand, severe cold weather, and planned downtime for capital projects.

Special items for the fourth quarter include non-cash impairment charges of $10 million related to the permanent closure of previously curtailed engineered wood products operations.

1Q 2014 Outlook - Weyerhaeuser anticipates higher earnings from the Wood Products segment in the first quarter. The company expects higher average selling prices for lumber, seasonally higher sales volumes across most product lines, and improved operating rates, partially offset by higher log costs and the effect of abnormally adverse weather.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	3Q 2013	4Q 2013	Change
Net sales	$474	$478	$4
Contribution to pre-tax earnings	$47	$65	$18

4Q 2013 Performance - Average selling prices for pulp improved, maintenance expense declined and productivity increased due to fewer days of scheduled annual maintenance outages. These factors were partially offset by higher fiber costs and lower liquid packing board realizations due to mix.

1Q 2014 Outlook - Weyerhaeuser expects lower earnings from the Cellulose Fibers segment in the first quarter. The company anticipates slightly lower pulp sales volumes, increased maintenance expense and higher fiber and labor costs, partially offset by improved liquid packaging board realizations due to mix.

REAL ESTATE

FINANCIAL HIGHLIGHTS (millions)	3Q 2013	4Q 2013		Change
Net sales	$324	$488		$164
Contribution to pre-tax earnings before special items	$33	$71		$38
Pre-tax charge for special items	—	(349	)	(349	)
GAAP contribution (charge) to pre-tax earnings	$33	($278)		($311)

4Q 2013 Performance - Earnings before special items increased significantly compared with the third quarter due to seasonally higher closing volumes, increased average closing prices, and improved margins. Home closings increased to 1,072 single-family homes, and average margins on homes closed improved to 23 percent. Selling costs increased due to the additional closing volume. Fourth quarter results include earnings of $7 million from land and lot sales, compared with earnings of $9 million in the third quarter.

At the end of the fourth quarter the backlog of homes sold, but not closed, totaled 883 units, compared with 774 units one year ago.

Fourth quarter special items include previously announced non-cash impairment charges of $343 million for a large master-planned community north of Las Vegas, Nevada that is excluded from the combination of

Weyerhaeuser Real Estate Company (WRECO) and TRI Pointe Homes, and $6 million for other costs related to the WRECO divestiture.

1Q 2014 Outlook - Weyerhaeuser anticipates a modest profit from single family homebuilding operations in the first quarter. Home closings should decline seasonally to approximately 600 homes. The company expects higher average closing prices, lower margins due to mix, and lower selling expenses due to the reduced closing volume.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control nearly 7 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 2013, we generated $8.5 billion in sales and employed approximately 13,700 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common 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 Jan. 31 to discuss fourth quarter results.

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

To join the conference call from within North America, dial 877-296-9413 (access code - 23989376) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code - 23989376). Replays will be available for one week at 855-859-2056 (access code - 23989376) from within North America and at 404-537-3406 (access code - 23989376) from outside North America.

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 2014, including selling prices and realizations for domestic and export logs, fee harvest volumes, road and silviculture costs, and earnings from the Timberlands segment; sales volumes, prices and realizations for products within the Wood Products segment, operating rates, raw material costs, and earnings from the Wood Products segment; maintenance expenses within the Cellulose Fibers segment, volumes and realizations for pulp, fiber and labor costs, product mix, and earnings from the Cellulose Fibers segment; and home closings and average closing prices, margins and product mix, selling expenses, and 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;

