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 1, 2019

(Date of earliest event reported)

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)

220 Occidental Avenue South

Seattle, Washington 98104-7800

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(206) 539-3000

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934:

¨ Emerging growth company

¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

TABLE OF CONTENTS

SIGNATURES

EXHIBIT 99.1

EXHIBIT 99.2

Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition

On February 1, 2019, Weyerhaeuser Company issued a press release announcing its financial results for the quarter and the year ended December 31, 2018. Copies of the press release and the exhibit 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.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.	The following items are furnished as exhibits to this report.
Exhibit No.	Description
99.1	Press release of Weyerhaeuser Company issued February 1, 2019 reporting results of operations for the quarter and the year ended December 31, 2018.
99.2	Exhibit to press release of Weyerhaeuser Company issued February 1, 2019.

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 1, 2019

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Weyerhaeuser Company issued February 1, 2019 reporting results of operations for the quarter and the year ended December 31, 2018.
99.2	Exhibit to press release of Weyerhaeuser Company issued February 1, 2019.

EX-99.1

For more information contact:	Analysts - Beth Baum (206) 539-3907
	Media - Nancy Thompson (919) 861-0342

Weyerhaeuser Reports Fourth Quarter, Full Year Results

• Generated full year net earnings of $748 million or $0.99 per diluted share

• Full year 2018 Adjusted EBITDA in excess of $2 billion

• Repurchased $75 million of common shares during the fourth quarter

• Reduced pension liabilities by over $660 million and incurred $0.20 per share non-cash charge following completion of lump sum offer

SEATTLE (February 1, 2019) - Weyerhaeuser Company (NYSE: WY) today reported a fourth quarter net loss of $93 million, or 12 cents per diluted share, on net sales of $1.6 billion. This compares with net earnings of $271 million, or 36 cents per diluted share, on net sales of $1.8 billion for the same period last year and net earnings of $255 million for the third quarter of 2018.

Fourth quarter includes net after-tax charges of $163 million for special items, primarily a non-cash settlement charge related to a previously announced action to reduce our pension liabilities. Excluding special items,

the company reported net earnings of $70 million, or 10 cents per diluted share, for fourth quarter 2018. This compares with net earnings before special items of $234 million for the same period last year and $214 million for the third quarter of 2018.

For the full year 2018, Weyerhaeuser reported net earnings of $748 million, or 99 cents per diluted share, on net sales of $7.5 billion. This compares with net earnings of $582 million on net sales of $7.2 billion for the full year 2017.

Full year 2018 includes net after-tax charges of $143 million from special items. Excluding these items, the company reported net earnings before special items of $891 million, or $1.18 per diluted share. This compares with net earnings before special items of $872 million for the full year 2017.

“In 2018 we delivered strong results through a wide range of market conditions, generating over $2 billion of Adjusted EBITDA, returning nearly $1.4 billion to shareholders through dividends and share repurchases, and significantly reducing our pension liabilities,” said Devin W. Stockfish, president and chief executive officer. “Entering 2019, U.S. economic fundamentals remain strong and we expect continued growth in U.S. housing. We remain focused on driving value for shareholders through operational excellence and disciplined capital allocation.”

1

WEYERHAEUSER FINANCIAL HIGHLIGHTS	2018	2018	2017	2018	2017
(millions, except per share data)	Q3	Q4	Q4	Full Year
Net sales	$1,910	$1,636	$1,823	$7,476	$7,196
Net earnings (loss)	$255	$(93)	$271	$748	$582
Net earnings (loss) per diluted share	$0.34	$(0.12)	$0.36	$0.99	$0.77
Weighted average shares outstanding, diluted	757	750	758	757	757
Net earnings before special items(1)(2)	$214	$70	$234	$891	$872
Net earnings per diluted share before special items	$0.28	$0.10	$0.31	$1.18	$1.15
Adjusted EBITDA(3)	$505	$346	$551	$2,032	$2,080
(1) Fourth quarter 2018 after-tax special items include a $152 million non-cash settlement charge related to our U.S. qualified pension plan lump sum offer, a $21 million tax adjustment charge, and a $10 million gain on sale of a nonstrategic asset. Full year 2018 after-tax special items also include a $41 million tax benefit related to a contribution to our U.S. qualified pension plan and $21 million of environmental remediation expense. Beginning first quarter 2018, countervailing and antidumping duties are no longer reported as a special item. (2) Fourth quarter 2017 after-tax special items include a $99 million gain on the sale of Southern timberlands, charges of $52 million for tax adjustments including enactment of tax legislation, $31 million for product remediation charges, $26 million for environmental remediation insurance recoveries, $12 million for Plum Creek merger-related costs, and a $7 million net benefit from an adjustment to accrued countervailing and antidumping duties on softwood lumber. Full year 2017 after-tax special items also include $151 million of charges for impairment of Uruguay operations, and an additional: $149 million for product remediation charges; $15 million for Plum Creek merger-related costs; and $12 million for countervailing and antidumping duties. (3) 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, basis in real estate sold, unallocated pension service costs and special items. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results. A reconciliation of Adjusted EBITDA to GAAP earnings is included with this release.

