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 earliest event report): August 3, 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 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
	ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
	SIGNATURES
EXHIBIT 99.1
EXHIBIT 99.2

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C., 20549

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 3, 2007, Weyerhaeuser Company issued a press release announcing its financial results for the fiscal quarter ended July 1, 2007. Copies of the press release and the exhibits 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.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)	The following items are filed as exhibits to this report:
99.1	Press release, dated August 3, 2007 issued by Weyerhaeuser Company
99.2	Exhibits to Press release, dated August 3, 2007 issued by Weyerhaeuser Company

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: August 3, 2007

EX-99.1

For more information contact:	Media — Bruce Amundson (253) 924-3047
	Analysts — Kathryn McAuley (253) 924-2058

Weyerhaeuser Reports 2nd Quarter Net Earnings of $32 Million, or 15 Cents per Diluted Share, on Sales of $4.3 Billion

FEDERAL WAY, Wash. (Aug. 3, 2007) — Weyerhaeuser Company (NYSE: WY) today reported net earnings of $32 million for the second quarter of 2007, or 15 cents per diluted share, on sales of $4.3 billion.

Second quarter 2007 earnings include the following after-tax items:

• A charge of $30 million, or 14 cents per diluted share, for asset impairments in the Wood Products and Real Estate and Related Assets segments, closures of Wood Products facilities and the sale of the Canadian distribution facilities.

• A charge of $27 million, or 12 cents per diluted share, related to the early extinguishment of debt.

• A charge of $25 million, or 12 cents per diluted share, related to legal settlements and a contract termination.

• A charge of $5 million, or 2 cents per diluted share, for additional costs related to the fine paper business and related assets that were distributed to Weyerhaeuser shareholders in the first quarter 2007 Domtar transaction.

• A net gain of $15 million, or 7 cents per diluted share, on the sale of a previously closed box plant site in California and charges related to a fire and subsequent closure of a New Jersey box plant.

Excluding these items, the company earned $104 million, or 48 cents per diluted share, in the second quarter of 2007.

Second quarter 2006 results have been recast to reflect the fine paper business and related assets included in the Domtar transaction as discontinued operations and to apply a new accounting pronouncement to expense planned major maintenance costs as incurred.

For second quarter 2006, Weyerhaeuser net earnings were $298 million, or $1.19 per diluted share, on net sales of $4.9 billion. Second quarter 2006 earnings included the following after-tax items:

• A charge of $12 million, or 5 cents per diluted share, related to the restructuring of the Containerboard, Packaging and Recycling business model.

• A charge of $11 million, or 4 cents per diluted share, related to the closure of facilities.

In addition, net earnings for second quarter 2006 included a one-time tax benefit of $48 million, or 19 cents per diluted share, related to a change in Texas state income tax law, a reduction in the Canadian federal income tax rate and a deferred tax adjustment related to the Medicare Part D subsidy.

Excluding these items, the company earned $273 million, or $1.09 per diluted share, in the second quarter of 2006.

SUMMARY OF SECOND QUARTER BUSINESS PERFORMANCE

• Timberlands — Higher seasonal costs and lower sales of non-strategic timberlands adversely affected earnings.

• Wood Products — Lumber, plywood and oriented strand board prices increased slightly, but market conditions remained difficult.

• Cellulose Fibers — Prices continued to increase.

• Containerboard Packaging and Recycling — Normal seasonal upswing in packaging shipments occurred and average price realizations for packaging increased due to product mix, but fiber costs remain high.

• Real Estate and Related Assets — Market conditions remain challenging and margins continue to decline.

“In response to continued challenging market conditions, we managed production and costs throughout the second quarter,” said Steven R. Rogel, chairman, president and chief executive officer. “Our focus remains on the strategic initiatives we’ve been implementing to create more value for shareholders. In the coming quarter, we will look for ways to further reduce costs and improve performance as we face challenges produced by the continuing sluggish housing market. Meeting these challenges will require tough decisions and the focus of every employee.”

SUMMARY OF SECOND QUARTER FINANCIAL HIGHLIGHTS

Millions (except per share data)	2Q 2007		2Q 2006		Change
Net earnings	$	32	$	298		($266	)
Earnings per diluted share	$	0.15	$	1.19		($1.04	)
Net sales	$	4,334	$	4,867		($533	)

SEGMENT RESULTS FOR SECOND QUARTER
(Contributions to Pre-Tax Earnings)

Millions	2Q 2007			2Q 2006			Change
Timberlands	$	142		$	224			($82	)
Wood Products		($123	)	$	131			($254	)
Cellulose Fibers	$	48		$	23		$	25
Fine Paper	$	0			($20	)	$	20
Containerboard, Packaging and Recycling	$	112		$	69		$	43
Real Estate and Related Assets	$	64		$	123			($59	)

TIMBERLANDS

	2Q 2007		1Q 2007		Change
Contribution to pre-tax earnings (millions)	$	142	$	175		($33	)

2Q 2007 Performance — Seasonal increases in road and silviculture costs, and a lower level of non-strategic timberland transactions, contributed to the decrease in earnings from the first quarter. In addition, the segment changed its method of accounting for oil and gas revenues and revenues associated with leasing the company’s timberlands. The effect of this change was an $11 million decrease in second quarter earnings. Price and volume movements did not have a significant effect on the change from first quarter.