• the ability to complete the transaction relating to our homebuilding and real estate development business (WRECO) with TRI Pointe Homes, Inc. on the anticipated terms and schedule, including the ability of TRI Pointe to obtain shareholder and regulatory approvals and the anticipated tax treatment of the transactions and related transactions; 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
Q4.2013 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013			Dec 31, 2012			Dec 31, 2013			Dec 31, 2012
Net sales and revenues	$	1,951		$	2,141		$	2,181		$	2,256		$	2,000		$	8,529		$	7,059
Cost of products sold	1,533			1,664			1,728			1,784			1,580			6,709			5,810
Gross margin	418			477			453			472			420			1,820			1,249
Selling expenses	51			54			56			59			56			220			194
General and administrative expenses	118			108			112			117			126			455			436
Research and development expenses	7			8			8			10			9			33			32
Charges for restructuring, closures and impairments	4			6			2			378			6			390			32
Other operating costs (income), net	(18		)	(10		)	(2		)	5			(33		)	(25		)	(180		)
Operating income (loss)	256			311			277			(97		)	256			747			735
Interest income and other	11			10			21			16			14			58			52
Interest expense, net of capitalized interest	(82		)	(81		)	(95		)	(113		)	(88		)	(371		)	(348		)
Earnings (loss) from operations before income taxes	185			240			203			(194		)	182			434			439
Income taxes	(41		)	(42		)	(36		)	248			(40		)	129			(55		)
Net earnings	144			198			167			54			142			563			384
Net loss attributable to noncontrolling interests	—			—			—			—			1			—			1
Net earnings attributable to Weyerhaeuser	144			198			167			54			143			563			385
Dividends on preference shares	—			(2		)	(10		)	(11		)	—			(23		)	—
Net earnings attributable to Weyerhaeuser common shareholders	$	144		$	196		$	157		$	43		$	143		$	540		$	385
Per Share Information
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013			Dec 31, 2012			Dec 31, 2013			Dec 31, 2012
Basic earnings per share attributable to Weyerhaeuser common shareholders	$	0.26		$	0.35		$	0.27		$	0.07		$	0.26		$	0.95		$	0.71
Diluted earnings per share attributable to Weyerhaeuser common shareholders	$	0.26		$	0.35		$	0.27		$	0.07		$	0.26		$	0.95		$	0.71
Dividends paid per common share	$	0.17		$	0.20		$	0.22		$	0.22		$	0.17		$	0.81		$	0.62
Weighted average shares outstanding (in thousands):
Basic	545,234			552,855			582,828			583,610			542,101			566,329			539,140
Diluted	550,785			557,588			587,179			588,616			547,137			571,239			542,310
Common shares outstanding at end of period (in thousands)	546,573			577,874			582,578			583,548			542,393			583,548			542,393
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013			Dec 31, 2012			Dec 31, 2013			Dec 31, 2012
Net earnings	$	144		$	198		$	167		$	54		$	142		$	563		$	384
Interest income and other	(11		)	(10		)	(21		)	(16		)	(14		)	(58		)	(52		)
Interest expense, net of capitalized interest	82			81			95			113			88			371			348
Income taxes	41			42			36			(248		)	40			(129		)	55
Operating income	256			311			277			(97		)	256			747			735
Depreciation, depletion and amortization	112			111			120			129			118			472			456
Non-operating pension and postretirement costs	10			10			11			9			8			40			29
Special items	—			—			—			381			—			381			(95		)
Capitalized interest included in cost of products sold	9			13			10			11			9			43			37
Adjusted EBITDA, excluding special items*	$	387		$	445		$	418		$	433		$	391		$	1,683		$	1,162
* Non-GAAP measure - see page 9 for definition.

