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

February 5, 2016

(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:

þ 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 February 5, 2016, Weyerhaeuser Company ("Weyerhaeuser" or the "Company") issued a press release announcing its financial results for the quarter ended December 31, 2015. 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 8.01. OTHER EVENTS

As of December 31, 2015, Weyerhaeuser Company held a 50 percent ownership interest in a joint venture. The Company’s share of net earnings related to this joint venture are included within "Earnings (loss) from equity affiliates" in Weyerhaeuser’s Consolidated Statement of Operations in the period in which earnings are recorded by the affiliate. The results are reported in the Company’s Cellulose Fibers segment. 

In connection with the preparation of fourth quarter 2015 financial statements, it was determined that the joint venture’s book value of certain long-lived assets was not recoverable and an impairment charge was recorded to measure these assets at fair value. The fair value of the asset group was estimated based on a combination of income and market approaches using significant unobservable inputs. Key assumptions included (a) the timing and amounts of future cash flows related to the asset group’s operations, (b) discount rates applicable to the future cash flows and (c) earnings multiples of other entities’ asset groups deemed to be similar to the asset group.  Weyerhaeuser’s earnings for the fourth quarter of 2015 include an $84 million charge for the Company’s share of this asset impairment. Weyerhaeuser also recorded a related tax benefit of $28 million in its provision for income taxes as a result of the reduction of deferred tax liabilities associated with the reduction in the book basis of the investment in this equity affiliate. Consequently, the net charge to Weyerhaeuser related to this impairment was $56 million in the fourth quarter of 2015.

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 February 5, 2016 reporting results of operations for the quarter ended December 31, 2015.
99.2	Exhibits to press release of Weyerhaeuser Company issued February 5, 2016.

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: February 5, 2016

EX-99.1

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

Weyerhaeuser Reports Fourth Quarter, Full Year Results

• Generated full year net earnings before special items of $533 million, or $1.04 per diluted share, on net sales of $7.1 billion

• Announced agreement to merge with Plum Creek, creating the world's premier timber, land and forest products company

• Authorized exploration of strategic alternatives for Cellulose Fibers business

• Delivered on operational excellence targets

• Increased quarterly dividend 7 percent and repurchased over $500 million of common shares in 2015

FEDERAL WAY, Wash. (Feb 5, 2016) - Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings attributable to common shareholders of $59 million, or 11 cents per diluted share, on net sales of $1.7 billion. This compares with net earnings of $166 million, or 31 cents per diluted share, on net sales of $1.8 billion from continuing operations for the same period last year.

Earnings for the fourth quarter of 2015 include net after-tax charges of $62 million from special items. Excluding these items, the company reported net earnings of $121 million, or 24 cents per diluted share. This compares with net earnings from continuing operations before special items of $145 million, or 27 cents per diluted share for the same period last year.

For the full year 2015, Weyerhaeuser reported net earnings attributable to common shareholders of $462 million, or 89 cents per diluted share, on net sales of $7.1 billion. This compares with net earnings of $1.8 billion, or $3.18 per diluted share, on net sales from continuing operations of $7.4 billion for the same period last year. 2014 results included after-tax earnings of $998 million from discontinued operations, related to the divested Weyerhaeuser Real Estate Company.

Full year 2015 includes net after-tax charges of $71 million from special items. Excluding these items, the company reported net earnings of $533 million, or $1.04 per diluted share. This compares with net earnings from continuing operations before special items of $700 million, or $1.25 per diluted share, for the full year 2014.

“2015 was a milestone year for Weyerhaeuser, as we announced a transformational merger that will create the world’s premier timber, land and forest products company,” said Doyle R. Simons, president and chief executive officer. “At the same time, we maintained our relentless focus on improving our relative performance and delivered on our 2015 operational excellence targets. Finally, we fulfilled our commitment to return cash to shareholders through a 7 percent dividend increase and the repurchase of over $500 million of common shares. Looking forward to 2016, completion of our merger with Plum Creek, the strategic review of our Cellulose Fibers business, and our continued focus on operational excellence and disciplined capital allocation will position us to drive value for our shareholders.”

