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

Date of Report (Date of earliest event report): June 1, 2007

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:

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

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

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

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

TABLE OF CONTENTS

	ITEM 7.01 REGULATION FD
	ITEM 9. FINANCIAL STATEMENTS AND EXHIBITS
	SIGNATURES
EXHIBIT 99.1
EXHIBIT 99.2

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C., 20549

ITEM 7.01 REGULATION FD

On June 1, 2007 Steve Rogel, Chairman, President and Chief Executive Officer, and Patty Bedient, Executive Vice President and Chief Financial Officer, of Weyerhaeuser Company participated in an Annual Analyst Conference. A copy of the presentation slides are furnished as Exhibit 99.1 to this report. The Weyerhaeuser Company Timberlands 2006 EBITDA Reconciliation is furnished as Exhibit 99.2 to this report. These exhibits and a webcast of the presentations are available on the Company’s website.

ITEM 9. FINANCIAL STATEMENTS AND EXHIBITS

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

Exhibit 99.1 — Annual Analyst Conference presentation slides dated June 1, 2007
Exhibit 99.2 — Weyerhaeuser Company Timberlands 2006 EBITDA Reconciliation

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: June 6, 2007

EX-99.1

Exhibit 99.1

Annual Analyst Conference

New York June 1, 2007

Forward-looking Statement

The following presentations contain statements concerning Weyerhaeuser Company’s future results and performance that are forward -looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some of these forward -looking statements can be identified by the use of forward -looking terminology such as “expects,” “may,” “will,” “believes,” “should,” “approximately, ” anticipates, ” “estimates, ” and “plans, ” and the negative or other variations of those terms or comparable terminology or by discussions of strategy, plans or intentions. In particular, some of t hese forward -looking statements deal with expectations regarding capital spending, new business models in the company’s businesses such as Containerboard, Packaging and Recycling and Cellulose Fiber, opportunities for growth in the company’s businesses such as Timberlands and iLevel , continued cost reductions in the company ’s businesses, particularly Containerboard Packaging and Recycling and Cellulose Fiber, earnings improvements in the company ’s businesses generally and Containerboard Packaging and Recycling in particular, international expansion, development of new products, a joint venture with Chevron to develop biofuel , business trends such as componentization in home construction, execution of company business strategies, adjustments of operatin g postures to meet current demand, the company’s markets, demand and pricing for the company’s products and related matters. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, includin g, but not limited to:#E The effect of general economic conditions, including the level of interest rates and housing starts;#E Market demand for the company’s products, which may be tied to the relative strength of variou s U.S. business segments;#E Energy prices;#E Raw material prices;#E Chemical prices;#E Performance of the company’s manufacturing operations including unexpected maintenance requ irements;#E The successful execution of internal performance plans;#E The level of competition from domestic and foreign producers;#E The effect of forestry, land use, environmental and other governmental regulations, and changes in accounting regulations;#E The effect of weather;#E The risk of loss from fires, floods, pest infestation and other natural disasters;#E Transportation costs;#E Legal proceedings;#E The effect of timing of retirements and changes in the market price of company stock on charges for stock -based compensation; and#E Performance of pension fund investments and related derivatives.

The company is also a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan, and by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Euro and the Canadian dollar, and restrictions on inte rnational trade or tariffs imposed on imports. These and other factors could cause or contribute to actual results differing materially from such forward -looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them occurs, what ef fect they will have on the company’s results of operations or financial condition. The company expressly declines any obligation to publicly revise any forward -looking statements that have been made to reflect the occurrence of events after the date of these presentations.

