[LOGO]                                                                                [LOGO]



NEWS RELEASE
FOR IMMEDIATE RELEASE

                 WEYERHAEUSER COMPANY AND WILLAMETTE INDUSTRIES
                        SIGN DEFINITIVE MERGER AGREEMENT
             COMBINATION CREATES $19 BILLION FOREST PRODUCTS LEADER

    FEDERAL WAY, Wash. and PORTLAND, Ore., January 28, 2002--Weyerhaeuser
Company (NYSE: WY) and Willamette Industries, Inc. (NYSE: WLL) today announced
that the two companies have entered into a definitive merger agreement under
which Weyerhaeuser will acquire all of the outstanding shares of Willamette for
$55.50 per share in cash, giving the transaction a total equity value of
approximately $6.2 billion. Weyerhaeuser will also assume approximately
$1.7 billion of Willamette debt.

    Under the terms of the agreement, Weyerhaeuser's wholly owned subsidiary,
Company Holdings, Inc., has increased the price of its tender offer to purchase
all outstanding shares of Willamette common stock to $55.50 per share in cash.
Willamette's Board of Directors has unanimously approved the tender offer and
the merger and recommended that Willamette shareholders tender their shares into
the offer. Following the completion of the tender offer, Weyerhaeuser intends to
consummate a second step merger in which all remaining Willamette shares will be
converted into the right to receive the same cash price paid in the tender
offer.

    Steven R. Rogel, chairman, president, and chief executive officer of
Weyerhaeuser, said, "We are very excited about the combination of Weyerhaeuser
and Willamette, which will create the premier forest products
company--headquartered in the Pacific Northwest. A combination of Willamette and
Weyerhaeuser creates a company with high quality management and assets focused
in complementary products. We will benefit from sharing the best practices of
two industry leaders. The transaction will strengthen our core businesses, by
enhancing our leadership in containerboard packaging, uncoated free sheet,
building material businesses and timberlands.

    "I have had the privilege of working with employees of both companies and I
am confident that we will be able to successfully integrate and build a
stronger, more efficient company. Employees of both companies care deeply about
their customers, their fellow workers and the communities in which they live.
The high importance Willamette places on these values is one of the many reasons
why we believe Weyerhaeuser and Willamette are a great fit," Rogel added.

    William Swindells, chairman of the Willamette Board, said, "After careful
consideration of our strategic alternatives, our Board has decided that
accepting Weyerhaeuser's revised offer is in the best interests of our
shareholders. We believe Willamette's track record of delivering shareholder
value is second to none in the industry, largely due to the tremendous
dedication of our employees. We expect that they will have much to contribute to
Weyerhaeuser's future success."

    The transaction is not conditioned on financing. The acquisition will be
financed through commitments provided by Morgan Stanley and JP Morgan.

    Weyerhaeuser has amended its tender offer for all Willamette's outstanding
common stock to increase the offer price to $55.50 per share in cash. The
expiration date of the tender offer is now set as 12:00 midnight, New York City
time, on Friday, February 8, 2002. The amended tender offer is subject to the
terms and conditions contained in the merger agreement, including a minimum
tender condition requiring the tender of a majority of all outstanding shares of
Willamette common stock on a fully diluted basis. The Willamette shareholder
rights plan has been rendered inapplicable to Weyerhaeuser's offer and the
business combination. As previously announced, the Hart-Scott-Rodino waiting
period applicable to the combination has expired. Willamette will mail its
formal recommendation to shareholders that they tender into the offer at the
same time Weyerhaeuser mails its revised tender offer materials.

    Morgan Stanley acted as financial advisor and Cravath, Swaine & Moore acted
as legal advisor to Weyerhaeuser. Goldman Sachs acted as financial advisor and
Simpson Thacher & Bartlett acted as legal advisor to Willamette.

    IMPORTANT INFORMATION

    Company Holdings, Inc. ("CHI"), a wholly owned subsidiary of Weyerhaeuser
Company, has commenced a tender offer for all the outstanding shares of common
stock of Willamette Industries, Inc. at $55.50 per share, net to the seller in
cash, without interest. The offer currently is scheduled to expire at 12:00
midnight, New York City time, on Friday, February 8, 2002. CHI may extend the
offer. If the offer is extended, CHI will notify the depositary for the offer
and issue a press release announcing the extension on or before 9:00 a.m. New
York City time on the first business day following the date the offer was
scheduled to expire.

    Willamette Industries is an integrated forest products company with 106
plants, located in the U.S., France, Ireland and Mexico. The Company owns
1.7 million acres of forestland in the U.S. and manages it sustainably to
produce building materials, composite wood panels, fine paper, office paper
products, and corrugated packaging and grocery bags.

    Weyerhaeuser Company, one of the world's largest integrated forest products
companies, was incorporated in 1900. In 2000, sales were $16 billion. It has
offices or operations in 17 countries, with customers worldwide. Weyerhaeuser is
principally engaged in the growing and harvesting of timber; the manufacture,
distribution and sale of forest products; and real estate construction,
development and related activities. Additional information about Weyerhaeuser's
businesses, products and practices is available at www.weyerhaeuser.com.

Willamette contacts:

                                                    
Analysts                                                  Media
Greg Hawley                  Paul Verbinnen/David Reno/   Jackie Lang
Willamette Industries        Jim Barron                   Willamette Industries
(503) 273-5640               Citigate Sard Verbinnen      (503) 721-2769
                             (212) 687-8080



Weyerhaeuser contacts:

                                                    
Analysts                                                  Media
Kathryn McAuley              Joele Frank / Jeremy Zweig   Bruce Amundson
Weyerhaeuser                 Joele Frank, Wilkinson       Weyerhaeuser
(253) 924-2058               Brimmer Katcher              (253) 924-3047
                             (212) 355-4449



                                     # # #

                                       2