WEYERHAEUSER FINANCIAL HIGHLIGHTS	3Q	4Q	4Q	Full Year
(millions, except per share data)	2015	2015	2014	2015	2014
Net sales from continuing operations	$1,820	$1,734	$1,788	$7,082	$7,403
Net earnings attributable to common shareholders(1)	$180	$59	$166	$462	$1,782
Weighted average shares outstanding, diluted(2)	517	514	529	520	561
Earnings per diluted share	$0.35	$0.11	$0.31	$0.89	$3.18
Earnings per diluted share from continuing operations	$0.35	$0.11	$0.31	$0.89	$1.40
Net earnings from continuing operations before special items(3)	$180	$121	$145	$533	$700
Earnings per diluted share from continuing operations before special items	$0.35	$0.24	$0.27	$1.04	$1.25
Cash and cash equivalents at end of period(4)	$1,048	$1,012	$1,580	$1,012	$1,580
(1) Full-Year 2014 includes net earnings from discontinued operations of $998 million, primarily related to the gain on the divestiture of Weyerhaeuser Real Estate Company.
(2) During the third quarter of 2014 Weyerhaeuser retired approximately 59 million shares tendered under the exchange offer associated with the divestiture of Weyerhaeuser Real Estate Company. Since the third quarter 2014 Weyerhaeuser repurchased approximately 22 million common shares. At the end of the fourth quarter 2015 the company had approximately 510 million common shares outstanding.
(3) Special items for fourth quarter 2015 include a noncash charge for Weyerhaeuser's share of an asset impairment by an equity affiliate, Plum Creek merger-related costs, a benefit from the expiration of the company's built-in-gains tax period, and restructuring charges related to closing four distribution centers. First quarter 2015 also included a noncash impairment charge on a nonstrategic asset. Special items for 2014 include gains on a postretirement plan amendment and restructuring charges related to the company’s SG&A cost reduction initiative.
(4) Cash and cash equivalents at the end of the period exclude discontinued operations.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	3Q 2015	4Q 2015	Change
Net sales to unaffiliated customers	$326	$337	$11
Contribution to pre-tax earnings	$126	$134	$8

4Q 2015 Performance - In the West, fee harvest volumes increased and average log sales realizations improved. In the South, fee harvest volumes decreased as a result of wet weather and average log sales realizations declined due to mix, mostly offset by lower costs. Earnings from the disposition of non-strategic timberlands increased by $6 million compared with the third quarter.

1Q 2016 Outlook - Weyerhaeuser expects comparable earnings from the Timberlands segment in the first quarter. In the West, the company expects higher log sales volumes and average realizations. In the South, the company anticipates seasonally lower fee harvest volumes and slightly decreased average log sales realizations due to mix. The company expects lower earnings from the disposition of nonstrategic timberlands in first quarter 2016 compared with fourth quarter 2015.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	3Q 2015	4Q 2015	Change
Net sales to unaffiliated customers	$1,023	$922	($101)
Contribution to pre-tax earnings before special items	$85	$48	($37)
Pre-tax charge for special items	—	($8)	($8)
Contribution to pre-tax earnings	$85	$40	($45)

4Q 2015 Performance - Increased average sales realizations for oriented strand board were more than offset by reduced average lumber sales realizations and seasonally lower sales volumes across all product lines. Operating rates decreased, primarily due to downtime for planned maintenance in engineered wood products and oriented strand board and installation of capital projects in lumber.

Special items for the fourth quarter include restructuring charges related to the closure of four distribution centers.

1Q 2016 Outlook - Weyerhaeuser expects higher earnings from the Wood Products segment in the first quarter. The company expects moderately higher average sales realizations for lumber and increased production volumes across all product lines.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	3Q 2015	4Q 2015	Change
Net sales	$471	$475	$4
Contribution to pre-tax earnings before special items	$79	$64	($15)
Pre-tax charge for special items	—	($84)	($84)
Contribution to pre-tax earnings	$79	($20)	($99)

4Q 2015 Performance - Lower average price realizations for pulp and increased maintenance costs due to additional scheduled outage days compared to the third quarter were partially offset by increased pulp sales volumes.

Special items for the fourth quarter include a noncash charge for Weyerhaeuser's share of an asset impairment recorded by an equity affiliate focused on newsprint and publication papers.

1Q 2016 Outlook - Weyerhaeuser expects significantly lower earnings from the Cellulose Fibers segment in the first quarter. The company anticipates decreased average sales realizations for pulp, seasonally lower pulp sales volumes, and additional maintenance expense due to a scheduled outage at the company's liquid packaging board facility.

PENDING MERGER WITH PLUM CREEK

On November 6, 2015 Weyerhaeuser and Plum Creek Timber Company, Inc. entered into an Agreement and Plan of Merger. The outlooks contained in this release do not consider any incremental operating results attributable to this pending merger.

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 additional timberlands 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. Our company is a real estate investment trust. In 2015, we generated $7.1 billion in net sales and employed approximately 12,600 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 February 5 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on February 5.

To join the conference call from within North America, dial 877-296-9413 (access code: 3192646) at least 15 minutes prior to the call. Those calling from outside North America should dial 706-679-2458 (access code: 3192646). Replays will be available for one week at 855-859-2056 (access code: 3192646) from within North America and at 404-537-3406 (access code: 3192646) 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 the company’s operations, cash flow or financial condition. All forward-looking statements are as of the date of this news release and we undertake no obligation to publicly update these forward-looking statements, whether as a result of new information, the occurrence of future events or otherwise.

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 2016, including with respect to earnings; log realizations and demand, harvest volumes and dispositions of non-strategic timberlands in Timberlands; lumber sales realizations and production volumes across Wood Products product lines; and maintenance expenses and pulp sales volumes and realizations in Cellulose Fibers.