3Q 2007 Outlook — Weyerhaeuser expects non-strategic timberland transactions to be higher in the third quarter compared with second quarter. The continued weakness in the housing market is expected to result in lower volumes and prices.

WOOD PRODUCTS

	2Q 2007			1Q 2007			Change
Contribution to pre-tax earnings (loss) (millions)		($123	)		($167	)	$	44

2Q 2007 Performance — Excluding the items noted below, the segment’s net loss decreased $38 million from the first quarter, but still reflects difficult market conditions.

• Second quarter 2007 includes pre-tax charges of $33 million for asset impairments and other charges which include the sale of the Canadian distribution business, the closure of the Miramichi, New Brunswick oriented strand board mill and the announced closure of the Claresholm, Alberta engineered lumber mill.

• Second quarter 2007 also includes a pre-tax charge of $17 million for the expected settlement of litigation.

• First quarter 2007 includes pre-tax charges of $56 million for asset impairment charges associated with the Canadian distribution business and the Miramichi oriented strand board mill.

Weak demand in housing continued to affect segment results. Average prices realized for lumber, plywood, and oriented strand board increased slightly from the first quarter, partially offset by decreased prices for engineered lumber. Sales volumes for lumber and engineered wood products increased, but plywood and oriented strand board volumes declined. The strengthening Canadian dollar had an unfavorable effect on the earnings contribution from products manufactured in Canada.

3Q 2007 Outlook — The company expects the segment to operate at a smaller loss in third quarter compared with the second quarter due primarily to higher prices for oriented strand board, and cost decreases for logs and overhead. Prices for softwood lumber and engineered wood products are expected to decrease. The company expects shipment volumes for lumber and engineered wood products to remain close to second quarter levels. Shipment volumes for oriented strand board are projected to decrease based on anticipated mill operating postures.

CELLULOSE FIBERS

	2Q 2007		1Q 2007		Change
Contribution to pre-tax earnings (millions)	$	48	$	22	$	26

2Q 2007 Performance — Market conditions continued to improve. Pulp shipment volumes were down in the second quarter due to the first quarter completion of the Domtar transaction. Maintenance costs declined and overall productivity improved as the segment completed annual maintenance outages at two mills in the second quarter, compared to three mill maintenance outages in the first quarter.

3Q 2007 Outlook — Weyerhaeuser expects stronger prices to result in increased earnings from the segment in third quarter. The company has less annual maintenance scheduled.

CONTAINERBOARD, PACKAGING AND RECYCLING

	2Q 2007		1Q 2007		Change
Contribution to pre-tax earnings (millions)	$	112	$	67	$	45

2Q 2007 Performance — The second quarter included a pre-tax gain of $29 million on the sale of a previously closed box plant site in California and $5 million in charges related to a fire and subsequent closure of the Closter, N.J. box plant. Excluding these items, segment earnings increased $21 million compared to first quarter.

Average packaging price realizations increased mainly due to product mix. Containerboard export prices were higher than first quarter. Increased packaging shipments and lower energy costs were partially offset by increased costs for old corrugated containers (OCC) and annual scheduled maintenance downtime at the containerboard mills.

3Q 2007 Outlook — Weyerhaeuser expects third quarter earnings for the segment to increase from second quarter levels. The company expects to benefit from higher packaging shipment volume, fewer scheduled maintenance outages and lower seasonal energy costs. OCC costs are expected to be higher.

REAL ESTATE AND RELATED ASSETS

	2Q 2007		1Q 2007		Change
Contribution to pre-tax earnings (millions)	$	64	$	58	$	6

2Q 2007 Performance — Single-family home closings increased slightly over the first quarter; however, average sales prices and margins continued to decline due to the weak housing market. Second quarter earnings included a gain of $42 million on the sale of an apartment project and charges of $12 million for asset impairments. The backlog of homes sold, but not closed, remained approximately five months.

3Q 2007 Outlook — Weyerhaeuser expects third quarter earnings from this segment to be lower than the second quarter. Margins continue to decline due to difficult market conditions. The company does not anticipate any significant gains from non-homebuilding activities in the third quarter.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest forest products companies, was incorporated in 1900. In 2006, sales were $21.9 billion. It has offices or operations in 18 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 http://www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Aug. 3 to discuss second quarter results.

To access the conference call from within North America, dial 1-800-218-0530 at least 15 minutes before the call. Those calling from outside North America should dial 1-303-205-0033. Replays will be available for one week at 1-800-405-2236 (access code — 11092363#) from within North America and at 1-303-590-3000 (access code — 11092363#) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com by clicking on the “Q2 2007 Earnings Conference Call” link.

The webcast is available through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected site, StreetEvents (http://www.streetevents.com).

