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

October 31, 2007

(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:

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 October 31, 2007, Weyerhaeuser Company issued a press release announcing its financial results for the fiscal quarter ended September 30, 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 October 31, 2007 issued by Weyerhaeuser Company
99.2	Exhibits to Press release, dated October 31, 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: October 31, 2007

EX-99.1

Exhibit 99.1

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

Weyerhaeuser Reports 3rd Quarter Net Earnings of $101 Million, or 47 Cents per Diluted Share, on Sales of $4.1 Billion

FEDERAL WAY, Wash. (Oct. 31, 2007) — Weyerhaeuser Company (NYSE: WY) today reported net earnings of $101 million for the third quarter of 2007, or 47 cents per diluted share, on sales of $4.1 billion.

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

• A charge of $17 million, or 8 cents per diluted share, for closures, restructuring and asset impairments in our Wood Products segment.

• A charge of $17 million, or 8 cents per diluted share related to the restructuring of administrative functions, including a Canadian regional office, and one-time costs to transition to a new information technology provider.

• A charge of $16 million, or 7 cents per diluted share, for the impairment of real estate assets;

• A net gain of $26 million, or 12 cents per diluted share, related to legal settlements.

• A gain of $7 million, or 3 cents per diluted share, on the sale of operations and previously closed plant sites.

Excluding these items, the company earned $118 million, or 55 cents per diluted share, in the third quarter of 2007.

Third 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 the new accounting pronouncement to expense planned major maintenance costs as incurred.

For third quarter 2006, Weyerhaeuser net earnings were $224 million, or 91 cents per diluted share, on net sales of $4.6 billion. Third quarter 2006 earnings include the following after-tax items:

• A gain of $31 million, or 13 cents per diluted share, from the sale of the North American composites business.

• A gain of $15 million, or 6 cents per diluted share, due to a reduction of the reserve for hardboard siding claims.

• A charge of $25 million, or 10 cents per diluted share, for the additional impairment of assets related to the closure of the Prince Albert, Saskatchewan facility and the write-off of additional goodwill associated with the former BC Coastal business.

• A charge of $18 million, or 7 cents per diluted share, for asset impairments and costs associated with facility closures or curtailments, primarily in the Wood Products segment.

• A charge of $9 million, or 4 cents per diluted share, for impairment of real estate assets.

• A charge of $6 million, or 2 cents per diluted share, related to the previously announced acquisition of OrganicID, a research and development company.

Excluding these items, the company earned $236 million, or 95 cents per diluted share, in the third quarter of 2006.

SUMMARY OF THIRD QUARTER BUSINESS PERFORMANCE

• Timberlands — The continued weakness in the wood products markets resulted in lower log prices, but sales of non-strategic timberlands increased.

• Wood Products — Demand for wood products continued to weaken.

• Cellulose Fibers — Prices continued to increase and productivity improved.

• Containerboard Packaging and Recycling — Mill productivity improvements and decreased annual scheduled maintenance downtime were partially offset by seasonally-lower packaging shipments and higher costs for old corrugated containers (OCC).

• Real Estate and Related Assets — Housing markets continued to decline. Single-family closings increased seasonally and margins improved due to mix.

“An already weak wood products market deteriorated further during the third quarter,” said Steven R. Rogel, chairman, president and chief executive officer. “We were adjusting our production to meet our reduced order level, but we took additional action in the quarter as demand and prices slid. We will continually adjust our operating posture as necessary to balance production with demand.

“Meanwhile, the work we’ve done to operate more efficiently resulted in improved mill productivity in our Cellulose Fibers and Containerboard Packaging businesses. We expect improved price realizations in both businesses in the fourth quarter.”