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;

• the successful execution of the company’s strategic plans, including its ability to complete and realize the expected benefits of the proposed transaction with Plum Creek and the results of its strategic alternatives review of the Cellulose Fibers business;

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

• raw material prices;

• energy prices;

• the effect of weather;

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

• transportation availability and 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 Form 10-K and in the company's other filings with the SEC, including the risks discussed in the definitive joint proxy statement/prospectus filed with the SEC on Form 424B3 on December 29, 2015 in connection with the proposed transaction with Plum Creek.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan and China, restrictions on international trade, tariffs imposed on imports and disruptions in shipping and transportation. 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.

NO OFFER OR SOLICITATION

This news release is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction with Plum Creek or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

The proposed transaction involving the company and Plum Creek will be submitted to the company’s shareholders and Plum Creek’s stockholders for their consideration. In connection with the proposed transaction, the company filed with the SEC a registration statement on Form S-4 (the “Registration Statement”), which was declared effective by the SEC on December 28, 2015, that includes a prospectus with respect to the company’s common shares to be issued in the proposed transaction and a joint proxy statement for the company’s shareholders and Plum Creek’s stockholders (the “Joint Proxy Statement”) and each of the company and Plum Creek has mailed the Joint Proxy Statement to their respective shareholders or stockholders, as applicable, and filed or will file other documents regarding the proposed transaction with the SEC. SECURITY HOLDERS ARE URGED AND ADVISED TO READ CAREFULLY ALL RELEVANT MATERIALS FILED OR TO BE FILEDWITH THE SEC BY THE COMPANY OR PLUM CREEK WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. The Registration Statement, the Joint Proxy Statement and other relevant materials and any other documents filed or furnished by the company or Plum Creek with the SEC may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, security holders may obtain free copies of the Registration Statement and the Joint Proxy Statement from the company upon written request to Weyerhaeuser Company, 33663 Weyerhaeuser Way South, Federal Way, Washington 98003, Attention: Director, Investor Relations, or by calling (253) 924-2058, or from Plum Creek upon written request to Plum Creek, 601 Union Street, Suite 3100, Seattle Washington 98101, Attention: Investor Relations, or by calling (800) 858-5347.

PARTICIPANTS IN THE SOLICITATION

The company, Plum Creek, their respective directors and certain of their respective executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the company’s directors and executive officers is set forth in its definitive proxy statement for its 2015 Annual Meeting of Shareholders, which was filed with the SEC on April 1, 2015, and information about Plum Creek’s directors and executive officers is set forth in its definitive proxy statement for its 2015 Annual Meeting of Stockholders, which was filed with the SEC on March 26, 2015. These documents are available free of charge from the sources indicated above, and from the company by going to its investor relations page on its corporate web site at www.weyerhaeuser.com and from Plum Creek by going to its investor relations page on its corporate web site at www.plumcreek.com.

Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction is included in the Registration Statement and the Joint Proxy Statement filed with the SEC and in other relevant materials the company or Plum Creek have filed or intend to file with the SEC.

EX-99.2

Weyerhaeuser Company																Exhibit 99.2
Q4.2015 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Operations
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2015			Jun 30, 2015			Sep 30, 2015			Dec 31, 2015			Dec 31, 2014			Dec 31, 2015			Dec 31, 2014
Net Sales	$	1,721		$	1,807		$	1,820		$	1,734		$	1,788		$	7,082		$	7,403
Cost of products sold	1,385			1,474			1,445			1,390			1,399			5,694			5,763
Gross margin	336			333			375			344			389			1,388			1,640
Selling expenses	28			28			27			30			29			113			112
General and administrative expenses	74			71			60			84			89			289			338
Research and development expenses	5			6			6			7			8			24			27
Charges for restructuring, closures and impairments	14			—			2			9			7			25			44
Other operating costs (income), net	15			(15		)	21			(3		)	(38		)	18			(201		)
Operating income	200			243			259			217			294			919			1,320
Loss from equity affiliates(1)	(6		)	(7		)	(5		)	(87		)	—			(105		)	(1		)
Interest income and other	9			9			9			9			10			36			38
Interest expense, net of capitalized interest	(83		)	(88		)	(88		)	(88		)	(90		)	(347		)	(344		)
Earnings from continuing operations before income taxes	120			157			175			51			214			503			1,013
Income tax (expense) benefit	(19		)	(13		)	16			19			(37		)	3			(185		)
Earnings from continuing operations	101			144			191			70			177			506			828
Earnings from discontinued operations, net of income taxes	—			—			—			—			—			—			998
Net earnings	101			144			191			70			177			506			1,826
Dividends on preference shares	(11		)	(11		)	(11		)	(11		)	(11		)	(44		)	(44		)
Net earnings attributable to Weyerhaeuser common shareholders	$	90		$	133		$	180		$	59		$	166		$	462		$	1,782
(1) Loss from equity affiliates in Q4 2015 includes an $84 million non-cash charge for our share of an asset impairment recorded by an equity affiliate.
Per Share Information
	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2015			Jun 30, 2015			Sep 30, 2015			Dec 31, 2015			Dec 31, 2014			Dec 31, 2015			Dec 31, 2014
Earnings per share attributable to Weyerhaeuser common shareholders, basic:
Continuing operations	$	0.17		$	0.26		$	0.35		$	0.11		$	0.32		$	0.89		$	1.41
Discontinued operations	—			—			—						—			—			1.79
Net earnings per share	$	0.17		$	0.26		$	0.35		$	0.11		$	0.32		$	0.89		$	3.20
Earnings per share attributable to Weyerhaeuser common shareholders, diluted:
Continuing operations	$	0.17		$	0.26		$	0.35		$	0.11		$	0.31		$	0.89		$	1.40
Discontinued operations	—			—			—			—			—			—			1.78
Net earnings per share	$	0.17		$	0.26		$	0.35		$	0.11		$	0.31		$	0.89		$	3.18
Dividends paid per common share	$	0.29		$	0.29		$	0.31		$	0.31		$	0.29		$	1.20		$	1.02
Weighted average shares outstanding (in thousands):
Basic	523,426			516,626			514,301			511,175			524,838			516,371			556,705
Diluted	527,423			519,804			517,088			514,167			529,411			519,618			560,899
Common shares outstanding at end of period (in thousands)	518,735			514,121			511,033			510,483			524,474			510,483			524,474
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2015			Jun 30, 2015			Sep 30, 2015			Dec 31, 2015			Dec 31, 2014			Dec 31, 2015			Dec 31, 2014
Net earnings	$	101		$	144		$	191		$	70		$	177		$	506		$	1,826
Earnings from discontinued operations, net of income taxes	—			—			—			—			—			—			(998		)
Loss from equity affiliates(1)	6			7			5			87			—			105			1
Interest income and other	(9		)	(9		)	(9		)	(9		)	(10		)	(36		)	(38		)
Interest expense, net of capitalized interest	83			88			88			88			90			347			344
Income tax expense (benefit)	19			13			(16		)	(19		)	37			(3		)	185
Operating income	200			243			259			217			294			919			1,320
Depreciation, depletion and amortization	123			118			118			120			125			479			493
Non-operating pension and postretirement credits	(3		)	(3		)	(2		)	(3		)	(12		)	(11		)	(45		)
Special items in operating income	13			—			—			22			(31		)	35			(134		)
Adjusted EBITDA*	$	333		$	358		$	375		$	356		$	376		$	1,422		$	1,634
* Non-GAAP measure - see page 8 for definition.

