8-K

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

May 27, 2010

(Date of earliest event report)

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

Washington	1-4825	91-0470860
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

Federal Way, Washington 98063-9777

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(253) 924-2345

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EXHIBIT INDEX

EXHIBIT 99.1

SIGNATURES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C., 20549

ITEM 7.01. REGULATION FD

On May 27, 2010 Dan Fulton, President and Chief Executive Officer, Patty Bedient, Executive Vice President and Chief Financial Officer, Larry Burrows, President of Weyerhaeuser Real Estate Company, Miles Drake, Senior Vice President Research and Development and Chief Technology Officer, and Tom Gideon, Executive Vice President – Forest Products, of Weyerhaeuser Company participated in an Annual Investor Conference. A copy of the presentation slides are furnished as Exhibit 99.1 to this report. This exhibit and a webcast of the presentations are available on the Company’s website.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) The following items are filed as exhibits to this report:

Exhibit 99.1 – Annual Investor Conference presentation slides dated May 27, 2010

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 HILLMAN
Its:	Vice President and Chief Accounting Officer

Date: May 27, 2010

EX-99.1

WEYERHAEUSER COMPANY

2010 Investor Meeting

MAY 27, 2010

Exhibit 99.1

Kathy McAuley

Vice President, Investor Relations

Forward-looking Statement

This news release contains statements concerning the company’s future results and performance that are forward-looking statements within the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

These

statements

are

based

on

various

assumptions

and

may

not

be

accurate

because of risks and uncertainties surrounding these assumptions.  Factors listed below, as well as other factors, may cause actual results to differ

significantly from these forward-looking statements.  There is no guarantee that any of the events anticipated by these forward-looking statements

will occur.  If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition.  The company

will not update these forward-looking statements after the date of this news release.

Some

forward-looking

statements

discuss

the

company’s

plans,

strategies

and

intentions.

They

use

words

such

as

“expects,”

“may,”

“will,”

“believes,”

“should,”

“approximately,”

“anticipates,”

“estimates,”

and “plans.”

In addition, these words may use the positive or negative or other

variations of those terms. 

This release contains forward-looking statements regarding the company’s expectations during the second quarter of 2010, including a lower grade

mix,

higher

silviculture

and

road

costs

and

lower

sales

of

non-strategic

timberlands

in

our

Timberlands

segment;

improved

sales

realizations

and

volumes, improved operating costs and production rates, and higher log costs in the Wood Products segment; higher pulp price realizations,

increased

expenses

for

annual

planned

maintenance

and

freight

in

the

Cellulose

Fiber

segment;

and

increases

in

home

sale

closings

and

lower

average sales prices in our single-family homebuilding operations. 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 the level of interest rates, availability of financing for home mortgages, strength of the U.S.

dollar, employment rates and housing starts;

market

demand

for

the

company’s

products,

which

is

related

to

the

strength

of

the

various

U.S.

business

segments

and

economic

conditions;

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

performance of the company’s manufacturing operations, including maintenance requirements and operating efficiencies;

raw material prices;

energy prices;

transportation costs;

changes in the Company’s business support functions and support costs;

changes in legislation or tax rules;

the level of competition from domestic and foreign producers;

the effect of forestry, land use, environmental and other governmental regulations;

legal proceedings;

the effect of weather;

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

changes in accounting principles;

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; and

other

factors

described

under

“Risk

Factors”

in

the

Company’s

annual

report

on

Form

10-K.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan, China and Korea.  It

also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar.

Restrictions on international trade or tariffs imposed on imports also may affect the company.