SUMMARY OF THIRD QUARTER FINANCIAL HIGHLIGHTS

Millions (except per share data)	3Q 2007		3Q 2006		Change
Net earnings	$	101	$	224	$	(123	)
Earnings per diluted share	$	0.47	$	0.91	$	(0.44	)
Net sales	$	4,146	$	4,554	$	(408	)

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

Millions	3Q 2007			3Q 2006		Change
Timberlands	$	165		$	178	$	(13	)
Wood Products	$	(131	)	$	11	$	(142	)
Cellulose Fibers	$	79		$	66	$	13
Fine Paper	$	0		$	68	$	(68	)
Containerboard, Packaging and Recycling	$	104		$	97	$	7
Real Estate and Related Assets	$	60		$	135	$	(75	)

TIMBERLANDS

	3Q 2007		2Q 2007		Change
Contribution to pre-tax earnings (millions)	$	165		142	$	23

3Q 2007 Performance — Export and domestic log prices declined in the West while log prices in the South were relatively unchanged. Total fee harvest declined slightly, but third party log sales volumes increased as fewer logs were consumed by company mills. Higher sales of non-strategic timberlands in the third quarter offset the effect of declining log prices.

4Q 2007 Outlook — Weyerhaeuser expects Timberlands earnings to be lower in the fourth quarter compared with third quarter due to expectations that:

• The continued weakness in housing markets will result in lower prices in both the export and domestic markets, and lower log sales volumes in the West.

• The company will complete fewer non-strategic timberlands transactions in the fourth quarter.

WOOD PRODUCTS

	3Q 2007			2Q 2007			Change
Contribution to pre-tax earnings (loss) (millions)	$	(131	)	$	(123	)	$	(8	)

3Q 2007 Performance — Excluding the pre-tax items noted below, the segment’s net loss increased $36 million from the second quarter, reflecting continued difficult market conditions.

Third quarter 2007 includes:

• Charges of $25 million for facility closures, asset impairments and restructuring costs,

• A charge of $4 million for the settlement of alder litigation, and

• A gain of $7 million on the sale of a veneer facility and a previously closed customer service center site.

Second quarter 2007 includes:

• Charges of $33 million for asset impairments, facility closures and the sale of the Canadian distribution business, and

• A charge of $17 million for the settlement of alder litigation.

Declining housing starts continued to affect segment results. Average realized prices for plywood and oriented strand board increased slightly from the second quarter, but were offset by decreased lumber prices. Sales volumes declined for each of the segment’s building products. The strengthening Canadian dollar unfavorably affected the earnings contribution from products manufactured in Canada.

4Q 2007 Outlook — The company expects the segment’s operating loss to increase in fourth quarter compared with the third quarter due to the traditional seasonal slowdown and continuing pressures on volumes and prices. On Oct. 18, the company announced indefinite curtailments at three mills and expects to continue actively adjusting operating posture to balance production with demand.

CELLULOSE FIBERS

	3Q 2007		2Q 2007		Change
Contribution to pre-tax earnings (millions)	$	79	$	48	$	31

3Q 2007 Performance — Market conditions continued to improve and pulp prices increased. Pulp shipment volumes declined in the third quarter, primarily due to changes in the brokerage relationship associated with the transition of mills to Domtar. Mill productivity improved while costs declined due to less downtime for annual maintenance.

4Q 2007 Outlook — Weyerhaeuser expects favorable market conditions to continue, resulting in slightly higher earnings from the segment in fourth quarter.

CONTAINERBOARD, PACKAGING AND RECYCLING

	3Q 2007		2Q 2007		Change
Contribution to pre-tax earnings (millions)	$	104	$	112	$	(8	)

3Q 2007 Performance —

Excluding the pre-tax items noted below, the segment’s earnings increased $13 million from second quarter.

Third quarter 2007 includes:

• A gain of $3 million on the sale of a previously closed box plant site.

Second quarter 2007 included:

• A gain of $29 million on the sale of a previously closed box plant site in California

• Charges of $5 million related to a fire and subsequent closure of a box plant.

Productivity improved and annual scheduled maintenance downtime decreased at the containerboard mills. OCC costs increased. Energy costs were seasonally lower. Average packaging price realizations decreased mainly due to product mix. Converting cost reductions partially offset decreased packaging price realizations and seasonally lower shipments.

4Q 2007 Outlook — Weyerhaeuser expects fourth quarter earnings for the segment to be comparable to third quarter due to expectations that:

• Packaging and containerboard price realizations will improve.

