CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Plum Creek Timberlands, L.P. (PC Timberlands), a 100% owned subsidiary of Weyerhaeuser Company (WY), is the primary obligor of $894 million in debt securities that are registered under the U.S. Securities Act of 1933. Weyerhaeuser has guaranteed this debt, fully, unconditionally and irrevocably assuming and agreeing to perform, jointly and severally with PC Timberlands, the payment and covenant obligations for the debt.

The following condensed consolidating financial information provides information about: PC Timberlands, as issuer and primary obligor of the registered debt securities; Weyerhaeuser, as guarantor of the registered debt securities; and all other subsidiaries, as required by SEC Rule 3-10 of Regulation S-X (Rule 3-10). This condensed consolidating information was prepared in accordance with US GAAP, with the exception of investments in subsidiaries, which are accounted for using the equity method as required by Rule 3-10.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS



	QUARTER ENDED MARCH 31, 2016
DOLLAR AMOUNTS IN MILLIONS	Parent Company – WY			Subsidiary Issuer – PC Timberlands*			Non-Issuer and Non-Guarantor Subsidiaries			Eliminations			Total Company
Net sales	$	186		$	27		$	1,808		$	(186	)	$	1,835
Costs of products sold	57			24			1,577			(183		)	1,475
Gross margin	129			3			231			(3		)	360
Other operating expenses, net	81			22			71			—			174
Operating income	48			(19		)	160			(3		)	186
Non-operating expense, net	(12		)	(6		)	(67		)	—			(85		)
Earnings before income taxes	36			(25		)	93			(3		)	101
Income taxes	—			—			(20		)	—			(20		)
Net earnings	36			(25		)	73			(3		)	81
Dividends on preference shares	(11		)	—			—			—			(11		)
Net earnings attributable to Weyerhaeuser common shareholders	$	25		$	(25	)	$	73		$	(3	)	$	70



	QUARTER ENDED MARCH 31, 2015
DOLLAR AMOUNTS IN MILLIONS	Parent Company – WY			Subsidiary Issuer – PC Timberlands*		Non-Issuer and Non-Guarantor Subsidiaries			Eliminations			Total Company
Net sales	$	198		$	—	$	1,699		$	(170	)	$	1,727
Costs of products sold	61			—		1,495			(171		)	1,385
Gross margin	137			—		204			1			342
Other operating expenses, net	19			—		123			—			142
Operating income	118			—		81			1			200
Non-operating expense, net	(6		)	—		(74		)	—			(80		)
Earnings before income taxes	112			—		7			1			120
Income taxes	—			—		(19		)	—			(19		)
Net earnings	112			—		(12		)	1			101
Dividends on preference shares	(11		)	—		—			—			(11		)
Net earnings attributable to Weyerhaeuser common shareholders	$	101		$	—	$	(12	)	$	1		$	90

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)



	QUARTER ENDED MARCH 31, 2016
DOLLAR AMOUNTS IN MILLIONS	Parent Company – WY		Subsidiary Issuer – PC Timberlands*			Non-Issuer and Non-Guarantor Subsidiaries			Eliminations			Total Company
Net earnings (loss)	$	36	$	(25	)	$	73		$	(3	)	$	81
Other comprehensive income:
Foreign currency translation adjustments	—		—			41			—			41
Actuarial gains, net of tax expense	2		—			8			—			10
Prior service costs, net of tax expense	—		—			(2		)	—			(2		)
Unrealized gains on available-for-sale securities	—		—			—			—			—
Total other comprehensive income	2		—			47			—			49
Comprehensive income (loss)	$	38	$	(25	)	$	120		$	(3	)	$	130



	QUARTER ENDED MARCH 31, 2015
DOLLAR AMOUNTS IN MILLIONS	Parent Company – WY		Subsidiary Issuer – PC Timberlands*		Non-Issuer and Non-Guarantor Subsidiaries			Eliminations		Total Company
Net earnings (loss)	$	112	$	—	$	(12	)	$	1	$	101
Other comprehensive income:
Foreign currency translation adjustments	—		—		(47		)	—		(47		)
Actuarial gains, net of tax expense	5		—		57			—		62
Prior service costs, net of tax expense	—		—		(2		)	—		(2		)
Unrealized gains on available-for-sale securities	—		—		1			—		1
Total other comprehensive income	5		—		9			—		14
Comprehensive income (loss)	$	117	$	—	$	(3	)	$	1	$	115

CONDENSED CONSOLIDATING BALANCE SHEET



	MARCH 31, 2016
DOLLAR AMOUNTS IN MILLIONS	Parent Company – WY		Subsidiary Issuer – PC Timberlands*		Non-Issuer and Non-Guarantor Subsidiaries		Eliminations			Total Company
Cash and cash equivalents	$	216	$	29	$	170	$	—		$	415
Other current assets	54		7		1,359		(5		)	1,415
Total current assets	270		36		1,529		(5		)	1,830
Property and equipment, net	165		66		2,532		—			2,763
Timber and timberlands at cost, net	3,485		5,713		5,373		(23		)	14,548
Investments in and advances to subsidiaries	10,896		4,535		781		(16,212		)	—
Other assets	88		143		3,042		(635		)	2,638
Total assets	$	14,904	$	10,493	$	13,257	$	(16,875	)	$	21,779