Agenda

Dan Fulton:

Introduction

Larry Burrows:

Weyerhaeuser Real Estate

Company (WRECO)

Tom Gideon:

Wood Products, Cellulose

Fibers, Timberlands

Miles Drake:

Applied Technology

Patty Bedient:

REIT and Financial Update

Dan Fulton:

Conclusion and Q&A

Dan Fulton

President and Chief Executive Officer

Larry Burrows

President –

Weyerhaeuser Real Estate

Company (WRECO)

WRECO Overview

Located in Desirable Markets

7

Leading Brands, Local Value Propositions

8

Local Value Proposition

National

Homebuilders

WRECO

Local Builders

Decreasing access

in downturn

Financial Strength, Local Agility

9

Strategic Initiatives

Adapting to Local Market Conditions

Reduced hard costs

approximately 30%; monthly

sales increased

by 300%

Extended product line to

move-up buyer; increased

sales in community by 15%

Universal and green design

features incorporated into

active adult product line and

offered as options in core

product line

10

Offer distinctive <$200,000

product line in highly

competitive sub-market;

monthly sales increased

400%

Tap underserved second

home rural/beach market on

customer’s lot

Exploit new land opportunity

through

re-designed product

Strategic Initiatives

Adapting to Local Market Conditions

11

Market Performance

Year Over Year Improvement for 4 Consecutive Quarters

12

Operational Improvements

Residential Lots Sold

2007

572

2008

5,141

2009

5,011

2010.1

40

13

Improved Margins and Sales Velocity

Source: SEC filings

Sales Per Community Per Month

2010.1

Single-Family Gross Margins (1)

(1) Single-family gross margin = revenue less direct cost of sales, indirect

cost of sales and period costs without regard to impairment charges

14

Well-Positioned Land in Target Markets

Positioning Allows Opportunistic Sales to Land-Light Builders

Distribution of WRECO Owned Lots

California

57%

Nevada

32%

VA & MD

6%

Texas

2%

Washington

2%

Arizona

1%

15

Well-Positioned for Recovery

2010 priorities

Return to profitability

Generate positive cash flow

Flexibility to adjust land pipeline for current market opportunity

Long-term opportunities

Housing fundamentals are favorable

Market recovery creates further opportunities to reposition land

portfolio

16

Tom Gideon

Executive Vice President –

Forest Products

Wood Products

2009 Wood Products Net Sales

$2.2 Billion

Focus on Residential Structural Frame

18

Aggressive Action to Restructure Operations

Significantly reduced costs

Closed and curtailed facilities

Reduced staff

Optimized manufacturing efficiencies

19

Well-Positioned for Recovery

Leveraging scale and market

position to maximize returns as

markets recover

Capitalizing on the gains resulting

from the actions taken during the

downturn

Disciplined approach to working

capital management

20

Cellulose Fibers

Focus on Absorbents and Specialty Fibers

Value-added, innovative specialty

fibers create a competitive advantage

Leading producer of absorbent fluff

Proprietary fibers for specialty applications

Strong markets experiencing global

growth

Constant focus on operational

improvement

Achieve world class performance

Capture value by reducing operating costs

22

Creating Value through Collaboration

and Innovation

Key customers offer growth opportunities

Develop technology solutions through targeted

collaboration

Differentiated absorbent products

Non-wovens

Composite materials

Green energy solutions

23

Timberlands

Timberlands Strategy

Grow and manage financially attractive,

sustainable forests

Position harvest for US recovery

Apply market knowledge to create additional value

Operate at scale and capture cost advantages

Explore opportunities for future growth

Increasing cash flow and asset value

25

Asset Base is Over 90% Productive

Timberlands

High quality sawtimber

Source of environmental and public benefits

Does not include 15.2 million acres of forestland under license in Canada

Timberlands

Acres (000)

%

US West

US South

Uruguay

China JV

Total

Core

1,850

3,720

341

45

5,956

90.7%

Non-Core

213

394

-

-

607

9.3%

TOTAL

2,063

4,114

341

45

6,563

100%

26

Generating Earnings from Non-Core Land

Exchange for core land

Sales of higher-and-better use

(HBU) and non-strategic land

Conservation and wetlands

mitigation opportunities

27

Canadian Licensed Timberlands Managed

for Manufacturing Operations

Timberlands leased from

provincial governments to

secure volume for our iLevel

and Cellulose Fibers facilities

Lands managed according to

provincial standards

Province

Acres

(millions)