Page 1 of 9

Weyerhaeuser Company
Q4.2013 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
in millions	Mar 31, 2013		Jun 30, 2013		Sep 30, 2013		Dec 31, 2013		Dec 31, 2012
ASSETS
Forest Products:
Current assets:
Cash and cash equivalents	$	635	$	908	$	898	$	830	$	893
Receivables, less allowances	633		589		586		518		474
Receivables for taxes	65		43		31		101		95
Inventories	596		561		533		542		531
Prepaid expenses	89		96		114		117		83
Deferred tax assets	189		144		113		128		65
Restricted financial investments held by variable interest entities	184		—		—		—		184
Total current assets	2,391		2,341		2,275		2,236		2,325
Property and equipment, net	2,785		2,706		2,709		2,687		2,859
Construction in progress	56		72		101		112		50
Timber and timberlands at cost, less depletion charged to disposals	3,954		3,949		6,603		6,580		3,961
Cash and cash equivalents designated for the purchase of Longview Timber LLC and the repayment of their acquired debt	—		1,450		494		—		—
Investments in and advances to equity affiliates	191		186		186		190		192
Goodwill	40		42		42		42		40
Deferred tax assets	70		64		66		5		189
Other assets	351		349		325		345		358
Restricted financial investments held by variable interest entities	615		615		615		615		615
	10,453		11,774		13,416		12,812		10,589
Real Estate(1):
Cash and Cash Equivalents	4		4		5		5		5
Receivables, less allowances	75		74		77		60		72
Real estate in process of development and for sale	736		783		851		842		682
Land being processed for development	918		940		932		583		927
Investments in and advances to equity affiliates	20		20		20		21		21
Deferred tax assets	204		201		195		289		202
Other assets	100		112		113		116		94
	2,057		2,134		2,193		1,916		2,003
Total assets	$	12,510	$	13,908	$	15,609	$	14,728	$	12,592
LIABILITIES AND EQUITY
Forest Products:
Current liabilities:
Notes Payable	$	—	$	2	$	2	$	2	$	—
Current maturities of long-term debt	184		163		—		—		340
Current maturities of long-term debt (nonrecourse to the company) held by variable interest entities	162		—		—		—		161
Accounts payable	357		341		362		343		329
Accrued liabilities	538		573		623		626		570
Total current liabilities	1,241		1,079		987		971		1,400
Long-term debt	3,842		3,842		5,459		4,891		3,842
Long-term debt (nonrecourse to the company) held by variable interest entities	511		511		511		511		511
Deferred income taxes	46		38		44		436		—
Deferred pension and other postretirement benefits	1,856		1,785		1,727		516		1,930
Other liabilities	455		446		438		356		499
	7,951		7,701		9,166		7,681		8,182
Real Estate(1):
Long-term debt	109		109		109		—		109
Long-term debt (nonrecourse to the company) held by variable interest entities	2		4		5		5		1
Other liabilities	172		188		212		210		187
	283		301		326		215		297
Total liabilities	8,234		8,002		9,492		7,896		8,479
Equity:
Total Weyerhaeuser shareholders' interest	4,244		5,868		6,078		6,795		4,070
Noncontrolling interests	32		38		39		37		43
Total equity	4,276		5,906		6,117		6,832		4,113
Total liabilities and equity	$	12,510	$	13,908	$	15,609	$	14,728	$	12,592
(1) In our 2013 Annual Report on Form 10-K, our real estate and forest products asset and liability line items will be combined into respective total asset and liability line items.