• OCC costs will moderate.

• Additional scheduled maintenance downtime and higher seasonal energy costs will offset the improved price realizations.

REAL ESTATE AND RELATED ASSETS

	3Q 2007		2Q 2007		Change
Contribution to pre-tax earnings (millions)	$	60	$	64	$	(4	)

3Q 2007 Performance — Excluding the pre-tax items noted below, the segment’s earnings increased $19 million from second quarter.

Third quarter 2007 includes:

• Gains of $30 million from land sales.

• Asset impairment charges of $23 million.

Second quarter 2007 includes:

• A gain of $42 million on the sale of an apartment project.

• Asset impairment charges of $12 million.

Single-family home closings increased compared with the second quarter. Average closing prices continued to decline. Margins increased due to mix. The backlog of homes sold, but not closed, declined to approximately four and one-half months.

4Q 2007 Outlook — Weyerhaeuser expects earnings from single-family home closings to be significantly lower than the third quarter due to declining market conditions. Land sales not yet under contract that may close in fourth quarter could offset some of this decline.

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 Oct. 31 to discuss third quarter results.

To access the conference call from within North America, dial 1-800-218-4007 at least 15 minutes prior to the call. Those calling from outside North America should dial 1-303-262-2075. Replays will be available for one week at 1-800-405-2236 (access code — 11098530#) from within North America and at 1-303-590-3000 (access code — 11098530#) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com by clicking on the “Q3 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 fourth quarter 2007 regarding the company’s markets, earnings and performance of the company’s business segments, price realizations, demand, sales volumes and pricing for the company’s products, land sales, product mix, OCC and fiber costs, higher seasonal energy costs, operating postures and scheduled annual maintenance downtime, 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)