Page 1 of 9

Weyerhaeuser Company
Q4.2015 Analyst Package
Preliminary results (unaudited)
Consolidated Balance Sheet
in millions	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	1,158	$	1,121	$	1,048	$	1,012	$	1,580
Receivables, less allowances	539		537		545		487		525
Receivables for taxes	23		12		14		30		25
Inventories	645		603		590		568		595
Prepaid expenses	95		82		87		77		80
Total current assets	2,460		2,355		2,284		2,174		2,805
Property and equipment, net	2,524		2,557		2,484		2,586		2,623
Construction in progress	171		171		231		195		131
Timber and timberlands at cost, less depletion charged to disposals	6,552		6,531		6,507		6,480		6,530
Investments in and advances to equity affiliates	183		176		174		74		188
Goodwill	40		40		40		40		40
Deferred tax assets	34		22		15		4		44
Other assets	269		274		267		318		289
Restricted financial investments held by variable interest entities	615		615		615		615		615
Total assets	$	12,848	$	12,741	$	12,617	$	12,486	$	13,265
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	319		343		344		326		331
Accrued liabilities	533		576		554		549		587
Total current liabilities	852		919		898		875		918
Long-term debt	4,891		4,891		4,891		4,891		4,891
Long-term debt (nonrecourse to the company) held by variable interest entities	511		511		511		511		511
Deferred income taxes	34		54		56		86		14
Deferred pension and other postretirement benefits	1,249		1,166		1,106		987		1,319
Other liabilities	284		275		277		267		308
Total liabilities	7,821		7,816		7,739		7,617		7,961
Total equity	5,027		4,925		4,878		4,869		5,304
Total liabilities and equity	$	12,848	$	12,741	$	12,617	$	12,486	$	13,265