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. 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 these forward-looking statements deal with expectations for third quarter 2007 regarding the company’s markets, earnings and performance of the company’s business segments,, demand and pricing for the company’s products, non-strategic land sales, product mix, increases in OCC and fiber costs, lower seasonal energy costs and scheduled annual maintenance outages 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, including, but not limited to:

• The effect of general economic conditions, including the level of interest rates and housing starts;

• Market demand for the company’s products, which may be tied to the relative strength of various U.S. business segments;

• Energy prices;

• Raw material prices;

• Chemical prices;

• Performance of the company’s manufacturing operations including unexpected maintenance requirements;

• The successful execution of internal performance plans;

• The level of competition from domestic and foreign producers;

• The effect of forestry, land use, environmental and other governmental regulations, and changes in accounting regulations;

• The effect of weather;

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

• Transportation costs;

• Legal proceedings;

• The effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation; and

• 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 international 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 effect 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 this news release.

EX-99.2

Exhibit 99.2

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)

CONSOLIDATED EARNINGS	Q1						Q2						Year-to-date						Q3			Q4			Year-to-date
(in millions)	April 1,			March 26,			July 1,			June 25,			July 1,			June 25,			Sept. 24,			Dec. 31,			Dec. 31,
	2007			2006			2007			2006			2007			2006			2006			2006			2006
Net sales and revenues:
Weyerhaeuser	$	3,404		$	3,761		$	3,775		$	4,121		$	7,179		$	7,882		$	3,805		$	3,649		$	15,336
Real Estate and Related Assets		487			690			559			746			1,046			1,436			749			1,150			3,335
Total net sales and revenues		3,891			4,451			4,334			4,867			8,225			9,318			4,554			4,799			18,671
Costs and expenses:
Weyerhaeuser:
Costs of products sold (1)		2,785			2,947			3,085			3,190			5,870			6,137			3,038			3,007			12,182
Depreciation, depletion and amortization		232			233			223			231			455			464			231			252			947
Selling expenses		109			100			109			117			218			217			111			123			451
General and administrative expenses		200			235			199			205			399			440			214			241			895
Research and development expenses (2)		16			16			18			15			34			31			23			15			69
Charges (reversals) for restructuring (3)		3			(1	)		2			18			5			17			4			—			21
Charges for closure of facilities (4)		5			2			19			5			24			7			15			50			72
Impairment of goodwill (5)		22			—			—			—			22			—			—			—			—
Refund of countervailing and anti-dumping duties		—			—			—			—			—			—			—			(344	)		(344	)
Other operating costs (income), net (6) (7)		21			31			5			(26	)		26			5			(36	)		(105	)		(136	)
		3,393			3,563			3,660			3,755			7,053			7,318			3,600			3,239			14,157
Real Estate and Related Assets:
Costs and operating expenses (8)		379			482			415			553			794			1,035			539			764			2,338
Depreciation and amortization		6			3			5			4			11			7			10			8			25
Selling expenses		41			37			45			43			86			80			44			56			180
General and administrative expenses		28			30			27			35			55			65			30			29			124
Other operating costs (income), net		(4	)		(3	)		4			3			—			—			(2	)		(1	)		(3	)
Impairment of long-lived assets		—			—			12			3			12			3			14			19			36
		450			549			508			641			958			1,190			635			875			2,700
Total costs and expenses		3,843			4,112			4,168			4,396			8,011			8,508			4,235			4,114			16,857
Operating income		48			339			166			471			214			810			319			685			1,814
Interest expense and other:
Weyerhaeuser:
Interest expense incurred (9)		(131	)		(128	)		(179	)		(129	)		(310	)		(257	)		(126	)		(136	)		(519	)
Less: interest capitalized		30			16			29			20			59			36			21			27			84
Interest income and other		20			19			25			15			45			34			17			19			70
Equity in income (loss) of affiliates (10)		(1	)		3			1			6			—			9			—			(2	)		7
Real Estate and Related Assets:
Interest expense incurred		(12	)		(14	)		(16	)		(14	)		(28	)		(28	)		(12	)		(15	)		(55	)
Less: interest capitalized		12			14			16			14			28			28			12			15			55
Interest income and other		3			10			1			3			4			13			7			10			30
Equity in income of unconsolidated entities		18			21			12			15			30			36			14			8			58
Earnings (loss) from continuing operations before income taxes		(13	)		280			55			401			42			681			252			611			1,544
Income taxes (1) (11)		(3	)		(100	)		(18	)		(92	)		(21	)		(192	)		(86	)		(202	)		(480	)
Earnings (loss) from continuing operations		(16	)		180			37			309			21			489			166			409			1,064
Earnings (loss) from discontinued operations, net of taxes (12)		771			(756	)		(5	)		(11	)		766			(767	)		58			98			(611	)
Net earnings (loss) (1)	$	755		$	(576	)	$	32		$	298		$	787		$	(278	)	$	224		$	507		$	453
Basic net earnings (loss) per share:
Continuing operations	$	(0.07	)	$	0.73		$	0.17		$	1.24		$	0.09		$	1.98		$	0.67		$	1.72		$	4.35
Discontinued operations		3.31			(3.07	)		(0.02	)		(0.04	)		3.40			(3.11	)		0.24			0.40			(2.50	)
Net earnings (loss) per share	$	3.24		$	(2.34	)	$	0.15		$	1.20		$	3.49		$	(1.13	)	$	0.91		$	2.12		$	1.85
Diluted net earnings (loss) per share:
Continuing operations	$	(0.07	)	$	0.73		$	0.17		$	1.23		$	0.09		$	1.97		$	0.67		$	1.72		$	4.33
Discontinued operations		3.31			(3.06	)		(0.02	)		(0.04	)		3.38			(3.09	)		0.24			0.40			(2.49	)
Net earnings (loss) per share	$	3.24		$	(2.33	)	$	0.15		$	1.19		$	3.47		$	(1.12	)	$	0.91		$	2.12		$	1.84
Dividends paid per share	$	0.60		$	0.50		$	0.60		$	0.50		$	1.20		$	1.00		$	0.60		$	0.60		$	2.20
Weighted average shares outstanding (in thousands):
Basic		233,242			245,794			217,688			248,147			225,465			246,971			247,428			238,824			244,931
Diluted		233,242			246,970			218,743			249,194			226,711			248,082			247,900			239,525			245,780
Common and exchangeable shares outstanding at end of period (in thousands)		217,726			247,555			217,759			248,269			217,759			248,269			242,929			238,008			238,008