TIMBERLANDS

FINANCIAL HIGHLIGHTS	2018	2018
(millions)	Q3	Q4	Change
Net sales	$653	$664	$11
Contribution to pre-tax earnings	$126	$107	$(19)
Adjusted EBITDA	$206	$188	$(18)

4Q 2018 Performance - In the West, lower average log sales realizations were partially offset by higher sales volumes across domestic and export markets. Western road spending increased as favorable weather allowed the company to complete previously deferred activity. In the South, fee harvest volumes increased due to higher stumpage sales, and average log sales realizations were comparable to the third quarter.

1Q 2019 Outlook - Weyerhaeuser expects first quarter earnings and Adjusted EBITDA will be lower than the fourth quarter. In the South, the company anticipates seasonally lower fee harvest volumes and comparable average log sales realizations. In the West, the company expects lower fee harvest volumes and average log sales realizations moderately below the fourth quarter average, mostly offset by significantly lower road and forestry spending.

2

REAL ESTATE, ENERGY & NATURAL RESOURCES

FINANCIAL HIGHLIGHTS	2018	2018
(millions)	Q3	Q4	Change
Net sales	$96	$102	$6
Contribution to pre-tax earnings	$36	$44	$8
Adjusted EBITDA	$86	$90	$4

4Q 2018 Performance - Earnings and Adjusted EBITDA increased compared with the third quarter. Real Estate EBITDA was higher due to the regional mix of properties sold. Average land basis decreased modestly.

1Q 2019 Outlook - Weyerhaeuser anticipates earnings and Adjusted EBITDA will increase in the first quarter due to the timing of Real Estate transactions. Royalties from Energy and Natural Resources operations should be seasonally lower. The company anticipates full year 2019 Adjusted EBITDA for the segment of approximately $260 million.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS	2018	2018
(millions)	Q3	Q4	Change
Net sales	$1,346	$1,075	$(271)
Contribution to pre-tax earnings	$213	$26	$(187)
Adjusted EBITDA	$250	$66	$(184)

4Q 2018 Performance - Earnings and Adjusted EBITDA decreased compared with the third quarter, primarily due to a 21 percent decline in average sales realizations for lumber and oriented strand board. Sales volumes and operating rates for lumber and engineered wood products decreased seasonally, and unit manufacturing costs were higher. Sales volumes for oriented strand board were comparable to the third quarter. Third quarter volumes were lower than normal due to a scheduled press replacement at our Grayling, Michigan mill, which was completed in late October.

Fourth quarter results include a minimal benefit from lower Western and Canadian log prices as the costs of sales includes logs purchased in the third quarter when prices were higher.

1Q 2019 Outlook - Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be significantly higher than the fourth quarter. The company expects seasonally higher sales volumes, higher operating rates, improved unit manufacturing costs and additional benefit from the fourth quarter decrease in Western and Canadian log prices.

UNALLOCATED

FINANCIAL HIGHLIGHTS	2018	2018
(millions)	Q3	Q4	Change
Contribution to pre-tax earnings (loss)	$(42)	$(194)	$(152)
Pre-tax charge for special items	—	$187	$187
Contribution to pre-tax earnings (loss) before special items	$(42)	$(7)	$35
Adjusted EBITDA	$(37)	$2	$39

4Q 2018 Performance - Fourth quarter results include benefits from elimination of intersegment profit in inventory and LIFO, favorable year-end employee benefits adjustments and foreign exchange gains.

3

Fourth quarter pre-tax special items include a non-cash charge of $200 million related to completion of a previously announced terminated vested lump sum offer for our U.S. pension plan and a $13 million gain on the sale of a nonstrategic asset.

In January 2019, Weyerhaeuser transferred approximately $1.5 billion of U.S. pension assets and liabilities to an insurance carrier through the purchase of a group annuity contract. The transaction was funded with assets held by the U.S. pension plan and there will be no change to pension benefits for transferred participants. In connection with this transaction, the company expects to recognize a non-cash pre-tax pension settlement charge of approximately $450 million in the first quarter of 2019.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control 12.2 million acres of timberlands in the U.S., and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainablebasis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products. Our company is a real estate investment trust. In 2018, we generated $7.5 billion in net sales and employed approximately 9,300 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America 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 1, 2019 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 1, 2019.

To join the conference call from within North America, dial 855-223-0757 (access code: 6872608) at least 15 minutes prior to the call. Those calling from outside North America should dial 574-990-1206 (access code: 6872608). Replays will be available for two weeks at 855-859-2056 (access code: 6872608) from within North America and at 404-537-3406 (access code: 6872608) 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, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including with respect to the following for the first quarter of 2019: earnings and Adjusted EBITDA for each of our business segments; pension settlement charges; log sale realizations; fee harvest volumes and road and forestry spending in our timber business; Wood Products sales volumes and realizations and operating rates; real estate sales volumes; and royalties from energy and natural resources operations. These statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and expressions such as “will be,” “will continue,” “will likely result,” and similar words and expressions. These statements are based on our current expectations and assumptions and are not guarantees of future performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

• the effect of general economic conditions, including employment rates, interest rate levels, housing starts, availability of financing for home mortgages and strength of the U.S. dollar;

• market demand for our products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;

• changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan and the Canadian dollar, and the relative value of the euro to the yen;

• restrictions on international trade and tariffs imposed on imports or exports;

• the availability and cost of shipping and transportation;

• economic activity in Asia, especially Japan and China;

4

• performance of our manufacturing operations, including maintenance requirements;

• potential disruptions in our manufacturing operations;

• the level of competition from domestic and foreign producers;

• raw material availability and 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 our internal plans and strategic initiatives, including restructuring and cost reduction initiatives;