Annual Analyst Conference — June 1, 2007

Agenda

Welcome Kathryn F. McAuley

Vice President, Investor Relations            Opening Remarks Steven R. Rogel Chairman, President and CEO            Strategic Direction Patricia M. Bedient Executive Vice President and CFO            Industry Outlook 2007 Lynn O. Michaelis

Vice President, Markets & Economic Research            Timberlands, Cellulose Fibers and Richard E. Hanson Containerboard, Packaging & Recycling Executive Vice President and CFO

iLevel Lee Alford

Senior Vice President, Residential Wood Products            Weyerhaeuser Real Estate Co. Daniel S. Fulton President and CEO, WRECO

Closing Remarks Steven R. Rogel

Chairman, President and CEO            Q&A

Annual Analyst Conference — June 1, 2007

Steve Rogel

Chairman, President and CEO

Strategic Direction

Patty Bedient

Executive Vice President, Chief Financial Officer

Fundamental Principles

Timberlands are core to the company            Businesses must exceed cost of capital            Continue capital spending discipline

Maintain appropriate capital structure and dividend policy

Annual Analyst Conference — June 1, 2007

Weyerhaeuser’s Vision

“Weyerhaeuser releases the potential in trees to solve important problems for people and the planet”

Annual Analyst Conference — June 1, 2007

Legislative Tax Reform

Industry sponsorship

Timber Revitalization and Economic Enhancement (TREE) Act of 2007 introduced in Congress

Bi-partisan support

Immediate value and flexibility

Annual Analyst Conference — June 1, 2007

iLevel Strategy

To be the undisputed leader in the Residential Structural Frame Market

Annual Analyst Conference — June 1, 2007

Weyerhaeuser Real Estate Company

Disciplined growth in targeted markets

Annual Analyst Conference — June 1, 2007

Fine Paper Transaction: Split / Merge with Domtar

Market leader created through unique tax-free transaction $1.35 billion in cash for debt reduction            Over 25 million shares retired            Shareholders given choice

Annual Analyst Conference — June 1, 2007

Cellulose Fibers

High-performance fibers Absorbent products Premium towel and tissue

Proprietary technology

Technical capability

Annual Analyst Conference — June 1, 2007

Containerboard Packaging and Recycling

Accelerating implementation of new business model

Considering broad range of strategic alternatives Hold and optimize Sell / divest Other combination

Annual Analyst Conference — June 1, 2007

Financial Priorities

Capital spending discipline 80% of depreciation Aligned with strategy

Dividend policy

Increased dividend 33% in the last 2 years

Share repurchase

25 million shares retired through the Domtar transaction Repurchased 11 million shares

Appropriate capital structure

Annual Analyst Conference — June 1, 2007

Industry Outlook 2007

Lynn Michaelis

Vice President,

Markets & Economic Research and Chief Economist

Agenda for Industry Outlook

Macroeconomic setting for forest products Housing Issues: National and regional

Situation in

Wood Products Cellulose Fiber (Pulp)

Containerboard and Packaging

Annual Analyst Conference — June 1, 2007

Outlook Summary

Approaching the bottom of the housing cycle — but recovery pattern uncertain Wood product prices at bottom            Long-term trend still positive for housing and wood products            Very positive environment for softwood pulp            Prospects for containerboard and packaging industries are mixed

Annual Analyst Conference — June 1, 2007

Macroeconomic Outlook

World growth strong, despite U.S. slowdown

Interest rates remain near current levels given inflation

Dollar decline continues — helps U.S. industrial production

Housing starts approaching bottom, but recovery pattern uncertain

Annual Analyst Conference — June 1, 2007

Dollar Declines Further:

Immense Current Account Deficit

Euro Exchange Rate

U.S.$/Euro (inverse)

Forecast* 0.8

1.0 1.2 1.4

1.6

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Quarterly

QMIEU09E Source: Wall Street Journal, *Weyerhaeuser

Annual Analyst Conference — June 1, 2007

Stronger Industrial Growth Over 2004–07 Period

Growth in Weighted** Index for U.S. Manufacturing Production

Percent Change

Forecast* 4

** 80% non-durable; 20% durable excluding high tech

2 0 -2 - -4

-6

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Annual

AMDIP09A Source: FRB, *Weyerhaeuser

Annual Analyst Conference — June 1, 2007

Now in Correction Period —Unique Cycle

U.S. Single-family Housing Starts

Million Units

Forecast* 1.8

1.6

Demographic Trend 1.4 for 2000-10*

1.2

1.0

0.8

1996 1998 2000 2002 2004 2006

Annual Average

Source: Census, *Weyerhaeuser

Annual Analyst Conference — June 1, 2007

Surge in Total Housing Inventory Needs to be Worked off; Partial Cause — Investors Exiting