Page 2 of 9

Weyerhaeuser Company
Q4.2015 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2015			Jun 30, 2015			Sep 30, 2015			Dec 31, 2015			Dec 31, 2014			Dec 31, 2015			Dec 31, 2014
Cash flows from operations:
Net earnings	$	101		$	144		$	191		$	70		$	177		$	506		$	1,826
Noncash charges (credits) to income:
Depreciation, depletion and amortization	123			118			118			120			125			479			500
Deferred income taxes, net	13			3			(6		)	(10		)	35			—			205
Pension and other postretirement benefits	10			11			11			10			(48		)	42			(152		)
Share-based compensation expense	8			8			6			9			11			31			40
Charges for impairment of assets	13			—			1			1			1			15			2
(Earnings) loss from equity affiliates	6			7			5			87			—			105			1
Net gains on dispositions of assets and operations	(16		)	(5		)	(9		)	(8		)	(2		)	(38		)	(1,050		)
Foreign exchange transaction (gains) losses	29			(8		)	20			6			12			47			27
Change in:
Receivables less allowances	(16		)	(10		)	(15		)	58			57			17			29
Receivable for taxes	2			12			(3		)	(16		)	(1		)	(5		)	76
Inventories	(57		)	42			6			19			(20		)	10			(66		)
Real estate and land	—			—			—			—			—			—			(133		)
Prepaid expenses	(11		)	9			—			5			11			3			17
Accounts payable and accrued liabilities	(91		)	66			(22		)	12			(22		)	(35		)	(98		)
Deposits on land positions and other assets	—			—			—			—			—			—			15
Pension and postretirement contributions	(20		)	(19		)	(20		)	(24		)	(16		)	(83		)	(101		)
Other	(17		)	(12		)	(1		)	—			(16		)	(30		)	(50		)
Net cash from operations	77			366			282			339			304			1,064			1,088
Cash flows from investing activities:
Property and equipment	(71		)	(99		)	(106		)	(167		)	(115		)	(443		)	(354		)
Timberlands reforestation	(18		)	(9		)	(6		)	(7		)	(9		)	(40		)	(41		)
Acquisition of timberlands	(32		)	—			(2		)	(2		)	(3		)	(36		)	—
Net proceeds from Real Estate Divestiture, net of cash divested	—			—			—			—			—			—			707
Proceeds from sale of assets	2			4			1			12			4			19			28
Other	—			12			—			1			(1		)	13			21
Cash from investing activities	(119		)	(92		)	(113		)	(163		)	(124		)	(487		)	361
Cash flows from financing activities:
Net proceeds from issuance of Weyerhaeuser Real Estate Company (WRECO) debt	—			—			—			—			—			—			887
Deposit of WRECO debt proceeds into escrow	—			—			—			—			—			—			(887		)
Cash dividends on common shares	(152		)	(149		)	(159		)	(159		)	(152		)	(619		)	(563		)
Cash dividends on preference shares	—			(11		)	(11		)	(22		)	(22		)	(44		)	(44		)
Change in book overdrafts	—			—			—			—			—			—			(17		)
Exercises of stock options	21			4			4			5			35			34			119
Repurchase of common stock	(253		)	(154		)	(77		)	(34		)	(80		)	(518		)	(203		)
Other	4			(1		)	1			(2		)	(1		)	2			4
Cash from financing activities	(380		)	(311		)	(242		)	(212		)	(220		)	(1,145		)	(704		)
Net change in cash and cash equivalents	(422		)	(37		)	(73		)	(36		)	(40		)	(568		)	745
Cash and cash equivalents at beginning of period	1,580			1,158			1,121			1,048			1,620			1,580			835
Cash and cash equivalents at end of period	$	1,158		$	1,121		$	1,048		$	1,012		$	1,580		$	1,012		$	1,580
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	114		$	58		$	118		$	57		$	66		$	347		$	319
Income taxes	$	1		$	4		$	(1	)	$	10		$	3		$	14		$	(37	)
Noncash investing and financing activity:
Common shares tendered in WRECO divestiture	$	—		$	—		$	—		$	—		$	—		$	—		$	1,954

Page 3 of 9

Weyerhaeuser Company													Total Company Statistics
Q4.2015 Analyst Package
Preliminary results (unaudited)
Special Items Included in Net Earnings
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2015			Jun 30, 2015			Sep 30, 2015			Dec 31, 2015			Dec 31, 2014			Dec 31, 2015			Dec 31, 2014
Net earnings attributable to Weyerhaeuser common shareholders	$	90		$	133		$	180		$	59		$	166		$	462		$	1,782
Restructuring, impairments and other charges	9			—			—			5			4			14			28
Gain on sale of non-strategic asset	—			—			—			—			—			—			(14		)
Gain on postretirement plan amendment	—			—			—			—			(25		)	—			(98		)
Plum Creek merger-related costs	—			—			—			14			—			14			—
Impairment charge recorded by equity method affiliate	—			—			—			56			—			56			—
Tax adjustments	—			—			—			(13		)	—			(13		)	—
Net earnings attributable to Weyerhaeuser common shareholders before special items	99			133			180			121			145			533			1,698
Earnings from discontinued operations, net of income taxes	—			—			—			—			—			—			(998		)
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items	$	99		$	133		$	180		$	121		$	145		$	533		$	700
	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2015			Jun 30, 2015			Sep 30, 2015			Dec 31, 2015			Dec 31, 2014			Dec 31, 2015			Dec 31, 2014
Net earnings per diluted share attributable to Weyerhaeuser common shareholders	$	0.17		$	0.26		$	0.35		$	0.11		$	0.31		$	0.89		$	3.18
Restructuring, impairments and other charges	0.02			—			—			0.01			0.01			0.03			0.05
Gain on sale of non-strategic asset	—			—			—			—			—			—			(0.02		)
Gain on postretirement plan amendment	—			—			—			—			(0.05		)	—			(0.18		)
Plum Creek merger-related costs	—			—			—			0.03			—			0.03			—
Impairment charge recorded by equity method affiliate	—			—			—			0.12			—			0.12			—
Tax adjustments	—			—			—			(0.03		)	—			(0.03		)	—
Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items	0.19			0.26			0.35			0.24			0.27			1.04			3.03
Earnings from discontinued operations, net of income taxes	—			—			—			—			—			—			(1.78		)
Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items	$	0.19		$	0.26		$	0.35		$	0.24		$	0.27		$	1.04		$	1.25
Selected Total Company Items
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2015			Jun 30, 2015			Sep 30, 2015			Dec 31, 2015			Dec 31, 2014			Dec 31, 2015			Dec 31, 2014
Depreciation, depletion and amortization:
Cost of products sold	$	118		$	116		$	116		$	118		$	119		$	468		$	470
Selling, general and administrative expenses	5			2			2			2			6			11			23
Total depreciation, depletion and amortization	$	123		$	118		$	118		$	120		$	125		$	479		$	493
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	13		$	14		$	13		$	13		$	12		$	53		$	45
Pension and postretirement costs (credits) not allocated	(3		)	(3		)	(2		)	(3		)	(12		)	(11		)	(45		)
Total company pension and postretirement costs	$	10		$	11		$	11		$	10		$	—		$	42		$	—
Cash spent for capital expenditures	$	(89	)	$	(108	)	$	(112	)	$	(174	)	$	(124	)	$	(483	)	$	(391	)