• the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals;

• transportation and labor 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 our common stock on charges for share-based compensation;

• changes in accounting principles; and

• other matters described under “Risk Factors” in our annual reports on Form 10-K, as well as those set forth from time to time in our other public statements and other reports and filings with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

5

The table below reconciles Adjusted EBITDA for the year ended December 31, 2018:

DOLLAR AMOUNTS IN MILLIONS	Timberlands		Real Estate & ENR			Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	748
Interest expense, net of capitalized interest											375
Income taxes(1)											59
Net contribution to earnings	$	583	$	127		$	838	$	(366	)	$	1,182
Non-operating pension and other postretirement benefit (costs) credits(2)	—		—			—		272			272
Interest income and other (3)	—		(1		)	—		(59		)	(60		)
Operating income	583		126			838		(153		)	1,394
Depreciation, depletion and amortization	319		14			149		4			486
Basis of real estate sold	—		124			—		—			124
Unallocated pension service costs	—		—			—		—			—
Special items included in operating income(4)	—		—			—		28			28
Adjusted EBITDA	$	902	$	264		$	987	$	(121	)	$	2,032

(1) Income taxes include special items consisting of a $41 million tax benefit related to our pension contribution and a $21 million tax adjustment charge.

(2) Non-operating pension and other postretirement benefit (costs) credits include a pre-tax special item consisting of a $200 million non-cash settlement charge related to our U.S. qualified pension plan lump sum offer.

(3) Interest income and other includes a pre-tax special item consisting of a $13 million gain on sale of a nonstrategic asset.

(4) Operating income for Unallocated Items include pre-tax special items consisting of $28 million of environmental remediation expense.

6

The table below reconciles Adjusted EBITDA for the year ended December 31, 2017:

DOLLAR AMOUNTS IN MILLIONS	Timberlands		Real Estate & ENR			Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	582
Interest expense, net of capitalized interest											393
Income taxes											134
Net contribution to earnings	$	532	$	146		$	569	$	(138	)	$	1,109
Non-operating pension and other postretirement benefit (costs) credits	—		—			—		62			62
Interest income and other	—		(1		)	—		(39		)	(40		)
Operating income	532		145			569		(115		)	1,131
Depreciation, depletion and amortization	356		15			145		5			521
Basis of real estate sold	—		81			—		—			81
Unallocated pension service costs	—		—			—		4			4
Special items included in operating income(1)(2)(3)	48		—			303		(8		)	343
Adjusted EBITDA	$	936	$	241		$	1,017	$	(114	)	$	2,080

(1) Operating income for Timberlands include pre-tax special items consisting of a $147 million non-cash impairment charge of the Uruguay operations and a $99 million gain on the sale of Southern timberlands.

(2) Operating income for Wood Products include pre-tax special items consisting of $290 million of product remediation charges, $7 million for countervailing and antidumping duties on softwood lumber, and a $6 million impairment on a nonstrategic asset.

(3) Operating income for Unallocated Items include pre-tax special items consisting of $42 million for environmental remediation insurance recoveries and $34 million for Plum Creek merger-related costs.

7

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2018:

DOLLAR AMOUNTS IN MILLIONS	Timberlands		Real Estate & ENR			Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings (loss)											$	(93	)
Interest expense, net of capitalized interest											97
Income taxes(1)											(21		)
Net contribution to earnings	$	107	$	44		$	26	$	(194	)	$	(17	)
Non-operating pension and other postretirement benefit (costs) credits(2)	—		—			—		218			218
Interest income and other(3)	—		(1		)	—		(23		)	(24		)
Operating income	107		43			26		1			177
Depreciation, depletion and amortization	81		3			40		1			125
Basis of real estate sold	—		44			—		—			44
Unallocated pension service costs	—		—			—		—			—
Special items included in operating income	—		—			—		—			—
Adjusted EBITDA	$	188	$	90		$	66	$	2		$	346

(1) Income taxes include a special item consisting of a $21 million tax adjustment charge.

(2) Non-operating pension and other postretirement benefit (costs) credits include a pre-tax special item consisting of a $200 million non-cash settlement charge related to our U.S. qualified pension plan lump sum offer.

(3) Interest income and other includes a pre-tax special item consisting of a $13 million gain on sale of a nonstrategic asset.

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2018:

DOLLAR AMOUNTS IN MILLIONS	Timberlands		Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings										$	255
Interest expense, net of capitalized interest										93
Income taxes(1)										(15		)
Net contribution to earnings	$	126	$	36	$	213	$	(42	)	$	333
Non-operating pension and other postretirement benefit (costs) credits	—		—		—		17			17
Interest income and other	—		—		—		(13		)	(13		)
Operating income	126		36		213		(38		)	337
Depreciation, depletion and amortization	80		4		37		1			122
Basis of real estate sold	—		46		—		—			46
Adjusted EBITDA	$	206	$	86	$	250	$	(37	)	$	505

(1) Income taxes include a special item consisting of a $41 million tax benefit related to our pension contribution.