Page 2 of 9

Weyerhaeuser Company
Q4.2013 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013			Dec 31, 2012			Dec 31, 2013			Dec 31, 2012
Cash flows from operations:
Net earnings	$	144		$	198		$	167		$	54		$	142		$	563		$	384
Noncash charges (credits) to income:
Depreciation, depletion and amortization	112			111			120			129			118			472			456
Deferred income taxes, net	26			23			24			(102		)	40			(29		)	109
Pension and other postretirement benefits	24			28			27			22			20			101			(19		)
Share-based compensation expense	12			10			12			8			9			42			37
Charges for impairment of assets	1			2			2			367			5			372			24
Net gains on dispositions of assets	(7		)	(14		)	(21		)	(16		)	(30		)	(58		)	(69		)
Foreign exchange transaction (gains) losses	4			4			(2		)	1			2			7			(6		)
Change in:
Receivables less allowances	(165		)	45			8			85			—			(27		)	(33		)
Receivable for taxes	30			22			12			(70		)	2			(6		)	(73		)
Inventories	(68		)	32			36			(13		)	(20		)	(13		)	(54		)
Real estate and land	(59		)	(62		)	(58		)	13			20			(166		)	(75		)
Prepaid expenses	(13		)	(1		)	(2		)	(10		)	2			(26		)	(16		)
Accounts payable and accrued liabilities	(66		)	34			77			(96		)	(5		)	(51		)	18
Deposits on land positions and other assets	(1		)	(9		)	(1		)	(7		)	(7		)	(18		)	4
Pension and postretirement contributions	(37		)	(32		)	(35		)	(33		)	(36		)	(137		)	(145		)
Other	2			(17		)	(23		)	16			(10		)	(22		)	39
Net cash from operations	(61		)	374			343			348			252			1,004			581
Cash flows from investing activities:
Property and equipment	(35		)	(47		)	(69		)	(110		)	(59		)	(261		)	(256		)
Timberlands reforestation	(13		)	(8		)	(7		)	(4		)	(7		)	(32		)	(29		)
Acquisition of Longview Timber LLC, net of cash acquired	—			—			(1,581		)	—			—			(1,581		)	—
Proceeds from sale of assets	6			8			1			5			44			20			80
Proceeds of investments held by special purpose entities	—			22			—			—			110			22			13
Other	—			(4		)	9			(2		)	1			3			—
Cash from investing activities	(42		)	(29		)	(1,647		)	(111		)	89			(1,829		)	(192		)
Cash flows from financing activities:
Net proceeds from issuance of common shares(1)	—			781			116			—			—			897			—
Net proceeds from issuance of preference shares(1)	—			669			—			—			—			669			—
Net proceeds from issuance of debt(1)	—			—			494			550			—			1,044			—
Cash dividends on common shares	(93		)	(109		)	(128		)	(128		)	(92		)	(458		)	(334		)
Cash dividends on preference shares	—			—			—			(23		)	—			(23		)	—
Change in book overdrafts	3			4			1			(1		)	—			7			(32		)
Payments on debt	(156		)	(21		)	(163		)	(1,227		)	—			(1,567		)	(187		)
Exercises of stock options	81			51			9			21			39			162			112
Other	9			3			10			9			2			31			(3		)
Cash from financing activities	(156		)	1,378			339			(799		)	(51		)	762			(444		)
Net change in cash and cash equivalents	(259		)	1,723			(965		)	(562		)	290			(63		)	(55		)
Cash and cash equivalents at beginning of period	898			639			2,362			1,397			608			898			953
Cash and cash equivalents at end of period	$	639		$	2,362		$	1,397		$	835		$	898		$	835		$	898
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	111		$	55		$	109		$	91		$	61		$	366		$	351
Income taxes	$	(2	)	$	(4	)	$	2		$	12		$	1		$	8		$	(13	)
Noncash investing and financing activity: Acquisition of Longview Timber LLC, debt assumed	$	—		$	—		$	1,070		$	—		$	—		$	1,070		$	—
(1) During second and third quarter 2013, we received $2,060 million in cash related to the issuance of common shares, mandatory convertible preference shares and debt related to the acquisition of Longview Timber LLC. We have recorded this cash as "Cash and cash equivalents designated for the purchase of Longview Timber LLC and the repayment of their acquired debt" on our Consolidated Balance Sheet.

Page 3 of 9

Weyerhaeuser Company													Total Company Statistics
Q4.2013 Analyst Package
Preliminary results, subject to audit
Special Items Included in Net Earnings
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013			Dec 31, 2012			Dec 31, 2013			Dec 31, 2012
Net earnings	$	144		$	196		$	157		$	43		$	143		$	540		$	385
Loss on early extinguishment of debt	—			—			—			25			—			25			—
Restructuring, impairments and other charges	—			—			—			247			—			247			10
Costs related to Real Estate divestiture	—			—			—			10			—			10			—
Gain on postretirement plan amendment	—			—			—			—			—			—			(67		)
Gain on sale of properties	—			—			—			—			—			—			(4		)
Tax adjustments	—			—			—			(168		)	—			(168		)	(8		)
Net earnings before special items	$	144		$	196		$	157		$	157		$	143		$	654		$	316
	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013			Dec 31, 2012			Dec 31, 2013			Dec 31, 2012
Net earnings per diluted share	$	0.26		$	0.35		$	0.27		$	0.07		$	0.26		$	0.95		$	0.71
Loss on early extinguishment of debt	—			—			—			0.05			—			0.05			—
Restructuring, impairments and other charges	—			—			—			0.42			—			0.42			0.02
Costs related to Real Estate divestiture	—			—			—			0.02			—			0.02			—
Gain on postretirement plan amendment	—			—			—			—			—			—			(0.12		)
Gain on sale of properties	—			—			—			—			—			—			(0.01		)
Tax adjustments	—			—			—			(0.29		)	—			(0.30		)	(0.02		)
Net earnings before special items per diluted share	$	0.26		$	0.35		$	0.27		$	0.27		$	0.26		$	1.14		$	0.58
Selected Total Company Items
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013			Dec 31, 2012			Dec 31, 2013			Dec 31, 2012
Depreciation, depletion and amortization:
Cost of products sold	$	103		$	102		$	110		$	120		$	109		$	435		$	416
Selling, general and administrative expenses	9			9			10			9			9			37			40
Total depreciation, depletion and amortization	$	112		$	111		$	120		$	129		$	118		$	472		$	456
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	14		$	16		$	16		$	15		$	12		$	61		$	51
Pension and postretirement costs not allocated	10			10			11			9			8			40			29
Total company pension and postretirement costs	$	24		$	26		$	27		$	24		$	20		$	101		$	80
Total decrease (increase) in Forest Products working capital (1)	$	(334	)	$	161		$	138		$	(17	)	$	(85	)	$	(52	)	$	(159	)
Cash spent for capital expenditures	$	(48	)	$	(55	)	$	(76	)	$	(114	)	$	(66	)	$	(293	)	$	(285	)
(1) Working capital does not include cash balances.