Page 4 of 9

Weyerhaeuser Company														Timberlands Segment
Q4.2015 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Sales to unaffiliated customers		$	351		$	336		$	326		$	337		$	359		$	1,350		$	1,497
Intersegment sales		228			187			210			205			225			830			867
Total net sales		579			523			536			542			584			2,180			2,364
Cost of products sold		405			385			401			395			424			1,586			1,686
Gross margin		174			138			135			147			160			594			678
Selling expenses		2			1			1			1			1			5			7
General and administrative expenses		22			21			21			24			25			88			97
Research and development expenses		3			4			3			6			5			16			16
Charges for restructuring, closures and impairments		—			—			—			—			—			—			1
Other operating income, net		(15		)	(15		)	(16		)	(18		)	(14		)	(64		)	(56		)
Operating income		162			127			126			134			143			549			613
Interest income and other		—			—			—			—			—			—			—
Net contribution to earnings		$	162		$	127		$	126		$	134		$	143		$	549		$	613
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Operating income		$	162		$	127		$	126		$	134		$	143		$	549		$	613
Depreciation, depletion and amortization		53			51			51			54			53			209			207
Adjusted EBITDA*		$	215		$	178		$	177		$	188		$	196		$	758		$	820
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Total decrease (increase) in working capital(1)		$	(26	)	$	52		$	(12	)	$	4		$	8		$	18		$	(11	)
Cash spent for capital expenditures		$	(24	)	$	(17	)	$	(17	)	$	(17	)	$	(18	)	$	(75	)	$	(74	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Third Party Net Sales (millions)	Logs:
	West	$	210		$	221		$	196		$	203		$	227		$	830		$	972
	South	58			58			64			61			66			241			257
	Canada	8			3			6			7			10			24			22
	Total logs	276			282			266			271			303			1,095			1,251
	Chip sales	4			4			4			3			3			15			12
	Timberlands exchanges	25			5			12			20			3			62			52
	Higher and better use land sales	2			3			4			5			5			14			19
	Minerals, oil and gas	7			5			7			7			7			26			32
	Products from international operations	24			25			20			18			24			87			96
	Other products	13			12			13			13			14			51			35
	Total	$	351		$	336		$	326		$	337		$	359		$	1,350		$	1,497
Logs Third Party Sales Realizations (per cubic meter)	West	$	98.83		$	94.70		$	93.44		$	96.16		$	106.73		$	95.76		$	108.19
	South	$	45.33		$	45.20		$	45.96		$	45.07		$	45.56		$	45.40		$	45.23
	Canada	$	34.84		$	35.43		$	35.50		$	34.54		$	38.82		$	34.97		$	37.58
	International	$	19.35		$	22.63		$	18.71		$	18.31		$	18.64		$	19.85		$	18.06
Logs Third Party Sales Volumes (cubic meters, thousands)	West	2,120			2,330			2,104			2,118			2,121			8,672			8,980
	South	1,271			1,295			1,396			1,338			1,454			5,300			5,678
	Canada	245			75			159			208			254			687			592
	International	150			179			175			144			148			648			604
	Total	3,786			3,879			3,834			3,808			3,977			15,307			15,854
Logs Fee Harvest Volumes (cubic meters, thousands)	West	2,911			2,811			2,666			2,742			2,754			11,130			11,173
	South	2,732			2,912			3,008			2,916			3,145			11,568			11,676
	International	239			219			200			231			260			889			990
	Total	5,882			5,942			5,874			5,889			6,159			23,587			23,839