Inventory of Homes and Condominiums for Sale

Million Units

5

Condominiums

4 New SF Homes Existing SF Homes

+1.6 Million

3 2 1

0

2000 2001 2002 2003 2004 2005 2006 2007 2008 Quarterly

QMDHO79A Source: Nat’l Assn of Realtors, Census

Annual Analyst Conference — June 1, 2007

Another Problem Needs to be Corrected; Risky Loans

Mortgage Delinquencies Subprime Loans With Installments Past Due

Percent

16

15 14 13 12 11 10

9

20002001 20022003 2004 2005 2006 2007 Quarterly

QMDIR22A Source: MBA

Annual Analyst Conference — June 1, 2007

Situation in Wood Products

Wood products demand fell sharply with decline in single -family housing starts            Current product prices are below cash costs for average mills —lumber and oriented strand board — driving production lower            U.S. timber prices lag lumber prices and mill production            Long-term positive: housing starts return to trend with very little offshore competition in structural wood products

Annual Analyst Conference — June 1, 2007

Canadian Mills Have Been Running Cash Negative

Spruce-Pine-Fir 2x4 Lumber Price

$/MBF

450

Trade 400 Case Begin

350 300 250

200

Reported Random 150 Lengths Estimated Mill Net

Average Mill Cost*

100

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Quarterly

QWDCLP07D Source: Random Lengths,*RISI Mill Survey

Annual Analyst Conference — June 1, 2007

Expect C$ Appreciation to Continue

Canadian Exchange Rate

U.S.$/C$ (inverse)

Forecast* 0.60

0.70 0.80 0.90

1.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 Quarterly

QMICA09G Source: Wall Street Journal, *Weyerhaeuser

Annual Analyst Conference — June 1, 2007

Now Below Maximum Tariff Trigger Level

Framing Lumber Composite Price

$/MBF

450 400 350

Maximum 300 Export Trigger

YTD

250

1995 1998 2001 2004 2007 Annual

AWDLOP02A

Soure: Random Lengths

Annual Analyst Conference — June 1, 2007

U.S. Product Prices Set by Canadian Imports

Douglas Fir 2x4 Green vs. Spruce-Pine-Fir 2x4 Mill Lumber Price

$/MBF

450

Douglas Fir (X=YTD) Spruce-Pine-Fir 400

350 300 250

200

1995 1997 1999 2001 2003 2005 2007 Annual

AWDWLP03B Source: Random Lengths

Annual Analyst Conference — June 1, 2007

Log Prices Lag Lumber Prices and Lumber Production

Douglas Fir Log Prices Export Log vs. Domestic #2

$/MBF 1200

(X= YTD )

1000

Export Log

800

600

Domestic #2

400

1995 1997 1999 2001 2003 2005 2007 Annual

ATLP70D

Source: Log Lines, Weyerhaeuser

Annual Analyst Conference — June 1, 2007

Eventually, Prices Rebound to Level that Covers Cash Cost

North Central Oriented Strand Board 7/16” Price

$/MSF 400

350

300

250

Average 200 Mill Cost in 2006* 150 YTD 100 1995 1998 2001 2004 2007 Annual

AWDPNLP09F

Source: Crow’s, *RISI Mill Survey

Annual Analyst Conference — June 1, 2007

Situation in Cellulose Fibers

Overall demand growth positive, especially for fluff and absorbent grades (U.S. Southern pine pulp) Capacity growth primarily in hardwood pulp

Dollar decline supports positive prices for NBSK and fluff pulp — strong position for U.S. Southern mills

Annual Analyst Conference — June 1, 2007

Weaker Dollar Makes U.S. Mills More Competitive

Manufacturing Cash Costs for Bleached Softwood Kraft Pulp

$/Tonne

600

Typical Mill 500 U.S.