	Q1						Q2						Q3						Year-to-date						Q4			Year-to-date
CONSOLIDATED EARNINGS	April 1,			March 26,			July 1,			June 25,			Sept. 30,			Sept. 24,			Sept. 30,			Sept. 24,			Dec. 31,			Dec. 31,
(in millions)	2007			2006			2007			2006			2007			2006			2007			2006			2006			2006
Net sales and revenues:
Weyerhaeuser	$	3,404		$	3,761		$	3,775		$	4,121		$	3,548		$	3,805		$	10,727		$	11,687		$	3,649		$	15,336
Real Estate and Related Assets		487			690			559			746			598			749			1,644			2,185			1,150			3,335
Total net sales and revenues		3,891			4,451			4,334			4,867			4,146			4,554			12,371			13,872			4,799			18,671
Costs and expenses:
Weyerhaeuser:
Costs of products sold(1)		2,785			2,947			3,085			3,190			2,845			3,038			8,715			9,175			3,007			12,182
Depreciation, depletion and amortization		232			233			223			231			230			231			685			695			252			947
Selling expenses		109			100			109			117			102			111			320			328			123			451
General and administrative expenses		200			235			199			205			184			214			583			654			241			895
Research and development expenses (2)		16			16			18			15			18			23			52			54			15			69
Charges (reversals) for restructuring (3)		3			(1	)		2			18			16			4			21			21			—			21
Charges for closure of facilities (4)		5			2			19			5			19			15			43			22			50			72
Impairment of goodwill (5)		22			—			—			—			1			—			23			—			—
Refund of countervailing and anti-dumping duties		—			—			—			—			—			—			—			—			(344	)		(344	)
Other operating costs (income), net (6) (7)		21			31			5			(26	)		1			(36	)		27			(31	)		(105	)		(136	)
		3,393			3,563			3,660			3,755			3,416			3,600			10,469			10,918			3,239			14,157
Real Estate and Related Assets:
Costs and operating expenses (8)		379			482			415			553			451			539			1,245			1,574			764			2,338
Depreciation and amortization		6			3			5			4			6			10			17			17			8			25
Selling expenses		41			37			45			43			45			44			131			124			56			180
General and administrative expenses		28			30			27			35			26			30			81			95			29			124
Other operating costs (income), net		(4	)		(3	)		4			3			(4	)		(2	)		(4	)		(2	)		(1	)		(3	)
Impairment of long-lived assets		—			—			12			3			23			14			35			17			19			36
		450			549			508			641			547			635			1,505			1,825			875			2,700
Total costs and expenses		3,843			4,112			4,168			4,396			3,963			4,235			11,974			12,743			4,114			16,857
Operating income		48			339			166			471			183			319			397			1,129			685			1,814
Interest expense and other:
Weyerhaeuser:
Interest expense incurred (9)		(131	)		(128	)		(179	)		(129	)		(131	)		(126	)		(441	)		(383	)		(136	)		(519	)
Less: interest capitalized		30			16			29			20			29			21			88			57			27			84
Interest income and other		20			19			25			15			20			17			65			51			19			70
Equity in income (loss) of affiliates (10)		(1	)		3			1			6			5			—			5			9			(2	)		7
Real Estate and Related Assets:
Interest expense incurred		(12	)		(14	)		(16	)		(14	)		(16	)		(12	)		(44	)		(40	)		(15	)		(55	)
Less: interest capitalized		12			14			16			14			16			12			44			40			15			55
Interest income and other		3			10			1			3			1			7			5			20			10			30
Equity in income of unconsolidated entities		18			21			12			15			8			14			38			50			8			58
Earnings (loss) from continuing operations before income taxes		(13	)		280			55			401			115			252			157			933			611			1,544
Income taxes (1) (11)		(3	)		(100	)		(18	)		(92	)		(41	)		(86	)		(62	)		(278	)		(202	)		(480	)
Earnings (loss) from continuing operations		(16	)		180			37			309			74			166			95			655			409			1,064
Earnings (loss) from discontinued operations, net of taxes (12)		771			(756	)		(5	)		(11	)		27			58			793			(709	)		98			(611	)
Net earnings (loss) (1)	$	755		$	(576	)	$	32		$	298		$	101		$	224		$	888		$	(54	)	$	507		$	453
Basic net earnings (loss) per share:
Continuing operations	$	(0.07	)	$	0.73		$	0.17		$	1.24		$	0.34		$	0.67		$	0.43		$	2.65		$	1.72		$	4.35
Discontinued operations		3.31			(3.07	)		(0.02	)		(0.04	)		0.13			0.24			3.57			(2.87	)		0.40			(2.50	)
Net earnings (loss) per share	$	3.24		$	(2.34	)	$	0.15		$	1.20		$	0.47		$	0.91		$	4.00		$	(0.22	)	$	2.12		$	1.85
Diluted net earnings (loss) per share:
Continuing operations	$	(0.07	)	$	0.73		$	0.17		$	1.23		$	0.34		$	0.67		$	0.43		$	2.65		$	1.72		$	4.33
Discontinued operations		3.31			(3.06	)		(0.02	)		(0.04	)		0.13			0.24			3.55			(2.87	)		0.40			(2.49	)
Net earnings (loss) per share	$	3.24		$	(2.33	)	$	0.15		$	1.19		$	0.47		$	0.91		$	3.98		$	(0.22	)	$	2.12		$	1.84
Dividends paid per share	$	0.60		$	0.50		$	0.60		$	0.50		$	0.60		$	0.60		$	1.80		$	1.60		$	0.60		$	2.20
Weighted average shares outstanding (in thousands):
Basic		233,242			245,794			217,688			248,147			215,154			247,428			222,028			247,123			238,824			244,931
Diluted		233,242			246,970			218,743			249,194			215,828			247,900			223,083			247,123			239,525			245,780
Common and exchangeable shares outstanding at end of period (in thousands)		217,726			247,555			217,759			248,269			211,106			242,929			211,106			242,929			238,008			238,008