Page 5 of 9

Weyerhaeuser Company														Wood Products Segment
Q4.2015 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Sales to unaffiliated customers		$	923		$	1,004		$	1,023		$	922		$	947		$	3,872		$	3,970
Intersegment sales		19			22			20			21			20			82			80
Total net sales		942			1,026			1,043			943			967			3,954			4,050
Cost of products sold		829			903			914			841			855			3,487			3,495
Gross margin		113			123			129			102			112			467			555
Selling expenses		23			23			23			25			24			94			94
General and administrative expenses		27			26			21			28			32			102			130
Research and development expenses		—			1			1			—			1			2			4
Charges for restructuring, closures and impairments		—			—			1			9			—			10			2
Other operating income, net		1			2			(2		)	—			(1		)	1			(2		)
Operating income		62			71			85			40			56			258			327
Interest income and other		—			—			—			—			—			—			—
Net contribution to earnings		$	62		$	71		$	85		$	40		$	56		$	258		$	327
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Operating income		$	62		$	71		$	85		$	40		$	56		$	258		$	327
Depreciation, depletion and amortization		26			27			26			27			30			106			119
Special items		—			—			—			8			—			8			—
Adjusted EBITDA*		$	88		$	98		$	111		$	75		$	86		$	372		$	446
* Non-GAAP measure - see page 8 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Restructuring, impairments and other charges		$	—		$	—		$	—		$	(8	)	$	—		$	(8	)	$	—
Selected Segment Items
		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Total decrease (increase) in working capital(1)		$	(99	)	$	42		$	23		$	79		$	29		$	45		$	(38	)
Cash spent for capital expenditures		$	(37	)	$	(60	)	$	(68	)	$	(122	)	$	(78	)	$	(287	)	$	(190	)
(1) Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Structural Lumber (board feet)	Third party net sales	$	434		$	450		$	455		$	402		$	459		$	1,741		$	1,901
	Third party sales realizations	$	403		$	383		$	372		$	360		$	415		$	379		$	426
	Third party sales volumes(1)	1,075			1,175			1,224			1,114			1,106			4,588			4,463
	Production volumes	1,043			1,087			1,087			1,035			1,013			4,252			4,152
	Outside purchase volumes	89			98			92			77			94			356			345
Engineered Solid Section (cubic feet)	Third party net sales	$	94		$	113		$	116		$	105		$	94		$	428		$	402
	Third party sales realizations	$	1,965		$	2,032		$	2,043		$	1,987		$	2,060		$	2,008		$	2,005
	Third party sales volumes(1)	4.8			5.6			5.6			5.3			4.5			21.3			20.0
	Production volumes	5			5.6			5.2			5.1			4.6			20.9			20.4
	Outside purchase volumes	—			—			—			—			—			—			2.3
Engineered I-joists (lineal feet)	Third party net sales	$	61		$	76		$	79		$	68		$	63		$	284		$	277
	Third party sales realizations	$	1,510		$	1,502		$	1,520		$	1,515		$	1,549		$	1,512		$	1,502
	Third party sales volumes(1)	41			50			52			45			40			188			184
	Production volumes	43			48			50			44			33			185			182
	Outside purchase volumes	1			1			2			1			2			5			7
Oriented Strand Board (square feet 3/8')	Third party net sales	$	137		$	147		$	151		$	160		$	146		$	595		$	610
	Third party sales realizations	$	196		$	191		$	194		$	221		$	206		$	200		$	219
	Third party sales volumes(1)	700			771			778			723			709			2,972			2,788
	Production volumes	704			700			746			697			694			2,847			2,749
	Outside purchase volumes	65			82			77			55			61			278			217
Softwood Plywood (square feet 3/8')	Third party net sales	$	33		$	36		$	33		$	27		$	36		$	129		$	143
	Third party sales realizations	$	366		$	354		$	330		$	308		$	384		$	339		$	362
	Third party sales volumes(1)	89			101			100			91			93			381			395
	Production volumes	61			63			67			57			61			248			252
	Outside purchase volumes	37			27			27			25			42			116			142
(1) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