8

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2017:

DOLLAR AMOUNTS IN MILLIONS	Timberlands			Real Estate & ENR		Wood Products		Unallocated Items			Total
Adjusted EBITDA by Segment:
Net earnings											$	271
Interest expense, net of capitalized interest											96
Income taxes											103
Net contribution to earnings	$	265		$	50	$	180	$	(25	)	$	470
Non-operating pension and other postretirement benefit (costs) credits	—			—		—		16			16
Interest income and other	—			—		—		(10		)	(10		)
Operating income	265			50		180		(19		)	476
Depreciation, depletion and amortization	86			4		37		—			127
Basis of real estate sold	—			33		—		—			33
Unallocated pension service costs	—			—		—		1			1
Special items included in operating income(1)(2)(3)	(99		)	—		41		(28		)	(86		)
Adjusted EBITDA	$	252		$	87	$	258	$	(46	)	$	551

(1) Operating income for Timberlands include a pre-tax special item consisting of a $99 million gain on the sale of Southern timberlands.

(2) Operating income for Wood Products include pre-tax special items consisting of $50 million of product remediation charges and a $9 million benefit from an adjustment to accrued softwood lumber countervailing and antidumping duties.

(3) Operating income for Unallocated Items include pre-tax special items consisting of $42 million for environmental remediation insurance recoveries and $14 million for Plum Creek merger-related costs.

9

EX-99.2

Weyerhaeuser Company																Exhibit 99.2
Q4.2018 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Operations
	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Net sales	$	1,865		$	2,065		$	1,910		$	1,636		$	1,823		$	7,476		$	7,196
Costs of sales	1,348			1,447			1,452			1,345			1,316			5,592			5,298
Gross margin	517			618			458			291			507			1,884			1,898
Selling expenses	23			23			20			22			21			88			87
General and administrative expenses	78			80			78			82			72			318			310
Research and development expenses	2			2			2			2			2			8			14
Charges for integration and restructuring, closures and asset impairments	2			—			—			—			16			2			194
Charges (recoveries) for product remediation, net	(20		)	20			—			—			50			—			290
Other operating costs (income), net	28			17			21			8			(130		)	74			(128		)
Operating income	404			476			337			177			476			1,394			1,131
Non-operating pension and other postretirement benefit (costs) credits	(24		)	(13		)	(17		)	(218		)	(16		)	(272		)	(62		)
Interest income and other	12			11			13			24			10			60			40
Interest expense, net of capitalized interest	(93		)	(92		)	(93		)	(97		)	(96		)	(375		)	(393		)
Earnings (loss) before income taxes	299			382			240			(114		)	374			807			716
Income taxes	(30		)	(65		)	15			21			(103		)	(59		)	(134		)
Net earnings (loss)	$	269		$	317		$	255		$	(93	)	$	271		$	748		$	582
Per Share Information
	Q1			Q2			Q3			Q4						Year-to-Date
	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Earnings (loss) per share, basic and diluted	$	0.35		$	0.42		$	0.34		$	(0.12	)	$	0.36		$	0.99		$	0.77
Dividends paid per common share	$	0.32		$	0.32		$	0.34		$	0.34		$	0.32		$	1.32		$	1.25
Weighted average shares outstanding (in thousands):
Basic	756,815			757,829			754,986			748,694			755,409			754,556			753,085
Diluted	759,462			760,533			757,389			750,025			758,463			756,827			756,666
Common shares outstanding at end of period (in thousands)	756,700			757,646			749,199			746,391			755,223			746,391			755,223
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)*
	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Net earnings (loss)	$	269		$	317		$	255		$	(93	)	$	271		$	748		$	582
Non-operating pension and other postretirement benefit costs (credits)	24			13			17			218			16			272			62
Interest income and other	(12		)	(11		)	(13		)	(24		)	(10		)	(60		)	(40		)
Interest expense, net of capitalized interest	93			92			93			97			96			375			393
Income taxes	30			65			(15		)	(21		)	103			59			134
Operating income	404			476			337			177			476			1,394			1,131
Depreciation, depletion and amortization	120			119			122			125			127			486			521
Basis of real estate sold	12			22			46			44			33			124			81
Unallocated pension service costs	—			—			—			—			1			—			4
Special items included in operating income	8			20			—			—			(86		)	28			343
Adjusted EBITDA*	$	544		$	637		$	505		$	346		$	551		$	2,032		$	2,080
*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 adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.