Alberta

5.3

British Columbia

2.3

Ontario

2.6

Saskatchewan

5.0

Total

15.2

28

All Lands are Independently Certified

Under Applicable Standards

Key stakeholder involvement

Based on sound science

Open, independent, peer reviewed research

Program broad in scope

Lands managed for productivity

and ecosystem values

Recognized as an industry leader by the

Dow Jones Sustainability Index

29

Sawtimber

Expertise Creates Highest

Operating Values

Sawtimber

increases in volume and value as it grows

Weyerhaeuser’s precision forestry further improves value

Age of Timber Stand

Higher Harvest Values Under Precision Forest Management

WY Precision Forestry: Increased yields and higher value products

Growth at Biological Rates

Approximate graphical representation

30

Timberlands Inventory Demonstrates

Species Preference and Age Class Distribution

Age Class Distributions

DOUGLAS FIR / CEDAR

WHITEWOOD

OTHER CONIFER

HARDWOOD

US West

76%

18%

5%

1%

Douglas fir –

most desired,

highest value species

Sustainable harvest volumes

93%+ Sawlogs, remaining

stable

2.1 million acres and

160 million cubic meters

31

SOUTHERN YELLOW PINE

HARDWOOD

US South

24%

76%

Age Class Distributions

Southern yellow pine –

most desired/highest-

valued species

60%+ Sawlogs,

increasing to 65% over

the next five years

4.1 million acres and

140 million cubic meters

Timberlands Inventory Demonstrates

Species Preference and Age Class Distribution

32

CONIFER

EUCALYPTUS

Uruguay

36%

64%

Age Class Distributions

30% Peeler Grade logs,

increasing to 45%+ over

the next 10 years

341 thousand acres and

6 million cubic meters

Timberlands Inventory Demonstrates

Species Preference and Age Class Distribution

33

US Trend Log Demand Exceeds

Domestic Supply

US lumber demand

will recover from

cyclical low

Canadian lumber

imports will not

return to prior

peaks

Expect log values

will improve

34

*

BC Supplies Constrained Going Forward

Opportunity for US suppliers as Canadian production falls off

Annual allowable cut (AAC) reductions in British Columbia (BC)

due to impact of pine beetle

Source: BCMOF

0

20

40

60

80

Pre Uplift AAC

2005-06 Peak

2015

2021+

Harvested Beetle Kill

AAC

Inventory

Adjustment

Estimated Impacts of Mountain Pine Beetle Infestation

on Timber Harvests in BC Interior

Million Cubic Meters

Log Volume per Year

35

US Log Prices Have Bottomed,

Now Rebounding

Q1 2010 Western

prices up over 25%

from Q2 2009

Expect continued

improvement with

gradual recovery

in housing and

wood product

demand

Earnings improve

as deferred

volume is

harvested

Sawlog Prices

Douglas Fir #2 and Southern Yellow Pine

200

300

400

500

600

700

800

2000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

DF #2 Sawlog Price

SYP Sawlog Price

Source: Log Lines, Timber Mart South

36

International Markets Add to

Weyerhaeuser’s Competitive Advantage

Japan is a premium market for logs

China and Korea have increased imports of US timber

through the downturn

37

Harvest Volume Outlook is Positive

Harvest expected to increase 71% (2009 –

2019)

US will rise 60%; international to increase 4-fold

Cash flow driven by increased harvest and price recovery

Weyerhaeuser Global Fee Harvest Volume

0

5

10

15

20

25

30

35

0

1

2

3

4

5

6

7

8

9

International

North America

Fee Acres Owned

38

Timberland Values Have Held Up

Land prices did not follow log prices through cycle

Risk profile and option value being bid into land prices

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

NCREIF Average Timberland Values

Pacific Northwest

South

39

Scale and Logistics Provide Cost Advantages

Best practices and know-

how shared across

company

Logistical coordination

eliminates bottlenecks and

increases capacity

Hauling / dispatch trucking

Harvesting

Silviculture

40

Silviculture

Results in Greater Productivity

and Margin

Leader in advanced silviculture

Increase productivity, reduce costs and gain value

Sustainability

Sustainability

•

US West

•

US South

•

Uruguay

•

China

•

US West

•

US South

•

Uruguay

•

China

41

US Oil, Natural Gas, Aggregates and

Minerals Have Growth Potential

7.1 million net mineral acres

Oil and gas

Haynesville Shale (LA)