PRELIMINARY RESULTS — SUBJECT TO AUDIT

1

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)

FOOTNOTES TO CONSOLIDATED EARNINGS
                 (in millions)

(1) The following adjustments were made to 2006 quarterly results to apply a new accounting pronouncement to expense planned major maintenance costs as incurred:

							Year-to-date									Year-to-date
	Q1 2006			Q2 2006			Q2 2006			Q3 2006			Q4 2006			2006
Cellulose Fibers	$	(5	)	$	(10	)	$	(15	)	$	13		$	2		$	—
Fine Paper		7			(10	)		(3	)		6			(3	)		—
Containerboard, Packaging, and Recycling		4			(5	)		(1	)		1			—			—
		6			(25	)		(19	)		20			(1	)		—
Income taxes		(2	)		9			7			(7	)		—			—
Net earnings (loss)	$	4		$	(16	)	$	(12	)	$	13		$	(1	)	$	—

(2)	The third quarter of 2006 includes a $9 million charge related to the acquisition of OrganicID, a research and development company.
(3)	The second quarter of 2006 includes an $18 million charge related to the restructuring of the Containerboard, Packaging, and Recycling business model.
(4)	See detail of closure charges by segment on page 4.
(5)	The first quarter of 2007 includes a charge of $22 million for the impairment of goodwill associated with Canadian wood products distribution facilities.
(6)	Includes net foreign exchange gains (losses), primarily from fluctuations in Canadian and New Zealand exchange rates:

									Year-to-date									Year-to-date
Q1 2007		Q1 2006			Q2 2007		Q2 2006		Q2 2007		Q2 2006			Q3 2006		Q4 2006		2006
$	7	$	(26	)	$	29	$	21	$	36	$	(5	)	$	17	$	15	$	27

(7)	The first and second quarters of 2007 include $34 million and $12 million, respectively, in asset impairments related to wood products facilities. The second quarter also includes a $29 million gain on the sale of a previously closed box plant site, a $40 million charge for legal settlements and a contract termination, and $6 million in additional charges related to the sale of Canadian Wood Products distribution facilities. The third quarter of 2006 includes $23 million of income related to a reduction of the reserve for hardboard siding claims and charges of $7 million for the impairment of fixed assets related to production curtailments. The fourth quarter of 2006 includes $95 million of income related to a reversal of the reserve for alder litigation claims.
(8)	The first quarter of 2006 includes income of $8 million related to a warranty insurance recovery.
(9)	The second quarter of 2007 includes a $42 million charge related to the early extinguishment of debt.
(10)	The third quarter of 2006 includes a $2 million charge related to the impairment of investments in equity affiliates.
(11)	The second quarter of 2006 includes a one-time tax benefit of $48 million related to a change in Texas state income tax law, a reduction in the Canadian federal income tax rate and a deferred tax adjustment related to the Medicare Part D subsidy.
(12)	Discontinued operations includes the net operating results of the operations of the fine paper business and related assets and the North American and European composite panels operations. The first quarter of 2007 includes a pretax gain of $682 million and related tax benefit of $74 million and the second quarter of 2007 includes pretax charges of $4 million related to the distribution of the fine paper business and related assets to Weyerhaeuser shareholders. The first and second quarters of 2006 include charges of $746 million and $3 million, respectively, for the impairment of goodwill associated with the fine paper business. The third quarter of 2006 includes a pretax gain of $51 million and related tax expense of $18 million associated with the sale of the North American composite panels operations and an $8 million charge to write off additional goodwill associated with the coastal British Columbia operations. The fourth quarter of 2006 includes a pretax gain of $45 million and related tax expense of $4 million associated with the sale of the Irish composite panels operations.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