Page 1 of 8

Weyerhaeuser Company												Total Company Statistics
Q4.2018 Analyst Package
Preliminary results (unaudited)
Special Items Included in Net Earnings (Income Tax Affected)
	Q1			Q2		Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018		Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Net earnings (loss)	$	269		$	317	$	255		$	(93	)	$	271		$	748		$	582
Plum Creek merger and integration-related costs	—			—		—			—			12			—			27
Restructuring, impairments and other charges	—			—		—			—			—			—			151
Gain on sale of timberlands and other nonstrategic assets	—			—		—			(10		)	(99		)	(10		)	(99		)
Environmental remediation charges (recoveries)	21			—		—			—			(26		)	21			(26		)
Product remediation charges (recoveries), net	(15		)	15		—			—			31			—			180
Countervailing and antidumping duties charges (credits)(1)	—			—		—			—			(7		)	—			5
Tax adjustments(2)	—			—		(41		)	21			52			(20		)	52
Pension settlement charge(3)	—			—		—			152			—			152			—
Net earnings before special items	$	275		$	332	$	214		$	70		$	234		$	891		$	872
	Q1			Q2		Q3			Q4						Year-to-Date
	Mar 31, 2018			Jun 30, 2018		Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Net earnings (loss) per diluted share	$	0.35		$	0.42	$	0.34		$	(0.12	)	$	0.36		$	0.99		$	0.77
Plum Creek merger and integration-related costs	—			—		—			—			0.02			—			0.03
Restructuring, impairments and other charges	—			—		—			—			—			—			0.21
Gain on sale of timberlands and other nonstrategic assets	—			—		—			(0.01		)	(0.14		)	(0.01		)	(0.14		)
Environmental remediation charges (recoveries)	0.03			—		—			—			(0.03		)	0.03			(0.03		)
Product remediation charges (recoveries), net	(0.02		)	0.02		—			—			0.04			—			0.23
Countervailing and antidumping duties charges (credits)(1)	—			—		—			—			(0.01		)	—			0.01
Tax adjustments(2)	—			—		(0.06		)	0.03			0.07			(0.03		)	0.07
Pension settlement charge(3)	—			—		—			0.20			—			0.20			—
Net earnings per diluted share before special items	$	0.36		$	0.44	$	0.28		$	0.10		$	0.31		$	1.18		$	1.15
(1) As of first quarter 2018, countervailing and antidumping duties are no longer reported as a special item.
(2) During third quarter 2018, we recorded a tax benefit related to our contribution to our U.S. qualified pension plan. During fourth quarter 2018 and 2017, we recorded tax adjustment charges of $21 million and $52 million, respectively.
(3) During fourth quarter 2018, we recorded a $200 million non-cash pre-tax settlement charge related to our U.S. qualified pension plan lump sum offer.
Selected Total Company Items
	Q1			Q2		Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018		Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Pension and postretirement costs:
Pension and postretirement service cost	$	10		$	8	$	10		$	9		$	9		$	37		$	35
Non-operating pension and other postretirement benefit costs	24			13		17			218			16			272			62
Total company pension and postretirement costs	$	34		$	21	$	27		$	227		$	25		$	309		$	97

Page 2 of 8

Weyerhaeuser Company
Q4.2018 Analyst Package
Preliminary results (unaudited)
Consolidated Balance Sheet
	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018		December 31, 2017
in millions
ASSETS
Current assets:
Cash and cash equivalents	$	598	$	901	$	348	$	334	$	824
Receivables, less discounts and allowances	481		491		444		337		396
Receivables for taxes	24		23		140		137		14
Inventories	445		414		389		389		383
Prepaid expenses and other current assets	118		146		140		152		98
Current restricted financial investments held by variable interest entities	253		253		253		253		—
Total current assets	1,919		2,228		1,714		1,602		1,715
Property and equipment, net	1,573		1,597		1,672		1,857		1,618
Construction in progress	275		282		255		136		225
Timber and timberlands at cost, less depletion	12,888		12,790		12,727		12,671		12,954
Minerals and mineral rights, less depletion	306		302		297		294		308
Deferred tax assets	244		168		71		15		268
Other assets	318		319		329		312		356
Restricted financial investments held by variable interest entities	362		362		362		362		615
Total assets	$	17,885	$	18,048	$	17,427	$	17,249	$	18,059
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	—	$	—	$	500	$	62
Current debt (nonrecourse to the company) held by variable interest entities	209		209		511		302		209
Borrowings on line of credit	—		—		—		425		—
Accounts payable	245		270		271		222		249
Accrued liabilities	457		543		491		490		645
Total current liabilities	911		1,022		1,273		1,939		1,165
Long-term debt	5,928		5,924		5,921		5,419		5,930
Long-term debt (nonrecourse to the company) held by variable interest entities	302		302		—		—		302
Deferred tax liabilities	—		—		—		43		—
Deferred pension and other postretirement benefits	1,454		1,224		885		527		1,487
Other liabilities	299		295		291		275		276
Total liabilities	8,894		8,767		8,370		8,203		9,160
Total equity	8,991		9,281		9,057		9,046		8,899
Total liabilities and equity	$	17,885	$	18,048	$	17,427	$	17,249	$	18,059