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			Q3 2006			Q3 2006			Q4 2006			2006
Cellulose Fibers	$	(5	)	$	(10	)	$	13		$	(2	)	$	2		$	—
Fine Paper		7			(10	)		6			3			(3	)		—
Containerboard, Packaging, and Recycling		4			(5	)		1			—			—			—
		6			(25	)		20			1			(1	)
Income taxes		(2	)		9			(7	)		—			—			—
Net earnings (loss)	$	4		$	(16	)	$	13		$	1		$	(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		Q3 2007		Q3 2006		Q3 2007		Q3 2006		Q4 2006		2006
$	7	$	(26	)	$	29	$	21	$	2	$	17	$	38	$	12	$	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 2007 includes gains of $9 million on the sale of previously closed facility sites, a $4 million charge for a legal settlement, and charges of $13 million to transition to a new IT service provider. 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 third quarter of 2007 includes pre-tax income of $43 million from the settlement of litigation associated with an Ontario fine paper mill. 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.

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)

Net sales and revenues (in millions): ⁽¹⁾⁽²⁾

	Q1						Q2					Q3		Q3			Year-to-date						Q4			Year-to-date
	April 1,			March 26,			July 1,		June 25,			Sept. 30,		Sept. 24,			Sept. 30,			Sept. 24,			Dec. 31,			Dec. 31,
	2007			2006			2007		2006			2007		2006			2007			2006			2006			2006
Timberlands:
Logs	$	170		$	201		$	172	$	198		$	168	$	200		$	510		$	599		$	182		$	781
Other products		63			62			39		71			81		46			183			179			56			235
		233			263			211		269			249		246			693			778			238			1,016
Wood Products:
Softwood lumber		574			782			647		857			580		733			1,801			2,372			625			2,997
Plywood		100			135			106		147			89		134			295			416			113			529
Veneer		9			13			14		13			13		9			36			35			7			42
Composite panels		24			121			24		140			20		71			68			332			25			357
Oriented strand board		152			287			153		273			151		203			456			763			176			939
Hardwood lumber		90			99			99		105			89		96			278			300			98			398
Engineered I-Joists		117			169			147		202			124		162			388			533			137			670
Engineered solid section		155			204			185		231			155		190			495			625			169			794
Logs		6			7			4		5			3		5			13			17			6			23
Other products		243			256			283		327			225		302			751			885			268			1,153
		1,470			2,073			1,662		2,300			1,449		1,905			4,581			6,278			1,624			7,902
Cellulose Fibers:
Pulp		405			394			370		402			345		404			1,120			1,200			457			1,657
Liquid packaging board		56			46			72		62			61		59			189			167			62			229
Other products		21			13			28		16			30		19			79			48			22			70
		482			453			470		480			436		482			1,388			1,415			541			1,956
Fine Paper: (2)
Paper		432			613			—		601			—		604			432			1,818			652			2,470
Coated groundwood		26			40			—		44			—		42			26			126			45			171
Other products		1			1			—		1			—		2			1			4			—			4
		459			654			—		646			—		648			459			1,948			697			2,645
Containerboard, Packaging and Recycling:
Containerboard		119			82			109		84			99		92			327			258			119			377
Packaging		951			911			1,043		1,002			1,015		997			3,009			2,910			1,021			3,931
Recycling		94			80			103		85			106		89			303			254			91			345
Bags		23			20			23		20			23		23			69			63			25			88
Other products		39			34			49		46			50		44			138			124			47			171
		1,226			1,127			1,327		1,237			1,293		1,245			3,846			3,609			1,303			4,912
Real Estate and Related Assets		487			690			559		746			598		749			1,644			2,185			1,150			3,335
Corporate and Other		97			116			105		117			121		123			323			356			128			484
Less: sales of discontinued operations		(563	)		(925	)		—		(928	)		—		(844	)		(563	)		(2,697	)		(882	)		(3,579	)
	$	3,891		$	4,451		$	4,334	$	4,867		$	4,146	$	4,554		$	12,371		$	13,872		$	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:
                  (in millions)