2

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)

Net sales and revenues (in millions):(1) (2)	Q1						Q2					Year-to-date						Q3			Q4			Year-to-date
	April 1,			March 26,			July 1,		June 25,			July 1,			June 25,			Sept. 24,			Dec. 31,			Dec. 31,
	2007			2006			2007		2006			2007			2006			2006			2006			2006
Timberlands:
Logs	$	170		$	201		$	172	$	198		$	342		$	399		$	200		$	182		$	781
Other products		63			62			39		71			102			133			46			56			235
		233			263			211		269			444			532			246			238			1,016
Wood Products:
Softwood lumber		574			782			647		857			1,221			1,639			733			625			2,997
Plywood		100			135			106		147			206			282			134			113			529
Veneer		9			13			14		13			23			26			9			7			42
Composite panels		24			121			24		140			48			261			71			25			357
Oriented strand board		152			287			153		273			305			560			203			176			939
Hardwood lumber		90			99			99		105			189			204			96			98			398
Engineered I-Joists		117			169			147		202			264			371			162			137			670
Engineered solid section		155			204			185		231			340			435			190			169			794
Logs		6			7			4		5			10			12			5			6			23
Other products		243			256			283		327			526			583			302			268			1,153
		1,470			2,073			1,662		2,300			3,132			4,373			1,905			1,624			7,902
Cellulose Fibers:
Pulp		405			394			370		402			775			796			404			457			1,657
Liquid packaging board		56			46			72		62			128			108			59			62			229
Other products		21			13			28		16			49			29			19			22			70
		482			453			470		480			952			933			482			541			1,956
Fine Paper: (2)
Paper		432			613			—		601			432			1,214			604			652			2,470
Coated groundwood		26			40			—		44			26			84			42			45			171
Other products		1			1			—		1			1			2			2			—			4
		459			654			—		646			459			1,300			648			697			2,645
Containerboard, Packaging and Recycling:
Containerboard		119			82			109		84			228			166			92			119			377
Packaging		951			911			1,043		1,002			1,994			1,913			997			1,021			3,931
Recycling		94			80			103		85			197			165			89			91			345
Bags		23			20			23		20			46			40			23			25			88
Other products		39			34			49		46			88			80			44			47			171
		1,226			1,127			1,327		1,237			2,553			2,364			1,245			1,303			4,912
Real Estate and Related Assets		487			690			559		746			1,046			1,436			749			1,150			3,335
Corporate and Other		97			116			105		117			202			233			123			128			484
Less: sales of discontinued operations		(563	)		(925	)		—		(928	)		(563	)		(1,853	)		(844	)		(882	)		(3,579	)
	$	3,891		$	4,451		$	4,334	$	4,867		$	8,225		$	9,318		$	4,554		$	4,799		$	18,671

(1)	The fourth quarter of 2006 includes 14 weeks of operations compared to 13 weeks in all other quarters.
(2)	First quarter 2007 results include 9 weeks of operations for the fine paper business and related assets, prior to the distribution of these assets to Weyerhaeuser shareholders.

Contribution (charge) to pre-tax earnings:	Q1						Q2						Year-to-date						Q3			Q4			Year-to-date
(in millions)	April 1,			March 26,			July 1,			June 25,			July 1,			June 25,			Sept. 24,			Dec. 31,			Dec. 31,
	2007			2006			2007			2006			2007			2006			2006			2006			2006
Timberlands (1) (2)	$	175		$	198		$	142		$	224		$	317		$	422		$	178		$	167		$	767
Wood Products (1) (2) (5)		(167	)		117			(123	)		131			(290	)		248			11			205			464
Cellulose Fibers (1) (2) (4)		22			(5	)		48			23			70			18			66			58			142
Fine Paper (1) (2) (4) (6)		20			(756	)		—			(20	)		20			(776	)		68			61			(647	)
Containerboard, Packaging and Recycling (1) (2) (4) (7)		67			26			112			69			179			95			97			71			263
Real Estate and Related Assets (2) (8)		58			172			64			123			122			295			135			293			723
Corporate and Other (1) (2) (3) (9)		633			(102	)		(44	)		(40	)		589			(142	)		(78	)		(3	)		(223	)
	$	808		$	(350	)	$	199		$	510		$	1,007		$	160		$	477		$	852		$	1,489

PRELIMINARY RESULTS — SUBJECT TO AUDIT

3

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS
(in millions)

(1) Closure charges by segment:

										Year-to-date										Year-to-date
	Q1 2007		Q1 2006			Q2 2007		Q2 2006		Q2 2007		Q2 2006			Q3 2006		Q4 2006			2006
Timberlands	$	—	$	—		$	—	$	—	$	—	$	—		$	—	$	1		$	1
Wood Products		3		—			15		1		18		1			10		48			59
Cellulose Fibers		—		(1	)		—		—		—		(1	)		1		(3	)		(3	)
Fine Paper		2		—			—		11		2		11			3		1			15
Containerboard, Packaging and Recycling		2		2			3		5		5		7			3		4			14
Corporate and Other		—		—			1		—		1		—			26		—			26
	$	7	$	1		$	19	$	17	$	26	$	18		$	43	$	51		$	112

     The above closure charges include costs incurred within the company’s discontinued operations.