Canada Sweden 400

300 200 100

0

2002 2006

Source: Weyerhaeuser APLOTP84A

Annual Analyst Conference — June 1, 2007

Pulp Prices Reflect Relative Operating and Exchange Rates

Fluff vs. Eucalyptus Delivered Northern Europe

$/Metric Ton

850

750

650

Fluff

550

450

Eucalyptus

(X = April) 350 2001 2002 2003 2004 2005 2006 2007 2008 Quarterly

QPLOTP39A Source: RISI Annual Analyst Conference — June 1, 2007

Situation in Containerboard and Packaging Industries

Box demand growth in line with revised industrial production index driver

Packaging prices did not follow liner prices as expected

Prospects for containerboard in a global context very positive Global demand growth of 4–5% per year Issue: will need virgin capacity given limit for additional OCC capacity growth

–Where and at what price?

Annual Analyst Conference — June 1, 2007

Gap Between Box Shipments Growth and Industrial Production — Higher Prices

Weighted** Industrial Production and Annual Growth of U.S. Box Shipments

Percent Change

4

**80% Nondurables, 20% Durables Industrial Production Excluding High Tech

Box Shipments

3 2 1 0

-1

1993-1997 1998-2003 2004-06 Annual

ACBBXG103A Source: Fibre Box Association, FRB

Annual Analyst Conference — June 1, 2007

Relationship Between Linerboard and Box Prices Has Changed

U.S. Corrugated Box Price vs. Eastern U.S. Linerboard Price

Box            Liner $/MSF $/Short Ton

70 550

Box (left scale)

500

Liner (right scale)

60

450

400 50 350

300 40

250 (X=YTD)

30200 1995 19971999 2001 2003 2005 2007 Annual

ACBOTG58F Source: FBA, RISI

Annual Analyst Conference — June 1, 2007

The Global Industry: All New Capacity Has Been OCC Based

Fiber for World Containerboard Production

Million Tons

150

Recycled Fiber 120 Virgin Fiber

90 60 30

0

1988 2005 Annual

XCBOTG13G Source: P öyry Annual Analyst Conference — June 1, 2007

Now at Limit of OCC-based Capacity

World Recovered Paper Content in Containerboard

Percent 80 75

70 Calculated Limit* 65 60 55 50 45

40

* For current quality

35

19881992 1996 2000 2004 Annual

ARCOCCG35D

Source: P öyry

Annual Analyst Conference — June 1, 2007

Putting Upward Pressure on OCC Prices

Recovered Paper OCC Price (Grade 11) (F.O.B. Packing Plant)

$/Short Ton

120

100 Current Chip Price Equivalent 80 YTD

Chicago 60 40 20

0

1996 1998 2000 2002 2004 2006 2008 Annual

ARCOCCP02F Source: Official Boards Market, RISI

Annual Analyst Conference — June 1, 2007

Higher Price Levels may be Needed to Encourage Virgin Capacity Growth

Fiber for World Containerboard Production

Million Tons

Forecast* 180

Recycled Fiber 150 Virgin Fiber

120

90

60

Virgin Softwood

30

Capacity Needed

0

1988 2005 2015

Annual

XCBOTG13I Source: P öyry (History) *4.5% per year growth, RISI Forecast

Annual Analyst Conference — June 1, 2007

Outlook Summary

Approaching the bottom of the housing cycle — but recovery pattern uncertain Wood product prices at bottom            Long-term trend still positive for housing and wood products            Very positive outlook for softwood pulp            Outlook for containerboard and packaging industries is mixed

Annual Analyst Conference — June 1, 2007

Timberlands, Cellulose Fibers and Containerboard, Packaging & Recycling

Rich Hanson

Executive Vice President, Chief Operating Officer

Annual Analyst Conference — June 1, 2007

Safely Making Money

Total Company Recordable Incident Rate

RIR

2000–2007 March Year-to-Date

6.0

5.0

4.0 3.80 3.0 2.61 2.46 2.48

2.27

2.0 2.28

1.67

1.0

1.19

0.0

2000 2001 2002 2003 2004 2005 2006 2007 Mar.