	Q1						Q2						Q3						Year-to-date						Q4			Year-to-date
	April 1,			March 26,			July 1,			June 25,			Sept. 30,			Sept. 24,			Sept. 30,			Sept. 24,			Dec. 31,			Dec. 31,
	2007			2006			2007			2006			2007			2006			2007			2006			2006			2006
Timberlands (1) (2)	$	175		$	198		$	142		$	224		$	165		$	178		$	482		$	600		$	167		$	767
Wood Products (1) (2) (5)		(167	)		117			(123	)		131			(131	)		11			(421	)		259			205			464
Cellulose Fibers (1) (2) (4)		22			(5	)		48			23			79			66			149			84			58			142
Fine Paper (1) (2) (4) (6)		20			(756	)		—			(20	)		—			68			20			(708	)		61			(647	)
Containerboard, Packaging and Recycling (1) (2) (4) (7)		67			26			112			69			104			97			283			192			71			263
Real Estate and Related Assets (2) (8)		58			172			64			123			60			135			182			430			293			723
Corporate and Other (1) (2) (3) (9)		633			(102	)		(44	)		(40	)		(16	)		(78	)		573			(220	)		(3	)		(223	)
	$	808		$	(350	)	$	199		$	510		$	261		$	477		$	1,268		$	637		$	852		$	1,489

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		Q3 2007			Q3 2006		Q3 2007			Q3 2006		Q4 2006			2006
Timberlands	$	—	$	—		$	—	$	—	$	—		$	—	$	—		$	—	$	1		$	1
Wood Products		3		—			15		1		19			10		37			11		48			59
Cellulose Fibers		—		(1	)		—		—		(1	)		1		(1	)		—		(3	)		(3	)
Fine Paper		2		—			—		11		—			3		2			14		1			15
Containerboard, Packaging and Recycling		2		2			3		5		—			3		5			10		4			14
Corporate and Other		—		—			1		—		1			26		2			26		—			26
	$	7	$	1		$	19	$	17	$	19		$	43	$	45		$	61	$	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			Q3 2007		Q3 2006		Q3 2007		Q3 2006		Q4 2006		2006
Timberlands	$	1	$	1	$	—	$	—		$	1	$	—	$	2	$	1	$	—	$	1
Wood Products		2		2		2		—			1		—		5		2		1		3
Cellulose Fibers		2		1		—		—			—		—		2		1		1		2
Fine Paper		—		—		—		—			—		1		—		1		—		1
Containerboard, Packaging and Recycling		1		2		2		(1	)		1		1		4		2		—		2
Real Estate and Related Assets		2		—		1		2			—		—		3		2		—		2
Corporate and Other		14		15		5		(5	)		—		1		19		11		7		18
	$	22	$	21	$	10	$	(4	)	$	3	$	3	$	35	$	20	$	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		Q3 2007		Q3 2006		Q3 2007		Q3 2006		Q4 2006		2006
$	7	$	(26	)	$	34	$	20	$	2	$	17	$	43	$	11	$	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 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 2007 includes $7 million of income from the sale of a veneer facility and a previously closed distribution center site.
(e)	The third quarter of 2007 includes charges of $4 million for the settlement of litigation, $4 million for restructuring activities and $1 million in goodwill impairment.
(f)	The third quarter of 2006 includes $23 million of income related to a reduction of the reserves for hardboard siding claims.
(g)	The third quarter of 2006 includes a $51 million gain on the sale of the company’s North American composite panels operations.
(h)	The third quarter of 2006 includes charges of $7 million for the impairment of fixed assets related to production curtailments.
(i)	The fourth quarter of 2006 includes $344 million of income from the refund of countervailing and anti-dumping duties.
(j)	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 third quarter of 2007 includes $3 million of income related to the sale of a previously closed box plant site.
(c)	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, second and third quarters of 2007 includes net gains (losses) on land and lot sales of $3 million, $3 million, and $30 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 and third quarters of 2007 include charges for the impairment of assets of $12 million and $23 million, respectively, or $35 million year-to-date. 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 2007 includes a $43 million gain on the settlement of litigation.
(d)	The third quarter of 2007 includes charges of $20 million for restructuring activities and the transition to a new IT service provider.
(e)	The third quarter of 2006 includes an $8 million charge to write off additional goodwill associated with the coastal British Columbia operations.
(f)	The third quarter of 2006 includes a $9 million charge related to the acquisition of OrganicID, a research and development company.
(g)	The fourth quarter of 2006 includes a $45 million pretax gain on the sale of the company’s Irish composite panels operations.