Revenue interest in >1000

producing wells

Developing equity participation

program in selected wells

Aggregates and minerals

$10+ million annual business

with growth potential

Economic downturn affected

2008-2009 revenues

Oil and gas

$0

$10

$20

$30

$40

$50

$60

2003

2004

2005

2006

2007

2008

2009

Aggregates and minerals

$0

$5

$10

$15

2003

2004

2005

2006

2007

2008

2009

42

Exploring Timberlands Growth Opportunities

Rising global demand for wood fiber and

environmental solutions will drive

timberland values

Selective acquisition opportunities

United States

South America, China and other emerging

geographies

43

Well-positioned to Capitalize on

Attractive Outlook

Increasing harvest levels will generate higher

cash flows

Positioned to bring deferred harvest to market as

market conditions improve

Ongoing precision forestry will continue to generate higher

value sawtimber

Optimizing log export market opportunities

Further improving operational efficiencies

Evaluating portfolio growth opportunities

44

Miles Drake

Chief Technology Officer

Applied Technologies Capture Highest Value

Benefits to core strategy

Increased high quality sawtimber

yield in North America

Reduced costs of forest interventions

Shorter rotation time

Optimized harvest planning

Enhance license to operate –

sustainability

Underpins new opportunities

Biomass

Environmental offsets

46

Applied Technologies are Embedded in

the Timberlands Business Model

Applied Technology

Land Portfolio

Forest Management

Market Focus

Scale

Operations

Timberlands:

Maximize Cash

Flow and Asset

Value

47

Silviculture

Optimized through the

Rotation for Highest Value Product Mix

Sustainability

Sustainability

•

US West

•

US South

•

Uruguay

•

China

•

US West

•

US South

•

Uruguay

•

China

Financial

Optimization

Fertilizer,

Thinning and

Pruning

Vision

Forestry

Seedlings

48

Putting the Right Seedling in the Right

Place for the Right Product

Scale nurseries produce genetically improved trees

For sawtimber, traits focused on

Volume growth

Strength

Straightness

Disease resistance

49

Taking Seedling Improvement to the

Next Level

Patented manufactured seed technology to deploy desirable

traits at scale and reduce cycle time for tree improvement

50

Vision Forestry Lowers Costs and

Generates Greater Returns

Innovative site design for maximum survival and

growth of seedlings

Treatments focused only on acres to be planted

Allows efficient movement of people and equipment

51

Precision Fertilization Accelerates Growth

and Reduces Cost

Fertilizer is applied at differing rates

to stands at different stages of

tree growth

Precision application done at lower cost

Proprietary Weyerhaeuser fertilizer

Reduces / controls volatility

Balanced nutrients

Nutrients available in

single spot

Additional value through

licensing to third parties

52

Deploying Next Generation Technology

to Optimize Harvest Timing

Sensing technologies and growth and yield models

ensure harvest at financial optimum

Growth and yield planning

Remote sensing

Environmental management

53

Sustainability and Environmental

Capabilities Increase Ownership Value

Environmental competencies

Enable higher yields throughout

a rotation

Meet ecological and sustainability

requirements

Ensure license-to-operate and

regulatory compliance

54

Collaborative Approach Critical to Ensure

Broad Acceptance of Results

Working with stakeholders

Industry, academia,

government, public

Landscape scale field research trials

Large, well managed and

instrumented sites

Open, independent, peer

reviewed research

University, government and

NGO participation

Life cycle impact studies

Impact on soil nutrients,

carbon, wildlife, water and

greenhouse gases

55

Applied Technologies Increase

Cash Generation and Create Value

Improved value at harvest

Example: Enhanced sawtimber

yield in the South

generates enhancement of $75 per acre at harvest

today over industry average

Increased cash generation through

operational efficiencies

Example: Fertilization savings $8.5 million in

year one of introduction

56

Positioning for Emerging Business

Opportunities

Global requirements for sustainable products, green

energy and more productive resource systems are

leading to new business opportunities

Biomass

Environmental offsets

Land management

Exploring new technologies, partnerships and

on-the-ground pilots

57

Biomass Markets are Developing Rapidly

•

Mill residuals

•

Forest residuals

•

Energy crops

•

Mills

•

Logistics

•

Procurement

systems

•

Power production

•

Utility co-fire

•

Biomass boilers

•

Industrial

•

Transportation fuels

•

Chemicals and

materials

Sustainable

Feedstocks

Conversion &

Supply Chain

End Use

58

Weyerhaeuser US Biomass Feedstock Volume

Harvest residuals represent most of available

biomass supply

Weyerhaeuser Biomass

0

5

10

15

20

25

30

Total

Available

Other

Harvest Residuals

59

Logistics and Supply Chain Management a

Competitive Requirement

Felling of Logs and

Understory Material

Skidding

Chipping

Loading

Transport

60

Integrating New Biomass Sources into

Precision Forestry

Grow rows of pine trees and an energy crop

Perennial energy crop harvested annually

Trees managed for wood products and fiber

Legend:

Sawtimber

Fiber

Site Prep

Intercrop

Vision Forestry

Intercropping

61

New

Co-Products

Biofuel

Pulp

Power

Opportunity to Leverage Current Biomass

and Mill Co-products

Pulp Mill

62

Biomass

from Forests

Exploring New Partnerships to Open Up

New Value Chains

Energy producers –

power and transportation fuels

Supply chain partners

Energy-intensive companies looking for

sustainable services and products beyond biomass

Proven carbon sequestration

Sustainable resource management

Knowledge

Experience

Reputation

63

Technology Joint Venture with Chevron to

Develop Transportation Fuels from Forests

Sustainable

feedstocks

at scale

Conversion

technology

High quality

fuels to

customers

64

Potential to Leverage our Expertise

Exploring global opportunities to provide solutions to others

Forest management

Afforestation

Watershed and habitat improvement / management

Carbon sequestration

Erosion mitigation

65

Benefits of Applied Technologies

Maximizing value per acre

Forest systems with high sawtimber

values in the US

Adapting forest regimes to increase total sustainable biomass

harvest while preserving timber values

Pursuing global opportunities to bring our expertise

to others

66

Patty Bedient

Executive Vice President and

Chief Financial Officer

REIT structure best supports strategic direction

Benefit to the Company

Qualified earnings distributed to shareholders not taxed at

corporate level

Benefit to shareholders

Most dividends to shareholders taxed at capital gains rate

No changes needed in legal structure or business mix

Need to payout accumulated earnings and profits

REIT Conversion Likely in 2010

68

Earnings and Profits (E&P)

Current estimate of E&P dividend: $5.5 to $5.7 billion

Cash portion of E&P dividend will be capped at

10% of total

Need to distribute by the end of the year of REIT

conversion

Process governed by SEC and IRS rules and

regulations

69

Action

Approximate Days

Declare dividend

0

Ex-dividend date

7

Dividend record date;

File prospectus with SEC

10

Notify holders regarding

election of stock or cash

dividend

14

Election forms due

40

Stock valuation dates

41-43

Dividend payment date

47-50

Process for E&P Distribution

70

Total Earnings and Profits Distribution

$  5.7   billion

Current Shares Outstanding

211.40 million

E&P Dividend per Share

$26.96 per share

Share Calculation

Total E&P

$ 5.7     billion

Cash Portion of E&P (10%)

$   .57   billion

Stock Portion of E&P (90%)

$ 5.13   billion

Assumed Market Value of Stock at Ex-dividend Date

$45.00 per share

E&P Dividend per Share

$26.96 per share

Theoretical Share Price

$18.04 per share

Estimated Stock Portion of E&P

$ 5.13 billion

Theoretical Share Price

$18.04 per share

Theoretical

Shares Issued for E&P

284.42 million shares

Current Shares Outstanding

211.40 million shares

Total Pro-forma Shares Outstanding

495.82 million shares

Hypothetical Share Impact: E&P Distribution

(For illustrative purposes only)

Assumptions:

$5.7 billion E&P

$45 stock price at   

ex-dividend date

211.40 million

shares outstanding

71

Hypothetical Market Capitalization Impact:

E&P Distribution (For illustrative purposes only)

Assumptions:

$5.7 billion E&P

$45 stock price at   

ex-dividend date

211.40 million

shares outstanding

Value

Share Count

Per Share

Pre-Distribution Market

Capitalization

$9,513

211.4

$45.00

Total E&P Distribution

($5,700)

______________________________________

211.4

_________________________________________________

($26.96)

_________________________________________________

Ex Dividend Value of Original

Stock

$3,813

211.4

$18.04

Stock Received in E&P

Distribution (90%)

$5,130

_______________________________________

284.4

_________________________________________________

$18.04

_________________________________________________

Pro Forma Post-Distribution

Market Capitalization

$8,943

495.8

$18.04

Cash Received in E&P

Distribution (10%)

$570

______________________________________

Total Value for Shareholders

$9,513

in millions except per share amounts

72

Accounting Impact of E&P Distribution

(Assuming $5.7 billion E&P, and 90% stock and 10% cash distribution)

Pro-forma changes to balance sheet

Cash reduced by $570 million

Deferred tax liability reduced by approximately $1.0 billion

Shareholders’

equity increased by $430 million

Pro-forma changes to income statement

Tax benefit of $1.0 billion, as a result of the elimination of

deferred taxes

2010 income tax expense recalculated to reflect REIT treatment

Stock portion of E&P dividend treated as share issuance,

and EPS will be adjusted on a prospective basis

73

Ongoing REIT Requirements

REITs are generally required to distribute 90% of tax basis income

as a dividend, with certain exceptions for capital gain income

Asset Test (Quarterly)

75%

of

fair

market

value

of

REIT

assets

must

be

qualified

assets

–

primarily timberlands and cash

Net investment in Taxable REIT Subsidiary (TRS) limited to

25% of REIT’s gross assets

Income Test (Annual)

At least 75% of a REIT’s gross income must come from rent and

sales of real property, including standing timber on a pay as cut basis

At least 95% of a REIT’s gross income must come from rent and

sales of real property plus interest or dividends (including dividends

from the TRS)

74

Substantial Near-Term Liquidity

Cash Balance (3/31/2010):

$2.1 billion

Bank Revolving Credit Facility:

$1.0 billion

(Expires 12/2011)

Total Debt (3/31/2010):

$5.7 billion

Current Credit Ratings:

2010

2011

2012

2013

2014

2017-2033

$43

$30

$1,263

$433

$15

$3,891

Debt Maturity Schedule ($ millions)

S&P:    BBB-

(negative)

DBRS: BBBH (negative)

Moody’s: Ba1 (developing)

Fitch:      BB+ (negative)

75

Key Dividend Considerations

Macroeconomic climate

Earning potential of the company

Target capital structure

Appropriate debt levels

Long term liquidity

Maintaining access to capital

Affordability

Future growth opportunities

76

Updated Second Quarter 2010 Outlook

Segment

Q2 Outlook Compared to Q1 Earnings

Timberlands

Log prices expected to increase, partially offset by a lower grade mix and higher silviculture

and road costs

Excluding the disposition of non-strategic timberlands, Q2 operating earnings are expected

to be comparable to Q1

Disposition of non-strategic timberlands are expected to be lower than Q1

Wood

Products

Improved sales realizations and volumes anticipated

Manufacturing unit costs are expected to improve as production increases, partially offset by

higher log costs

Segment expected to be profitable in Q2

Cellulose

Fibers

Expect higher pulp price realizations, partially offset by increased freight and slightly higher

annual maintenance costs

Q2 earnings expected to be substantially higher than Q1

Real Estate

Anticipate an increase in home closings, offset by lower average

sales prices due to mix

Q2 loss from single-family homebuilding operations expected to be comparable to Q1

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Dan Fulton

President and Chief Executive Officer

Recognized Leader in Sustainability

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Reasons to Own Weyerhaeuser

Most attractive timberland in the world

Leader in adding and extracting value from timberlands

Uniquely positioned to benefit from the recovery

Focused on returning value to shareholders

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