Page 4 of 9

Weyerhaeuser Company											Timberlands Segment
Q4.2013 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Sales to and revenues from unaffiliated customers		$	293		$	333		$	353		$	364		$	298		$	1,343		$	1,077
Intersegment sales		224			166			194			215			185			799			683
Total net sales and revenues		517			499			547			579			483			2,142			1,760
Cost of products sold		395			365			407			425			374			1,592			1,376
Gross margin		122			134			140			154			109			550			384
Selling expenses		3			2			3			2			2			10			9
General and administrative expenses		25			25			27			26			20			103			85
Research and development expenses		4			5			4			6			6			19			19
Charges for restructuring, closures and impairments		2			—			—			—			2			2			2
Other operating income, net		(15		)	(11		)	(11		)	(13		)	(14		)	(50		)	(49		)
Operating income		103			113			117			133			93			466			318
Interest income and other		1			1			1			1			1			4			3
Loss attributable to noncontrolling interest		—			—			—			—			1			—			1
Net contribution to earnings(see note 1 on page 9)		$	104		$	114		$	118		$	134		$	95		$	470		$	322
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Operating income		$	103		$	113		$	117		$	133		$	93		$	466		$	318
Depreciation, depletion and amortization		36			34			45			51			38			166			142
Adjusted EBITDA, excluding special items*		$	139		$	147		$	162		$	184		$	131		$	632		$	460
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Total decrease (increase) in working capital (1)		$	(10	)	$	(21	)	$	31		$	(7	)	$	(37	)	$	(7	)	$	(21	)
Cash spent for capital expenditures		$	(18	)	$	(18	)	$	(16	)	$	(21	)	$	(16	)	$	(73	)	$	(60	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Third Party  Net Sales and Revenue (millions)	Logs:
	West	$	177		$	208		$	213		$	230		$	151		$	828		$	559
	South	61			65			66			64			67			256			233
	Canada	7			2			6			4			5			19			19
	Total Logs	245			275			285			298			223			1,103			811
	Pay as cut timber sales	1			4			2			2			4			9			13
	Chip sales	3			2			2			2			4			9			18
	Timberlands exchanges	2			14			28			21			20			65			59
	Higher and better use land sales	3			5			2			9			9			19			22
	Minerals, oil and gas	8			9			9			6			9			32			31
	Products from international operations	22			22			24			22			26			90			106
	Other products	9			2			1			4			3			16			17
	Total	$	293		$	333		$	353		$	364		$	298		$	1,343		$	1,077
Logs Third Party Sales Realizations (per cubic meter)	West	$	105.38		$	115.11		$	104.73		$	104.91		$	96.46		$	107.36		$	94.72
	South	$	43.47		$	43.47		$	43.32		$	43.72		$	43.30		$	43.49		$	41.83
	Canada	$	36.61		$	36.38		$	38.77		$	38.68		$	38.70		$	37.71		$	36.51
	International	$	24.01		$	25.00		$	25.07		$	23.05		$	24.30		$	24.22		$	23.66
Logs Third Party Sales Volumes (cubic meters, thousands)	West	1,674			1,812			2,037			2,185			1,559			7,708			5,898
	South	1,399			1,507			1,514			1,468			1,563			5,888			5,575
	Canada	204			38			141			128			139			511			531
	International	68			77			100			112			84			357			343
	Total	3,345			3,434			3,792			3,893			3,345			14,464			12,347
Logs Fee Harvest Volumes (cubic meters, thousands)	West	1,995			1,921			2,305			2,686			1,876			8,907			7,170
	South	2,833			2,828			2,928			3,007			3,177			11,596			11,488
	International	197			167			211			243			232			818			763
	Total	5,025			4,916			5,444			5,936			5,285			21,321			19,421