Page 3 of 8

Weyerhaeuser Company
Q4.2018 Analyst Package
Preliminary results (unaudited)
Consolidated Statement of Cash Flows
	Q1			Q2			Q3			Q4						Year-to-Date
in millions	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Dec 31, 2017			Dec 31, 2018			Dec 31, 2017
Cash flows from operations:
Net earnings (loss)	$	269		$	317		$	255		$	(93	)	$	271		$	748		$	582
Noncash charges (credits) to income:
Depreciation, depletion and amortization	120			119			122			125			127			486			521
Basis of real estate sold	12			22			46			44			33			124			81
Deferred income taxes, net	10			15			86			(39		)	35			72			44
Pension and other postretirement benefits	34			21			27			227			25			309			97
Share-based compensation expense	9			9			13			11			11			42			40
Charges for impairment of assets	1			—			—			—			1			1			154
Net gains on disposition of discontinued and other operations	—			—			—			—			—			—			(1		)
Net gains on sale of nonstrategic assets	(2		)	—			—			(14		)	(2		)	(16		)	(16		)
Net gains on sale of southern timberlands	—			—			—			—			(99		)	—			(99		)
Change in:
Receivables, less allowances	(83		)	(18		)	46			117			78			62			(35		)
Receivables and payables for taxes	5			10			(124		)	6			66			(103		)	(50		)
Inventories	(66		)	30			27			(5		)	(43		)	(14		)	(39		)
Prepaid expenses and other current assets	(5		)	4			(6		)	(11		)	(3		)	(18		)	(12		)
Accounts payable and accrued liabilities	(173		)	103			(63		)	(21		)	(78		)	(154		)	106
Pension and postretirement contributions and payments	(16		)	(16		)	(323		)	(26		)	(19		)	(381		)	(78		)
Other	21			(19		)	(19		)	(29		)	(49		)	(46		)	(94		)
Net cash from (used in) operations	$	136		$	597		$	87		$	292		$	354		$	1,112		$	1,201
Cash flows from investing activities:
Capital expenditures for property and equipment	$	(61	)	$	(83	)	$	(94	)	$	(130	)	$	(145	)	$	(368	)	$	(358	)
Capital expenditures for timberlands reforestation	(20		)	(14		)	(11		)	(14		)	(15		)	(59		)	(61		)
Proceeds from disposition of discontinued and other operations	—			—			—			—			—			—			403
Proceeds from sale of nonstrategic assets	2			—			—			2			6			4			26
Proceeds from sale of southern timberlands	—			—			—			—			203			—			203
Proceeds from redemption of ownership in related party	—			—			—			—			108			—			108
Other	3			24			(10		)	(34		)	18			(17		)	46
Cash from (used in) investing activities	$	(76	)	$	(73	)	$	(115	)	$	(176	)	$	175		$	(440	)	$	367
Cash flows from financing activities:
Cash dividends on common shares	$	(242	)	$	(243	)	$	(256	)	$	(254	)	$	(242	)	$	(995	)	$	(941	)
Proceeds from issuance of long-term debt	—			—			—			—			—			—			225
Payments on long-term debt	(62		)	—			—			—			—			(62		)	(831		)
Proceeds from borrowing on line of credit	—			—			—			425			—			425			100
Payments on line of credit	—			—			—			—			—			—			(100		)
Payments on debt held by variable interest entities	—			—			—			(209		)	—			(209		)	—
Proceeds from exercise of stock options	25			23			4			—			39			52			128
Repurchase of common shares	—			—			(273		)	(93		)	—			(366		)	—
Other	(7		)	(1		)	—			1			1			(7		)	(1		)
Cash from (used in) financing activities	$	(286	)	$	(221	)	$	(525	)	$	(130	)	$	(202	)	$	(1,162	)	$	(1,420	)
Net change in cash and cash equivalents	$	(226	)	$	303		$	(553	)	$	(14	)	$	327		$	(490	)	$	148
Cash and cash equivalents at beginning of period	824			598			901			348			497			824			676
Cash and cash equivalents at end of period	$	598		$	901		$	348		$	334		$	824		$	334		$	824
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	105		$	67		$	113		$	73		$	66		$	358		$	381
Income taxes	$	17		$	41		$	22		$	15		$	40		$	95		$	169

Page 4 of 8

Weyerhaeuser Company														Timberlands Segment
Q4.2018 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Sales to unaffiliated customers		$	505		$	482		$	468		$	460		$	496		$	1,915		$	1,942
Intersegment sales		228			185			185			204			218			802			762
Total net sales		733			667			653			664			714			2,717			2,704
Costs of sales		526			485			505			536			531			2,052			2,043
Gross margin		207			182			148			128			183			665			661
Selling expenses		1			—			1			—			1			2			4
General and administrative expenses		23			25			23			25			19			96			90
Research and development expenses		2			1			2			1			2			6			12
Charges for integration and restructuring, closures and asset impairments		—			—			—			—			—			—			147
Other operating costs (income), net		(8		)	(5		)	(4		)	(5		)	(104		)	(22		)	(124		)
Operating income and Net contribution to earnings		$	189		$	161		$	126		$	107		$	265		$	583		$	532
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Operating income		$	189		$	161		$	126		$	107		$	265		$	583		$	532
Depreciation, depletion and amortization		79			79			80			81			86			319			356
Special items		—			—			—			—			(99		)	—			48
Adjusted EBITDA*		$	268		$	240		$	206		$	188		$	252		$	902		$	936
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Restructuring, impairments and other charges		$	—		$	—		$	—		$	—		$	—		$	—		$	(147	)
Gain on sale of timberlands and other nonstrategic assets		$	—		$	—		$	—		$	—		$	99		$	—		$	99
Total		$	—		$	—		$	—		$	—		$	99		$	—		$	(48	)
Selected Segment Items
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Total decrease (increase) in working capital(1)		$	(40	)	$	70		$	(32	)	$	(7	)	$	(15	)	$	(9	)	$	5
Cash spent for capital expenditures		$	(28	)	$	(29	)	$	(25	)	$	(35	)	$	(36	)	$	(117	)	$	(115	)
(1) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.
Segment Statistics(2)(3)
		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Third Party Net Sales (millions)	Delivered logs:
	West	$	266		$	262		$	238		$	221		$	242		$	987		$	915
	South	157			158			157			153			165			625			616
	North	25			20			25			29			27			99			95
	Other	14			7			9			11			11			41			59
	Total delivered logs	462			447			429			414			445			1,752			1,685
	Stumpage and pay-as-cut timber	15			11			13			20			21			59			73
	Products from international operations	—			—			—			—			—			—			63
	Recreational and other lease revenue	14			15			15			15			14			59			59
	Other revenue	14			9			11			11			16			45			62
	Total	$	505		$	482		$	468		$	460		$	496		$	1,915		$	1,942
Delivered Logs Third Party Sales Realizations (per ton)	West	$	131.59		$	132.24		$	125.67		$	112.58		$	121.41		$	125.59		$	111.58
	South	$	34.83		$	34.55		$	34.88		$	34.38		$	34.53		$	34.66		$	34.43
	North	$	60.79		$	64.92		$	60.97		$	57.27		$	60.77		$	60.55		$	60.38
Delivered Logs Third Party Sales Volumes (tons, thousands)	West	2,019			1,984			1,897			1,958			1,992			7,858			8,202
	South	4,510			4,560			4,521			4,417			4,790			18,008			17,895
	North	404			313			414			497			439			1,628			1,574
	Other	317			81			154			204			232			756			1,458
Fee Harvest Volumes (tons, thousands)	West	2,443			2,360			2,305			2,463			2,544			9,571			10,083
	South	6,751			6,630			6,478			6,849			7,350			26,708			27,149
	North	549			423			537			620			635			2,129			2,205
	Other	—			—			—			—			—			—			1,384
(2) The Western region includes Washington and Oregon. The Southern region includes Virginia, North Carolina, South Carolina, Florida, Georgia, Alabama, Mississippi, Louisiana, Arkansas, Texas and Oklahoma. The Northern region includes West Virginia, Maine, New Hampshire, Vermont, Michigan, Wisconsin and Montana. Other includes our Canadian operations and formerly managed Twin Creeks operations (our management agreement for the Twin Creeks Venture began in April 2016 and terminated in December 2017).
(3) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