YTD

Annual Analyst Conference — June 1, 2007

Timberlands

Annual Analyst Conference — June 1, 2007

Operational Excellence in Timberlands

Generating industry-leading returns Superior silviculture strategy Superior execution

– Forestry efficiency and low operating costs

– Log allocation to the highest return market

– Portfolio management            Enhancing total return per acre

Annual Analyst Conference — June 1, 2007

Diverse Timberlands Ownership

6.4 million acres in U.S.

0.7 million acres in Southern Hemisphere*

*includes joint ventures

Annual Analyst Conference — June 1, 2007

Innovative Silviculture

Grow bigger sawtimber faster, better, cheaper than competitors

Invest in silviculture to enhance timberland returns Innovations in bedding and planting stock Precision silviculture — Vision Forestry in the South Optimal harvest scheduling

Strength & Thinning Stiffness Testing Precision & Pruning 2^nd & 3rd Application Weyerhaeuser Selective & Generation Forestry Bedding

Industry Standard

Site Prep            GeneticsFertilizer            Stand            Product Management            Development

Annual Analyst Conference — June 1, 2007

Maximizing Harvest Value

Optimizing log revenue

Log allocation to markets (export, lumber, veneer and fiber) helps achieve full value potential Internal vs. external customer choices enhance values —“right log to the right mill”

Minimizing harvest costs

Scale and concentration provide for efficient harvest Weyerhaeuser’s Southern U.S. harvest costs are 20 –25% lower than benchmark averages

Annual Analyst Conference — June 1, 2007

Optimizing Timberlands Portfolio

Returns improved through            Portfolio Yield Curve            active portfolio management

Acquisition

Increased ownership by 1.5 Targets            million acres since 2000 Market Major strategic to acquisitions Return Divestment

Targets

Regional dispositions including HBU land Acres Growing in the U.S. and South America

Annual Analyst Conference — June 1, 2007

Maximizing the Value per Acre

2006 Timberland activities other than harvest generated more than $225 million of earnings            Current activities include Traditional small timberlands sales and exchanges Sales of lands with enhanced real estate values Mineral and oil and gas extraction Other earnings (hunting leases, cell tower leases, sale of forest plants, etc.) Future growth opportunities include Biofuel opportunity with Chevron Carbon credits

Annual Analyst Conference — June 1, 2007

Generating Industry-leading Returns

U.S. Timberlands EBITDA* Per Acre Owned (2006)

30 0 25 0 20 0 15 0 10 0 50

0

WY West NCREIF WY South NCREIF

PNW            South

*Non-GAAP measure; reconciliation on weyerhaeuser.com

Annual Analyst Conference — June 1, 2007

Cellulose Fibers

Annual Analyst Conference — June 1, 2007

Cellulose Fibers —Products

Advanced absorbent fibers used in diapers and other personal care products are chemically modified for superior performance

Fibers used in premium towel and tissue products, specialty and publication papers

Specialty fibers used in textiles and non-wovens

Annual Analyst Conference — June 1, 2007

High-performance Cellulose Fibers End Use

Markets Incoming Raw (~65% Export) Material Manufacturing Fiber            Tons

Fiber Treatment            MM Towel / Tissue

Selection            Bales            Carrier ~0.4 Downstream Specialty            Tons

Textiles

Specialty            MM Chemicals 5 Locations ~0.2 Filter            Media ~1.9 MM TonsRolls Absorbents            Tons R&D            MMDiapers ~1.3 Wipes Annual Analyst Conference — June 1, 2007