(2) Share-based compensation charges (income) recognized by segment:

										Year-to-date								Year-to-date
	Q1 2007		Q1 2006		Q2 2007		Q2 2006			Q2 2007		Q2 2006		Q3 2006		Q4 2006		2006
Timberlands	$	1	$	1	$	—	$	—		$	1	$	1	$	—	$	—	$	1
Wood Products		2		2		2		—			4		2		—		1		3
Cellulose Fibers		2		1		—		—			2		1		—		1		2
Fine Paper		—		—		—		—			—		—		1		—		1
Containerboard, Packaging and Recycling		1		2		2		(1	)		3		1		1		—		2
Real Estate and Related Assets		2		—		1		2			3		2		—		—		2
Corporate and Other		14		15		5		(5	)		19		10		1		7		18
	$	22	$	21	$	10	$	(4	)	$	32	$	17	$	3	$	9	$	29

(3) Net foreign exchange gains (losses) included in Corporate and Other:

									Year-to-date									Year-to-date
Q1 2007		Q1 2006			Q2 2007		Q2 2006		Q2 2007		Q2 2006			Q3 2006		Q4 2006		2006
$	7	$	(26	)	$	34	$	20	$	41	$	(6	)	$	17	$	14	$	25

(4)	See detail of quarterly adjustments made to apply a new accounting pronouncement to expense planned major maintenance costs as incurred on page 2.
(5)	Additional Wood Products notes:

(a)	The first quarter of 2007 includes charges of $22 million for the impairment of goodwill associated with Canadian distribution facilities and $34 million in asset impairments related to wood products facilities.
(b)	The second quarter of 2007 includes a charge of $17 million for the expected settlement of litigation.
(c)	The second quarter of 2007 includes charges of $12 million in asset impairments related to wood products facilities and $6 million in additional charges related to the sale of Canadian distribution facilities.
(d)	The third quarter of 2006 includes $23 million of income related to a reduction of the reserves for hardboard siding claims.
(e)	The third quarter of 2006 includes a $51 million gain on the sale of the company’s North American composite panels operations.
(f)	The third quarter of 2006 includes charges of $7 million for the impairment of fixed assets related to production curtailments.
(g)	The fourth quarter of 2006 includes $344 million of income from the refund of countervailing and anti-dumping duties.
(h)	The fourth quarter of 2006 includes $95 million of income related to a reversal of the reserves for alder litigation claims.

(6) Additional Fine Paper notes:

(a) The first and second quarters of 2006 include charges of $746 million and $3 million, respectively, for the impairment of goodwill associated with the fine paper business.

(7) Additional Containerboard, Packaging and Recycling notes:

(a)	The second quarter of 2007 includes a $29 million gain on the sale of a previously closed box plant site in California and $3 million in charges related to a fire at the Closter, NJ box plant.
(b)	The second and third quarters of 2006 include charges of $18 million and $3 million, respectively, related to the restructuring of the Containerboard, Packaging and Recycling business model.

(8) Additional Real Estate and Related Assets notes:

(a)	The first and second quarters of 2007 includes net gains (losses) on land and lot sales of $3 million and ($1) million, respectively. The first, second, third and fourth quarters of 2006 include net gains (losses) on land and lot sales of $33 million, ($1) million, $0, and $110 million, respectively, or $142 million year-to-date.
(b)	The second quarter of 2007 includes a gain of $42 million on the sale of an apartment project. The fourth quarter of 2006 includes a $28 million gain on the sale of an apartment building.
(c)	The second quarter of 2007 includes charges for the impairment of assets of $12 million. The second, third, and fourth quarters of 2006 include charges for the impairment of assets of $3 million, $14 million, and $19 million, respectively, or $36 million year-to-date.
(d)	The first quarter of 2006 includes income of $8 million related to a warranty insurance recovery and income of $9 million related to recognition of deferred income in connection with partnership restructurings.