Page 6 of 9

Weyerhaeuser Company														Cellulose Fibers Segment
Q4.2015 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Total net sales		$	447		$	467		$	471		$	475		$	482		$	1,860		$	1,936
Cost of products sold		394			417			371			393			379			1,575			1,577
Gross margin		53			50			100			82			103			285			359
Selling expenses		3			4			3			4			4			14			15
General and administrative expenses		17			17			16			17			18			67			76
Research and development expenses		2			1			2			1			2			6			7
Charges for restructuring, closures and impairments		—			—			—			—			—			—			—
Other operating income, net		(8		)	(6		)	(5		)	(7		)	(8		)	(26		)	(31		)
Operating income		39			34			84			67			87			224			292
Loss from equity affiliates(1)		(6		)	(7		)	(5		)	(87		)	—			(105		)	(1		)
Net contribution to earnings		$	33		$	27		$	79		$	(20	)	$	87		$	119		$	291
(1) Loss from equity affiliates in Q4 2015 includes an $84 million non-cash charge for our share of an asset impairment recorded by an equity affiliate.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Operating income		$	39		$	34		$	84		$	67		$	87		$	224		$	292
Depreciation, depletion and amortization		39			38			39			38			39			154			155
Adjusted EBITDA*		$	78		$	72		$	123		$	105		$	126		$	378		$	447
* Non-GAAP measure - see page 8 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Impairment charge recorded by equity method affiliate		$	—		$	—		$	—		$	(84	)	$	—		$	(84	)	$	—
Selected Segment Items
		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Total decrease (increase) in working capital(1)		$	40		$	6		$	(24	)	$	(13	)	$	(47	)	$	9		$	(14	)
Cash spent for capital expenditures		$	(27	)	$	(31	)	$	(27	)	$	(33	)	$	(26	)	$	(118	)	$	(123	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Pulp (air-dry metric tons)	Third party net sales (millions)	$	360		$	368		$	383		$	388		$	405		$	1,499		$	1,559
	Third party sales realizations	$	854		$	823		$	818		$	800		$	886		$	823		$	854
	Third party sales volumes (thousands)	421			448			468			484			458			1,821			1,826
	Production volumes (thousands)	442			422			477			481			468			1,822			1,859
Liquid Packaging Board (metric tons)	Third party net sales (millions)	$	74		$	84		$	74		$	73		$	63		$	305		$	310
	Third party sales realizations	$	1,194		$	1,218		$	1,168		$	1,203		$	1,133		$	1,196		$	1,244
	Third party sales volumes (thousands)	62			69			63			61			55			255			249
	Production volumes (thousands)	60			64			68			63			70			255			265

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Weyerhaeuser Company													Unallocated Items
Q4.2015 Analyst Package
Preliminary results (unaudited)
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 outstanding borrowings and the elimination of intersegment profit in inventory and the LIFO reserve.
Contribution to Earnings
in millions	Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Unallocated corporate function expenses	$	(9	)	$	(7	)	$	(4	)	$	(7	)	$	(7	)	$	(27	)	$	(24	)
Unallocated share-based compensation	3			1			6			(4		)	(7		)	6			(9		)
Unallocated pension & postretirement credits (costs)	3			3			2			3			50			11			196
Foreign exchange gains (losses)	(29		)	9			(20		)	(6		)	(11		)	(46		)	(27		)
Elimination of intersegment profit in inventory and LIFO	(12		)	18			3			1			(2		)	10			(10		)
Other	(19		)	(13		)	(23		)	(11		)	(15		)	(66		)	(38		)
Operating income (loss)	(63		)	11			(36		)	(24		)	8			(112		)	88
Interest income and other	9			9			9			9			10			36			38
Net contribution to earnings from continuing operations(1)	$	(54	)	$	20		$	(27	)	$	(15	)	$	18		$	(76	)	$	126
(1) We have reclassified certain results from the prior periods to present the results of operations discontinued in 2014 separately. Our reclassifications had no effect on net earnings or Weyerhaeuser shareholders’ interest.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions	Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Operating income (loss)	$	(63	)	$	11		$	(36	)	$	(24	)	$	8		$	(112	)	$	88
Depreciation, depletion and amortization	5			2			2			1			3			10			12
Non-operating pension and postretirement costs (credits)	(3		)	(3		)	(2		)	(3		)	(12		)	(11		)	(45		)
Special items	13			—			—			14			(31		)	27			(134		)
Adjusted EBITDA*	$	(48	)	$	10		$	(36	)	$	(12	)	$	(32	)	$	(86	)	$	(79	)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
	Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Restructuring, impairments and other charges	$	(13	)	$	—		$	—		$	—		$	(7	)	$	(13	)	$	(39	)
Gain on sale of non-strategic asset	—			—			—			—			—			—			22
Gain on postretirement plan amendment	—			—			—			—			38			—			151
Plum Creek merger-related costs	—			—			—			(14		)	—			(14		)	—
Total	$	(13	)	$	—		$	—		$	(14	)	$	31		$	(27	)	$	134
Unallocated Selected Items
	Q1.2015			Q2.2015			Q3.2015			Q4.2015			Q4.2014			YTD.2015			YTD.2014
Cash spent for capital expenditures	$	(1	)	$	—		$	—		$	(2	)	$	(2	)	$	(3	)	$	(4	)
*Adjusted EBITDA 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 discontinued operations. 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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Weyerhaeuser Company									Discontinued Operations
Q4.2015 Analyst Package
Preliminary results (unaudited)
Discontinued operations relate to WRECO, which was combined with TRI Pointe Homes, Inc. through a Reverse Morris Trust transaction on July 7, 2014. It was previously reported under the Real Estate segment and Unallocated Items.
Discontinued Operations Statement of Operations
in millions	Q1.2015		Q2.2015		Q3.2015		Q4.2015		Q4.2014		YTD.2015		YTD.2014
Total net sales	$	—	$	—	$	—	$	—	$	—	$	—	$	573
Income (loss) from operations	$	—	$	—	$	—	$	—	$	—	$	—	$	42
Income taxes	—		—		—		—		—		—		(16		)
Net earnings (loss) from operations	—		—		—		—		—		—		26
Net gain on divestiture	—		—		—		—		—		—		972
Net earnings from discontinued operations	$	—	$	—	$	—	$	—	$	—	$	—	$	998

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