Cellulose Fibers Operations

Grande Prairie

NBSK

SBSK New Bern Port Wentworth

Columbus

Flint River

Annual Analyst Conference — June 1, 2007

Cellulose Fibers — Operational Excellence

Absorbent Product Mills

2006 Improvements over 2005

Manufacturing Efficiency 4%

Manufacturing Cost $36/ton

Annual Analyst Conference — June 1, 2007

Containerboard, Packaging and Recycling

Annual Analyst Conference — June 1, 2007

Containerboard Packaging and Recycling Operations

9 Containerboard Mills —6.2 million tons 75 Packaging Plants —98 BSF; 10 Specialty Plants —Bulk, Inks and Plants, Preprint, Retail 4 Bag Plants —160,000 Tons 19 Recycling Plants —6.8 million tons

Annual Analyst Conference — June 1, 2007

The Business Model

Market segments as profit centers

Demand-driven, customer-focused model

Operating as an integrated supply chain (mills / box plants) Delivering against demand at the lowest cost            Leveraging scale

Annual Analyst Conference — June 1, 2007

Accelerating Implementation

New leadership

Achieving more responsive and coordinated sales organization            Applying lessons from business model pilot Focusing on margin improvement and profitable volume growth

Annual Analyst Conference — June 1, 2007

Targeted Earnings Improvements

Through 2008

$230 Million

· Labor reductions

Mill

· More efficient maintenance spending

Initiatives

· Lower energy consumption

$65 MM

· Lower chemical consumption

Converting • Rationalization / machine efficiency Initiatives • Decreased fixed costs $65 MM • Reduced transportation and warehousing

Demand • Customer selection
Initiatives • Mix and volume improvements

$ 100 MM • New product introductions

On track to deliver $100 million by end of 2007

Annual Analyst Conference — June 1, 2007

iLevel

Lee Alford

Senior Vice President, Residential Wood Products

Annual Analyst Conference — June 1, 2007

2006 Wood Products Segment Sales

International 3% Commercial 2%

Industrial 7%

Repair & 17% Remodel

71% New Residential (iLevel Focus)

Annual Analyst Conference — June 1, 2007

The Vision for iLevel

To be the undisputed leader in the To be the in the Residential Structural Frame market

Annual Analyst Conference — June 1, 2007

Over the Last 3 Years We Have Been Repositioning Wood Products

Repositioned assets Retooled            Reduced costs Improved safety 50% and ...

Generated over $2.4 billion cash flow

Annual Analyst Conference — June 1, 2007

The Residential Structural Frame

Annual Analyst Conference — June 1, 2007

Complex Channel to Market is Evolving

Framers

Contractor Yards Builders Builders Primary and Pro Dealers Primary Manufacturing Manufacturing Truss and Panel Plants

Home            Buyer

Annual Analyst Conference — June 1, 2007

Complex Channel to Market is Evolving

Framers

Contractor Yards Builders Builders Primary and Pro Dealers Primary Manufacturing Manufacturing Truss and Panel Plants

Home Buyer

Annual Analyst Conference — June 1, 2007

Complex Channel to Market is Evolving

Framers

Contractor Yards Builders Builders Primary and Pro Dealers Primary Manufacturing Manufacturing Truss and Panel Plants

Home Buyer

Annual Analyst Conference — June 1, 2007

Complex Channel to Market is Evolving

Framers

Contractor Yards Builders Builders Primary and Pro Dealers Primary Manufacturing Manufacturing Truss and Panel Plants

Home Buyer

Annual Analyst Conference — June 1, 2007

Complex Channel to Market is Evolving

Framers

Contractor Yards Builders Builders Primary and Pro Dealers Primary Manufacturing Manufacturing Truss and Panel Plants