Page 5 of 9

Weyerhaeuser Company											Wood Products Segment
Q4.2013 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Sales to and revenues from unaffiliated customers		$	988		$	1,065		$	1,030		$	926		$	832		$	4,009		$	3,058
Intersegment sales		18			18			19			16			16			71			74
Total net sales and revenues		1,006			1,083			1,049			942			848			4,080			3,132
Cost of products sold		770			884			905			826			748			3,385			2,780
Gross margin		236			199			144			116			100			695			352
Selling expenses		26			24			24			24			24			98			89
General and administrative expenses		36			36			37			32			34			141			123
Research and development expenses		1			1			2			2			1			6			5
Charges for restructuring, closures and impairments		—			1			1			11			1			13			6
Other operating costs (income), net		(5		)	1			1			(1		)	2			(4		)	10
Operating income		178			136			79			48			38			441			119
Interest income and other		—			—			—			—			—			—			1
Net contribution to earnings(see note 1 on page 9)		$	178		$	136		$	79		$	48		$	38		$	441		$	120
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Operating income		$	178		$	136		$	79		$	48		$	38		$	441		$	119
Depreciation, depletion and amortization		31			31			31			30			33			123			133
Special items		—			—			—			10			—			10			(6		)
Adjusted EBITDA, excluding special items*		$	209		$	167		$	110		$	88		$	71		$	574		$	246
* Non-GAAP measure - see page 9 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Gain on sale of property		$	—		$	—		$	—		$	—		$	—		$	—		$	6
Charges for restructuring, closures, and impairments		—			—			—			(10		)	—			(10		)	—
Total		$	—		$	—		$	—		$	(10	)	$	—		$	(10	)	$	6
Selected Segment Items
		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Total decrease (increase) in working capital (1)		$	(194	)	$	75		$	74		$	40		$	9		$	(5	)	$	(119	)
Cash spent for capital expenditures		$	(10	)	$	(16	)	$	(26	)	$	(61	)	$	(19	)	$	(113	)	$	(56	)
(1) Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Structural  Lumber (board feet)	Third Party Net Sales and Revenue	$	451		$	502		$	480		$	440		$	376		$	1,873		$	1,400
	Third Party Sales Realizations	$	440		$	434		$	404		$	413		$	366		$	422		$	347
	Third Party Sales Volumes	1,025			1,156			1,189			1,066			1,025			4,436			4,031
	Production Volumes	1,021			1,053			1,040			970			939			4,084			3,846
	Outside Purchase Volumes	102			77			92			83			77			354			225
Engineered Solid Section (cubic feet)	Third Party Net Sales and Revenue	$	82		$	84		$	97		$	90		$	68		$	353		$	279
	Third Party Sales Realizations	$	1,850		$	1,920		$	1,963		$	2,006		$	1,817		$	1,936		$	1,808
	Third Party Sales Volumes	4.4			4.4			4.9			4.5			3.7			18.2			15.4
	Production Volumes	4.6			4.6			4.6			4.2			3.6			18.0			15.4
	Outside Purchase Volumes	0.9			0.4			0.3			0.2			1.6			1.8			3.2
Engineered I-joists (lineal feet)	Third Party Net Sales and Revenue	$	56		$	60		$	68		$	63		$	47		$	247		$	190
	Third Party Sales Realizations	$	1,300		$	1,358		$	1,428		$	1,485		$	1,265		$	1,393		$	1,250
	Third Party Sales Volumes	43			44			48			42			37			177			152
	Production Volumes	44			42			44			38			37			168			147
	Outside Purchase Volumes	3			1			2			2			2			8			9
Oriented Strand Board (square feet 3/8')	Third Party Net Sales and Revenue	$	236		$	224		$	188		$	161		$	194		$	809		$	612
	Third Party Sales Realizations	$	359		$	332		$	246		$	237		$	290		$	292		$	244
	Third Party Sales Volumes	657			675			762			678			670			2,772			2,508
	Production Volumes	662			663			725			673			642			2,723			2,511
	Outside Purchase Volumes	68			56			49			54			60			227			200
Softwood  Plywood (square feet 3/8')	Third Party Net Sales and Revenue	$	36		$	41		$	38		$	29		$	32		$	144		$	115
	Third Party Sales Realizations	$	370		$	378		$	344		$	339		$	347		$	358		$	338
	Third Party Sales Volumes	99			108			108			87			91			402			340
	Production Volumes	61			63			62			55			59			241			214
	Outside Purchase Volumes	42			33			40			40			34			155			127