Page 5 of 8

Weyerhaeuser Company				Real Estate, Energy and Natural Resources Segment
Q4.2018 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2018		Q2.2018		Q3.2018		Q4.2018		Q4.2017		YTD.2018		YTD.2017
Net sales		$	51	$	58	$	96	$	102	$	100	$	307	$	281
Costs of sales		19		30		54		52		43		155		110
Gross margin		32		28		42		50		57		152		171
General and administrative expenses		7		6		6		7		6		26		26
Other operating costs (income), net		—		—		—		—		1		—		—
Operating income		25		22		36		43		50		126		145
Interest income and other		—		—		—		1		—		1		1
Net contribution to earnings		$	25	$	22	$	36	$	44	$	50	$	127	$	146
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2018		Q2.2018		Q3.2018		Q4.2018		Q4.2017		YTD.2018		YTD.2017
Operating income		$	25	$	22	$	36	$	43	$	50	$	126	$	145
Depreciation, depletion and amortization		4		3		4		3		4		14		15
Basis of real estate sold		12		22		46		44		33		124		81
Adjusted EBITDA*		$	41	$	47	$	86	$	90	$	87	$	264	$	241
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Selected Segment Items
in millions		Q1.2018		Q2.2018		Q3.2018		Q4.2018		Q4.2017		YTD.2018		YTD.2017
Cash spent for capital expenditures		$	—	$	—	$	—	$	—	$	—	$	—	$	(2	)
Segment Statistics
		Q1.2018		Q2.2018		Q3.2018		Q4.2018		Q4.2017		YTD.2018		YTD.2017
Net Sales (millions)	Real Estate	$	34	$	38	$	76	$	81	$	80	$	229	$	208
	Energy and Natural Resources	17		20		20		21		20		78		73
	Total	$	51	$	58	$	96	$	102	$	100	$	307	$	281
Acres sold	Real Estate	21,771		16,290		61,681		31,833		38,226		131,575		97,235
Price per acre	Real Estate	$	1,539	$	2,258	$	1,209	$	2,479	$	2,076	$	1,701	$	2,079