Total current liabilities	$	141	$	59	$	785	$	(1	)	$	984
Note payable to Timberland Venture	—		—		835		—			835
Long-term debt	2,743		1,829		3,831		(600		)	7,803
Other long-term liabilities	91		67		1,718		—			1,876
Total liabilities	2,975		1,955		7,169		(601		)	11,498
Equity:
Mandatory convertible preference shares	14		—		—		—			14
Common shares	948		—		—		—			948
Other equity	10,967		8,538		6,088		(16,274		)	9,319
Total equity	11,929		8,538		6,088		(16,274		)	10,281
Total liabilities and equity	$	14,904	$	10,493	$	13,257	$	(16,875	)	$	21,779



	DECEMBER 31, 2015
DOLLAR AMOUNTS IN MILLIONS	Parent Company – WY		Subsidiary Issuer – PC Timberlands*		Non-Issuer and Non-Guarantor Subsidiaries		Eliminations			Total Company
Cash and cash equivalents	$	673	$	—	$	339	$	—		$	1,012
Other current assets	7		—		1,161		(6		)	1,162
Total current assets	680		—		1,500		(6		)	2,174
Property and equipment, net	167		—		2,405		—			2,572
Timber and timberlands, net	3,538		—		2,965		(23		)	6,480
Investments in and advances to subsidiaries	2,948		—		—		(2,948		)	—
Other assets	88		—		1,791		(635		)	1,244
Total assets	$	7,421	$	—	$	8,661	$	(3,612	)	$	12,470

Total current liabilities	$	66	$	—	$	814	$	(5	)	$	875
Long-term debt	1,645		—		3,830		(600		)	4,875
Other long-term liabilities	91		—		1,760		—			1,851
Total liabilities	1,802		—		6,404		(605		)	7,601
Equity:
Mandatory convertible preference shares	14		—		—		—			14
Common shares	638		—		—		—			638
Other equity	4,967		—		2,257		(3,007		)	4,217
Total equity	5,619		—		2,257		(3,007		)	4,869
Total liabilities and equity	$	7,421	$	—	$	8,661	$	(3,612	)	$	12,470

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS



	QUARTER ENDED MARCH 31, 2016
DOLLAR AMOUNTS IN MILLIONS	Parent Company – WY			Subsidiary Issuer – PC Timberlands*		Non-Issuer and Non-Guarantor Subsidiaries			Eliminations			Total Company
Net cash from (used in) operations	$	29		$	25	$	(7	)	$	—		$	47
Net cash from (used in) investing activities:
Capital expenditures	(14		)	—		(59		)	—			(73		)
Acquisition of timberlands	—			—		(6		)	—			(6		)
Proceeds from sale of assets	—			—		70			—			70
Distributions from joint ventures	—			—		24			—			24
Cash acquired in merger with Plum Creek	—			4		5			—			9
Distribution from subsidiaries	196			—		—			(196		)	—
Net cash from investing activities	182			4		34			(196		)	24
Net cash from (used in) financing activities:
Net proceeds from issuance of debt	1,098			—		—			—			1,098
Payments on debt	(720		)	—		—			—			(720		)
Cash dividends on common shares	(241		)	—		—			—			(241		)
Repurchase of common stock	(798		)	—		—			—			(798		)
Distribution to parent	—			—		(196		)	196			—
Other	(7		)	—		—			—			(7		)
Net cash used in financing activities	$	(668	)	$	—	$	(196	)	$	196		$	(668	)



	QUARTER ENDED MARCH 31, 2015
DOLLAR AMOUNTS IN MILLIONS	Parent Company – WY			Subsidiary Issuer – PC Timberlands*		Non-Issuer and Non-Guarantor Subsidiaries			Eliminations			Total Company
Net cash from (used in) operations	$	(50	)	$	—	$	137		$	—		$	87
Net cash from (used in) investing activities:
Capital expenditures	(19		)	—		(70		)	—			(89		)
Acquisitions of timberlands	(26		)	—		(6		)	—			(32		)
Proceeds from sale of assets	—			—		2			—			2
Issuance of note to parent	—			—		(600		)	600			—
Distribution from subsidiaries	144			—		—			(144		)	—
Net cash from (used in) investing activities	99			—		(674		)	456			(119		)
Net cash from (used in) financing activities:
Proceeds from note from subsidiary	600			—		—			(600		)	—
Cash dividends on common shares	(152		)	—		—			—			(152		)
Repurchase of common stock	(253		)	—		—			—			(253		)
Distribution to parent	—			—		(144		)	144			—
Other	11			—		4			—			15
Net cash from (used in) financing activities	$	206		$	—	$	(140	)	$	(456	)	$	(390	)

* The Subsidiary Issuer – PC Timberlands – was acquired February 19, 2016, and there were no guarantees by Parent Company prior to that date. As such, information is included for this entity from the acquisition date.