Page 6 of 9

Weyerhaeuser Company											Cellulose Fibers Segment
Q4.2013 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Total net sales and revenues		$	474		$	476		$	474		$	478		$	463		$	1,902		$	1,854
Cost of products sold		424			394			406			397			385			1,621			1,560
Gross margin		50			82			68			81			78			281			294
Selling expenses		4			5			5			3			5			17			18
General and administrative expenses		20			21			21			17			18			79			74
Research and development expenses		2			2			2			2			2			8			8
Other operating income, net		(7		)	(5		)	(6		)	(2		)	(6		)	(20		)	(24		)
Operating income		31			59			46			61			59			197			218
Interest income and other		—			(2		)	1			4			2			3			5
Net contribution to earnings (see note 1 on page 9)		$	31		$	57		$	47		$	65		$	61		$	200		$	223
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Operating income		$	31		$	59		$	46		$	61		$	59		$	197		$	218
Depreciation, depletion and amortization		39			39			38			40			40			156			150
Adjusted EBITDA, excluding special items*		$	70		$	98		$	84		$	101		$	99		$	353		$	368
* Non-GAAP measure - see page 9 for definition.
Selected Segment Items
		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Total decrease (increase) in working capital (1)		$	(7	)	$	12		$	19		$	(12	)	$	(30	)	$	12		$	19
Cash spent for capital expenditures		$	(17	)	$	(17	)	$	(28	)	$	(30	)	$	(26	)	$	(92	)	$	(160	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Pulp (air-dry metric tons)	Third Party Net Sales and Revenue (millions)	$	371		$	369		$	371		$	390		$	364		$	1,501		$	1,433
	Third Party Sales Realizations	$	796		$	797		$	805		$	818		$	799		$	804		$	813
	Third Party Sales Volumes (thousands)	467			462			460			477			456			1,866			1,762
	Production Volumes (thousands)	445			463			457			450			465			1,815			1,773
Liquid Packaging Board (tons)	Third Party Net Sales and Revenue (millions)	$	85		$	86		$	83		$	72		$	75		$	326		$	332
	Third Party Sales Realizations	$	1,079		$	1,079		$	1,082		$	1,029		$	1,085		$	1,068		$	1,150
	Third Party Sales Volumes (thousands)	78			81			76			70			69			305			289
	Production Volumes (thousands)	78			77			67			85			72			307			292