Home Buyer

Annual Analyst Conference — June 1, 2007

Componentization is a Growing Trend

Annual Analyst Conference — June 1, 2007

iLevel by Weyerhaeuser

Annual Analyst Conference — June 1, 2007

Executing the iLevel Strategy

Market            to the Builder with unique building solutions

Framers

Contractor Yards Builders Builders and Pro Dealers

Truss and Panel Plants

Home

Sell to the channel to            Buyer            deliver solutions to Builder

Annual Analyst Conference — June 1, 2007

Positioned to be Undisputed Leader in the Structural Frame Market — Brand and Scale

A leading producer of solid wood products and panels            Largest engineered wood products producer            National distribution footprint            Most recognized and trusted product brands

Annual Analyst Conference — June 1, 2007

Positioned to be Undisputed Leader in the Structural Frame Market — Technology / R&D

Strength of Innovation Software Solutions Site Solutions

Annual Analyst Conference — June 1, 2007

Dealing with the Here and Now

Executing the iLevel strategy while managing through the downturn and positioning for the upturn

Adjusting operating posture

71% of our facilities are taking downtime Inventory aligned with demand            Reducing SG&A

Annual Analyst Conference — June 1, 2007

iLevel Gaining Traction Across the Channel

Market to the Builder with unique building solutions

Framers

Contractor Yards Builders Builders and Pro Dealers

Truss and Panel Plants

Home Buyer

Sell to the channel to deliver solutions to Builder

Annual Analyst Conference — June 1, 2007

Positioned to be the Undisputed Leader            in the

Residential Structural Frame Market

Annual Analyst Conference — June 1, 2007

Weyerhaeuser Real Estate Company

Dan Fulton

President and CEO, WRECO

Annual Analyst Conference — June 1, 2007

WRECO Operations

Annual Analyst Conference — June 1, 2007

WRECO 2006 Rankings

15^th by Closing Volume 15^th by Revenue 6^th by Pre-Tax Earnings 2^nd by Gross Margin

Source: SEC filings

Annual Analyst Conference — June 1, 2007

Homebuilding Operating Indicators

2005 2006 2007

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

—— —— —— —— —— —— -— —— —

Traffic (in 000’s) 64 90 90 63 72 62 53 45 61 New Orders, net 1,378 1,525 1,608 1,174 1,472 1,325 906 838 1,684 Cancellation Rate 15 % 12 % 17 % 22 % 19 % 26 % 36 % 36 % 16 % Single Family Gross Margin 32 % 31 % 33 % 34 % 31 % 26 % 26 % 24 % 22 % Home Closing Price (in 000’s) $450 $468 $461 $506 $ 485 $ 491 $512 $526 $ 480

Annual Analyst Conference — June 1, 2007

Key Business Drivers

Local value propositions

Geographic distribution of operations

Annual Analyst Conference — June 1, 2007

Key Business Drivers (cont.)

Land entitlement: core competency Industry leading margins Flexible business model            Management tenure            ROI alignment

Annual Analyst Conference — June 1, 2007

Housing Cycle Opportunities

Grow market share

Position for the long term People Process

Leverage land position

Annual Analyst Conference — June 1, 2007

Steve Rogel

Chairman, President and CEO

Annual Analyst Conference

New York June 1, 2007

EX-99.2

Exhibit 99.2

WY TIMBERLANDS 2006 EBITDA RECONCILIATION

5 5) $ $ 767 139 889 122 ) ( $ $ $ $ 6,393 TOTAL ( 85 353 $ South 4,158 $ 240 536 West $ 2,235 $ (GAAP)

Minus Depreciation, depletion & amortization Plus Canadian Dollar amounts in            EBITDA per acre            Forestlands Minus millions (except            Average No. of            Sector level            Contribution to EBITDA per acre) Acres (000)* Total EBITDA            expenses            Earnings

South 4,174 4,141

West 2,237 2,233

*Based on average of 2005 and 2006 year end average acres 2005 2006

Annual Analyst Conference — June 1, 2007