Page 6 of 8

Weyerhaeuser Company														Wood Products Segment
Q4.2018 Analyst Package
Preliminary results (unaudited)
Segment Statement of Operations
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Net sales		$	1,309		$	1,525		$	1,346		$	1,075		$	1,228		$	5,255		$	4,974
Costs of sales		1,005			1,119			1,071			991			947			4,186			3,880
Gross margin		304			406			275			84			281			1,069			1,094
Selling expenses		21			22			18			20			20			81			80
General and administrative expenses		34			31			32			33			32			130			126
Research and development expenses		—			1			—			1			—			2			2
Charges for integration and restructuring, closures and asset impairments		2			—			—			—			2			2			13
Charges (recoveries) for product remediation, net		(20		)	20			—			—			50			—			290
Other operating costs (income), net		(3		)	3			12			4			(3		)	16			14
Operating income and Net contribution to earnings		$	270		$	329		$	213		$	26		$	180		$	838		$	569
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Operating income		$	270		$	329		$	213		$	26		$	180		$	838		$	569
Depreciation, depletion and amortization		36			36			37			40			37			149			145
Special items		(20		)	20			—			—			41			—			303
Adjusted EBITDA*		$	286		$	385		$	250		$	66		$	258		$	987		$	1,017
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Countervailing and antidumping duties (charges) credits(1)		$	—		$	—		$	—		$	—		$	9		$	—		$	(7	)
Restructuring, impairments and other charges		—			—			—			—			—			—			(6		)
Product remediation (charges) recoveries, net		20			(20		)	—			—			(50		)	—			(290		)
Total		$	20		$	(20	)	$	—		$	—		$	(41	)	$	—		$	(303	)
(1) As of first quarter 2018, countervailing and antidumping duties are no longer reported as a special item.
Selected Segment Items
in millions		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Total decrease (increase) in working capital(2)		$	(226	)	$	3		$	71		$	83		$	(81	)	$	(69	)	$	60
Cash spent for capital expenditures		$	(52	)	$	(68	)	$	(79	)	$	(107	)	$	(123	)	$	(306	)	$	(299	)
(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.
Segment Statistics
in millions, except for third party sales realizations		Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Structural Lumber (board feet)	Third party net sales	$	569		$	681		$	581		$	427		$	517		$	2,258		$	2,058
	Third party sales realizations	$	498		$	541		$	491		$	388		$	466		$	482		$	442
	Third party sales volumes(3)	1,140			1,261			1,184			1,099			1,110			4,684			4,658
	Production volumes	1,160			1,180			1,106			1,095			1,118			4,541			4,509
Engineered Solid Section (cubic feet)	Third party net sales	$	129		$	139		$	132		$	121		$	122		$	521		$	500
	Third party sales realizations	$	2,088		$	2,156		$	2,208		$	2,139		$	2,076		$	2,148		$	1,995
	Third party sales volumes(3)	6.2			6.4			6.0			5.7			5.9			24.3			25.1
	Production volumes	6.3			6.4			6.3			5.3			5.8			24.3			25.1
Engineered I-joists (lineal feet)	Third party net sales	$	78		$	92		$	91		$	75		$	85		$	336		$	336
	Third party sales realizations	$	1,585		$	1,630		$	1,668		$	1,696		$	1,561		$	1,643		$	1,524
	Third party sales volumes(3)	49			57			54			44			54			204			220
	Production volumes	56			52			46			37			52			191			213
Oriented Strand Board (square feet 3/8")	Third party net sales	$	232		$	277		$	215		$	167		$	233		$	891		$	904
	Third party sales realizations	$	314		$	367		$	321		$	252		$	335		$	315		$	304
	Third party sales volumes(3)	739			754			669			665			697			2,827			2,971
	Production volumes	734			747			665			691			739			2,837			2,995
Softwood Plywood (square feet 3/8")	Third party net sales	$	50		$	55		$	53		$	42		$	40		$	200		$	176
	Third party sales realizations	$	438		$	461		$	439		$	396		$	417		$	435		$	389
	Third party sales volumes(3)	115			118			122			104			95			459			453
	Production volumes	97			105			106			96			86			404			370
Medium Density Fiberboard (square feet 3/4")	Third party net sales	$	43		$	47		$	48		$	39		$	37		$	177		$	183
	Third party sales realizations	$	839		$	839		$	828		$	835		$	829		$	835		$	822
	Third party sales volumes(3)	51			55			59			47			45			212			222
	Production volumes	50			57			61			52			50			220			232
(3) Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

Page 7 of 8

Weyerhaeuser Company													Unallocated Items
Q4.2018 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 expense, pension and postretirement costs, foreign exchange transaction gains and losses, interest income and other, and the elimination of intersegment profit in inventory and LIFO.
Contribution to Earnings
in millions	Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Unallocated corporate function and variable compensation expenses	$	(18	)	$	(19	)	$	(19	)	$	(28	)	$	(18	)	$	(84	)	$	(73	)
Liability classified share-based compensation	—			(2		)	4			8			(2		)	10			(9		)
Foreign exchange gains (loss)	(2		)	2			(2		)	5			1			3			1
Elimination of intersegment profit in inventory and LIFO	(21		)	3			—			24			(14		)	6			(20		)
Charges for integration and restructuring, closures and asset impairments	—			—			—			—			(14		)	—			(34		)
Other	(39		)	(20		)	(21		)	(8		)	28			(88		)	20
Operating income (loss)	(80		)	(36		)	(38		)	1			(19		)	(153		)	(115		)
Non-operating pension and other postretirement benefit (costs) credits	(24		)	(13		)	(17		)	(218		)	(16		)	(272		)	(62		)
Interest income and other	12			11			13			23			10			59			39
Net contribution to earnings (loss)	$	(92	)	$	(38	)	$	(42	)	$	(194	)	$	(25	)	$	(366	)	$	(138	)
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions	Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Operating income (loss)	$	(80	)	$	(36	)	$	(38	)	$	1		$	(19	)	$	(153	)	$	(115	)
Depreciation, depletion and amortization	1			1			1			1			—			4			5
Unallocated pension service costs	—			—			—			—			1			—			4
Special items	28			—			—			—			(28		)	28			(8		)
Adjusted EBITDA*	$	(51	)	$	(35	)	$	(37	)	$	2		$	(46	)	$	(121	)	$	(114	)
* See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
in millions	Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Plum Creek merger and integration-related costs	$	—		$	—		$	—		$	—		$	(14	)	$	—		$	(34	)
Environmental remediation insurance (charges) recoveries	(28		)	—			—			—			42			(28		)	42
Special items included in operating income (loss)	(28		)	—			—			—			28			(28		)	8
Pension settlement charge	—			—			—			(200		)	—			(200		)	—
Gain on sale of nonstrategic assets	—			—			—			13			—			13			—
Special items included in net contribution to earnings (loss)	$	(28	)	$	—		$	—		$	(187	)	$	28		$	(215	)	$	8
Unallocated Selected Items
in millions	Q1.2018			Q2.2018			Q3.2018			Q4.2018			Q4.2017			YTD.2018			YTD.2017
Cash spent for capital expenditures	$	(1	)	$	—		$	(1	)	$	(2	)	$	(1	)	$	(4	)	$	(3	)

Page 8 of 8