Page 7 of 9

Weyerhaeuser Company													Real Estate Segment
Q4.2013 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions	Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Total net sales and revenues	$	196		$	267		$	324		$	488		$	407		$	1,275		$	1,070
Cost of products sold	160			210			248			371			276			989			812
Gross margin	36			57			76			117			131			286			258
Selling expenses	18			23			24			30			25			95			78
General and administrative expenses	18			19			20			17			27			74			76
Charges for restructuring, closures and impairments	1			3			1			352			1			357			6
Other operating income, net	—			(1		)	(1		)	(3		)	(1		)	(5		)	(2		)
Operating income (loss)	(1		)	13			32			(279		)	79			(235		)	100
Interest income and other	1			1			1			1			2			4			5
Net contribution to earnings	$	—		$	14		$	33		$	(278	)	$	81		$	(231	)	$	105
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization, Excluding Special Items*
in millions	Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Operating income (loss)	$	(1	)	$	13		$	32		$	(279	)	$	79		$	(235	)	$	100
Depreciation, depletion and amortization	3			3			4			4			4			14			12
Capitalized interest included in cost of products sold	7			12			9			9			8			37			30
Special items	—			—			—			349			—			349			—
Adjusted EBITDA, excluding special items*	$	9		$	28		$	45		$	83		$	91		$	165		$	142
* Non-GAAP measure - see page 9 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
	Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Restructuring, impairments and other charges	$	—		$	—		$	—		$	(343	)	$	—		$	(343	)	$	—
Costs related to Real Estate divestiture	—			—			—			(6		)	—			(6		)	—
Total	$	—		$	—		$	—		$	(349	)	$	—		$	(349	)	$	—
Selected Segment Items
	Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Cash from operations	$	(71	)	$	(56	)	$	(2	)	$	106		$	77		$	(23	)	$	64
Cash spent for capital expenditures	$	(2	)	$	(2	)	$	(5	)	$	(1	)	$	(2	)	$	(10	)	$	(4	)
Segment Statistics
	Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Net sales and revenues:
Single-family housing	$	183		$	257		$	305		$	474		$	320		$	1,219		$	870
Land	11			10			18			13			84			52			193
Other	2			—			1			1			3			4			7
Total net sales and revenue	$	196		$	267		$	324		$	488		$	407		$	1,275		$	1,070
Single-family homes sold	820			943			765			520			561			3,048			2,659
Single-family homes closed	463			636			768			1,072			842			2,939			2,314
Single-family homes sold but not closed (backlog)	1,131			1,438			1,435			883			774			883			774
Single-family cancellation rate	12.2		%	14.6		%	15.7		%	20.7		%	15.9		%	15.4		%	14.9		%
Single-family buyer traffic	17,764			20,080			16,370			14,252			14,567			68,466			64,410
Single-family average price of homes closed (in thousands)	$	394		$	405		$	397		$	442		$	381		$	415		$	376
Single-family home gross margin (1)	19.5		%	21.6		%	22.3		%	23.0		%	20.0		%	22.0		%	20.3		%
(1) Single-family gross margin equals revenue less cost of sales and period costs.

Page 8 of 9

Weyerhaeuser Company													Unallocated Items
Q4.2013 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	Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Unallocated corporate function expenses	$	(3	)	$	(3	)	$	(2	)	$	(7	)	$	(8	)	$	(15	)	$	(22	)
Unallocated share-based compensation	(7		)	5			(1		)	(5		)	(3		)	(8		)	(16		)
Unallocated pension & postretirement costs	(10		)	(10		)	(11		)	(9		)	(8		)	(40		)	(29		)
Foreign exchange gains (losses)	(4		)	(4		)	2			(1		)	(2		)	(7		)	7
Elimination of intersegment profit in inventory and LIFO (1)	(24		)	8			25			6			8			15			(16		)
Other	(7		)	(6		)	(10		)	(44		)	—			(67		)	56
Operating income (loss)	(55		)	(10		)	3			(60		)	(13		)	(122		)	(20		)
Interest income and other	9			10			18			10			9			47			38
Net contribution to earnings	$	(46	)	$	—		$	21		$	(50	)	$	(4	)	$	(75	)	$	18
(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	Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Operating income (loss)	$	(55	)	$	(10	)	$	3		$	(60	)	$	(13	)	$	(122	)	$	(20	)
Depreciation, depletion and amortization	3			4			2			4			3			13			19
Non-operating pension and postretirement costs	10			10			11			9			8			40			29
Capitalized interest included in cost of products sold	2			1			1			2			1			6			7
Special items	—			—			—			22			—			22			(89		)
Adjusted EBITDA, excluding special items*	$	(40	)	$	5		$	17		$	(23	)	$	(1	)	$	(41	)	$	(54	)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
	Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Gain on postretirement plan amendment	$	—		$	—		$	—		$	—		$	—		$	—		$	103
Restructuring, impairments and other charges	—			—			—			(13		)	—			(13		)	(14		)
Costs related to Real Estate divestiture	—			—			—			(9		)	—			(9		)	—
Total	$	—		$	—		$	—		$	(22	)	$	—		$	(22	)	$	89
Unallocated Selected Items
	Q1.2013			Q2.2013			Q3.2013			Q4.2013			Q4.2012			YTD.2013			YTD.2012
Total decrease (increase) in working capital (1)	$	(123	)	$	95		$	14		$	(38	)	$	(27	)	$	(52	)	$	(38	)
Cash spent for capital expenditures	$	(1	)	$	(2	)	$	(1	)	$	(1	)	$	—		$	(5	)	$	(5	)
(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.

Page 9 of 9