(9) Additional Corporate and Other notes:

(a)	The first quarter of 2007 includes a $682 million pretax gain and the second quarter includes charges of $4 million related to the distribution of the fine paper business and related assets to Weyerhaeuser shareholders.
(b)	The second quarter of 2007 includes a $23 million charge for legal settlements and a contract termination.
(c)	The third quarter of 2006 includes an $8 million charge to write off additional goodwill associated with the coastal British Columbia operations.
(d)	The third quarter of 2006 includes a $9 million charge related to the acquisition of OrganicID, a research and development company.
(e)	The fourth quarter of 2006 includes a $45 million pretax gain on the sale of the company’s Irish composite panels operations.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

4

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)

Third party sales volumes: (1)(2)	Q1				Q2				Year-to-date				Q3		Q4		Year-to-date
	April 1,		March 26,		July 1,		June 25,		July 1,		June 25,		Sept. 24,		Dec. 31,		Dec. 31,
	2007		2006		2007		2006		2007		2006		2006		2006		2006
Timberlands (thousands):
Logs — cunits		750		935		762		808		1,512		1,743		850		843		3,436
Wood Products (millions):
Softwood lumber — board feet		1,657		1,921		1,805		2,113		3,462		4,034		1,974		1,863		7,871
Plywood — square feet (3/8”)		310		389		305		458		615		847		437		379		1,663
Veneer — square feet (3/8”)		57		61		82		63		139		124		48		43		215
Composite panels — square feet (3/4”)		36		302		35		324		71		626		139		37		802
Oriented strand board — square feet (3/8”)		942		1,000		899		1,069		1,841		2,069		989		1,038		4,096
Hardwood lumber — board feet		89		103		99		110		188		213		100		99		412
Engineered I-Joists — lineal feet		82		114		108		137		190		251		110		95		456
Engineered solid section — cubic feet		7		9		10		11		17		20		9		7		36
Logs — cunits (in thousands)		46		55		33		46		79		101		26		42		169
Cellulose Fibers (thousands):
Pulp — air-dry metric tons		594		651		524		647		1,118		1,298		625		698		2,621
Liquid packaging board — tons		67		56		82		71		149		127		72		76		275
Fine Paper (thousands): (2)
Paper — tons		461		753		—		662		461		1,415		641		693		2,749
Coated groundwood — tons		38		52		—		59		38		111		59		64		234
Paper converting — tons		318		511		—		474		318		985		462		485		1,932
Containerboard, Packaging and Recycling (thousands):
Containerboard — tons		259		211		230		189		489		400		202		254		856
Packaging — MSF		17,754		18,342		18,965		19,168		36,719		37,510		18,425		18,932		74,867
Recycling — tons		654		733		656		719		1,310		1,452		678		745		2,875
Kraft bags and sacks — tons		25		20		23		20		48		40		22		27		89
Real Estate and Related Assets:
Single-family homes sold		1,684		1,472		1,139		1,325		2,823		2,797		906		838		4,541
Single-family homes closed		976		1,161		1,062		1,483		2,038		2,644		1,439		1,753		5,836
Single-family homes sold but not closed at end of period		2,207		3,105		2,284		2,947		2,284		2,947		2,414		1,499		1,499

(1)	The fourth quarter of 2006 includes 14 weeks of operations compared to 13 weeks in all other quarters.
(2)	First quarter 2007 results include 9 weeks of operations for fine paper and related assets, prior to the distribution of these assets to Weyerhaeuser shareholders.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

5

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION

Total production volumes: (1) (2)	Q1				Q2				Year-to-date				Q3		Q4		Year-to-date
	April 1,		March 26,		July 1,		June 25,		July 1,		June 25,		Sept. 24,		Dec. 31,		Dec. 31,
	2007		2006		2007		2006		2007		2006		2006		2006		2006
Timberlands (thousands):
Fee depletion — cunits		2,140		2,132		2,038		2,083		4,178		4,215		2,040		2,195		8,450
Wood Products (millions):
Softwood lumber — board feet		1,427		1,663		1,451		1,650		2,878		3,313		1,559		1,483		6,355
Plywood — square feet (3/8”)		114		241		115		245		229		486		237		177		900
Veneer — square feet (3/8”) (3)		298		455		338		455		636		910		494		335		1,739
Composite panels — square feet (3/4”)		—		278		—		288		—		566		100		—		666
Oriented strand board — square feet (3/8”)		968		1,073		847		1,062		1,815		2,135		1,009		1,022		4,166
Hardwood lumber — board feet		73		82		75		83		148		165		82		77		324
Engineered I-Joists — lineal feet		87		121		114		136		201		257		130		86		473
Engineered solid section — cubic feet		6		11		9		12		15		23		10		8		41
Cellulose Fibers (thousands):
Pulp — air-dry metric tons		539		676		419		588		958		1,264		660		664		2,588
Liquid packaging board — tons		60		61		77		75		137		136		73		73		282
Fine Paper (thousands): (2)
Paper — tons (4)		444		724		—		672		444		1,396		675		725		2,796
Coated groundwood — tons		43		56		—		56		43		112		59		59		230
Paper converting — tons		318		498		—		461		318		959		485		487		1,931
Containerboard, Packaging and Recycling (thousands):
Containerboard — tons (5)		1,515		1,575		1,506		1,533		3,021		3,108		1,544		1,608		6,260
Packaging — MSF		19,007		19,550		19,721		20,290		38,728		39,840		19,341		20,670		79,851
Recycling — tons (6)		1,619		1,716		1,589		1,684		3,208		3,400		1,641		1,788		6,829
Kraft bags and sacks — tons		23		19		23		20		46		39		18		25		82

(1)	The fourth quarter of 2006 includes 14 weeks of operations compared to 13 weeks in all other quarters.
(2)	First quarter 2007 results include 9 weeks of operations for fine paper and related assets, prior to the distribution of these assets to Weyerhaeuser shareholders.
(3)	Veneer production represents lathe production and includes volumes that are further processed into plywood and engineered lumber products by company mills.
(4)	Paper production includes unprocessed rolls and converted paper volumes.
(5)	Containerboard production represents machine production and includes volumes that are further processed into packaging and kraft bags and sacks by company facilities.
(6)	Recycling production includes volumes processed in Weyerhaeuser recycling facilities that are consumed by company facilities and brokered volumes.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

6

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions)

	April 1,		July 1,		Dec. 31,
Assets	2007		2007		2006
Weyerhaeuser
Current assets:
Cash and cash equivalents	$	1,172	$	208	$	223
Receivables, less allowances		1,394		1,508		1,183
Inventories		1,437		1,308		1,355
Prepaid expenses		356		378		385
Assets held for sale		114		—		105
Current assets of discontinued operations		—		—		870
Total current assets		4,473		3,402		4,121
Property and equipment, net		6,850		6,775		7,061
Construction in progress		467		544		395
Timber and timberlands at cost, less fee stumpage charged to disposals		3,705		3,721		3,681
Investments in and advances to equity affiliates		498		510		499
Goodwill		2,158		2,181		2,185
Deferred pension and other assets		1,378		1,470		1,368
Restricted assets held by special purpose entitites		915		916		917
Noncurrent assets of discontinued operations		—		—		3,011
		20,444		19,519		23,238
Real Estate and Related Assets
Cash and cash equivalents		13		7		20
Receivables, less allowances		77		75		144
Real estate in process of development and for sale		1,540		1,561		1,449
Land being processed for development		1,427		1,476		1,365
Investments in unconsolidated entities, less reserves		81		83		72
Other assets		396		383		423
Consolidated assets not owned		264		287		151
		3,798		3,872		3,624
Total assets	$	24,242	$	23,391	$	26,862
Liabilities and Shareholders’ Interest
Weyerhaeuser
Current liabilities:
Notes payable and commercial paper	$	163	$	92	$	72
Current maturities of long-term debt		70		63		488
Accounts payable		920		1,010		948
Accrued liabilities		1,220		1,145		1,363
Current liabilities of discontinued operations		—		—		258
Total current liabilities		2,373		2,310		3,129
Long-term debt		6,849		5,980		7,069
Deferred income taxes		2,897		2,906		3,011
Deferred pension, other postretirement benefits and other liabilities		1,691		1,775		1,759
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		763		765		765
Noncurrent liabilities of discontinued operations		—		—		717
		14,573		13,736		16,450
Real Estate and Related Assets
Notes payable and commercial paper		427		412		—
Long-term debt		605		605		606
Other liabilities		565		539		606
Consolidated liabilites not owned		232		246		115
		1,829		1,802		1,327
Total liabilities		16,402		15,538		17,777
Shareholders’ interest		7,840		7,853		9,085
Total liabilities and shareholders’ interest	$	24,242	$	23,391	$	26,862

PRELIMINARY RESULTS — SUBJECT TO AUDIT

7

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION

STATEMENT OF CASH FLOWS	Q1						Q2						Year-to-date						Q3			Q4			Year-to-date
SELECTED INFORMATION (unaudited)	April 1,			March 26,			July 1,			June 25,			July 1,			June 25,			Sept. 24,			Dec. 31,			Dec. 31,
(in millions)	2007			2006			2007			2006			2007			2006			2006			2006			2006
(Weyerhaeuser only, excludes Real Estate & Related Assets)
Net cash from operations	$	180		$	(324	)	$	227		$	292		$	407		$	(32	)	$	373		$	887		$	1,228
Cash paid for property and equipment	$	(114	)	$	(182	)	$	(140	)	$	(184	)	$	(254	)	$	(366	)	$	(173	)	$	(273	)	$	(812	)
Cash paid for timberlands reforestation	$	(12	)	$	(12	)	$	(12	)	$	(9	)	$	(24	)	$	(21	)	$	(6	)	$	(10	)	$	(37	)
Cash received from issuances of debt	$	—		$	—		$	—		$	—		$	—		$	—		$	3		$	1		$	4
Revolving credit facilities, notes and commercial paper borrowings, net	$	10		$	(68	)	$	22		$	19		$	32		$	(49	)	$	195		$	(95	)	$	51
Payments on debt	$	(638	)	$	(158	)	$	(918	)	$	(10	)	$	(1,556	)	$	(168	)	$	(58	)	$	(5	)	$	(231	)
Proceeds from the sale of operations	$	1,350		$	—		$	—		$	—		$	1,350		$	—		$	187		$	86		$	273
Repurchases of common stock	$	—		$	—		$	(22	)	$	—		$	(22	)	$	—		$	(332	)	$	(340	)	$	(672	)

PRELIMINARY RESULTS — SUBJECT TO AUDIT

8