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)

Third party sales volumes: ^{(1) (2)}

	Q1				Q2				Q3				Year-to-date				Q4		Year-to-date
	April 1,		March 26,		July 1,		June 25,		Sept. 30,		Sept. 24,		Sept. 30,		Sept. 24,		Dec. 31,		Dec. 31,
	2007		2006		2007		2006		2007		2006		2007		2006		2006		2006
Timberlands (thousands):
Logs — cunits		750		935		762		808		805		850		2,317		2,593		843		3,436
Wood Products (millions):
Softwood lumber — board feet		1,657		1,921		1,805		2,113		1,654		1,974		5,116		6,008		1,863		7,871
Plywood — square feet (3/8”)		310		389		305		458		240		437		855		1,284		379		1,663
Veneer — square feet (3/8”)		57		61		82		63		73		48		212		172		43		215
Composite panels — square feet (3/4”)		36		302		35		324		29		139		100		765		37		802
Oriented strand board — square feet (3/8”)		942		1,000		899		1,069		835		989		2,676		3,058		1,038		4,096
Hardwood lumber — board feet		89		103		99		110		93		100		281		313		99		412
Engineered I-Joists — lineal feet		82		114		108		137		92		110		282		361		95		456
Engineered solid section — cubic feet		7		9		10		11		8		9		25		29		7		36
Logs — cunits (in thousands)		46		55		33		46		34		26		113		127		42		169
Cellulose Fibers (thousands):
Pulp — air-dry metric tons		594		651		524		647		470		625		1,588		1,923		698		2,621
Liquid packaging board — tons		67		56		82		71		72		72		221		199		76		275
Fine Paper (thousands): (2)
Paper — tons		461		753		—		662		—		641		461		2,056		693		2,749
Coated groundwood — tons		38		52		—		59		—		59		38		170		64		234
Paper converting — tons		318		511		—		474		—		462		318		1,447		485		1,932
Containerboard, Packaging and Recycling (thousands):
Containerboard — tons		259		211		230		189		205		202		694		602		254		856
Packaging — MSF		17,754		18,342		18,965		19,168		18,751		18,425		55,470		55,935		18,932		74,867
Recycling — tons		654		733		656		719		632		678		1,942		2,130		745		2,875
Kraft bags and sacks — tons		25		20		23		20		25		22		73		62		27		89
Real Estate and Related Assets:
Single-family homes sold		1,684		1,472		1,139		1,325		734		906		3,557		3,703		838		4,541
Single-family homes closed		976		1,161		1,062		1,483		1,145		1,439		3,183		4,083		1,753		5,836
Single-family homes sold but not closed at end of period		2,207		3,105		2,284		2,947		1,873		2,414		1,873		2,414		1,499		1,499

(1)	The fourth quarter of 2006 inlcudes 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.

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION

	Q1				Q2				Q3				Year-to-date				Q4		Year-to-date
	April 1,		March 26,		July 1,		June 25,		Sept. 30,		Sept. 24,		Sept. 30,		Sept. 24,		Dec. 31,		Dec. 31,
Total production volumes: (1) (2)	2007		2006		2007		2006		2007		2006		2007		2006		2006		2006
Timberlands (thousands):
Fee depletion — cunits		2,140		2,132		2,038		2,083		2,029		2,040		6,207		6,255		2,195		8,450
Wood Products (millions):
Softwood lumber — board feet		1,427		1,663		1,451		1,650		1,405		1,559		4,283		4,872		1,483		6,355
Plywood — square feet (3/8”)		114		241		115		245		110		237		339		723		177		900
Veneer — square feet (3/8”) (3)		298		455		338		455		297		494		933		1,404		335		1,739
Composite panels — square feet (3/4”)		—		278		—		288		—		100		—		666		—		666
Oriented strand board — square feet (3/8”)		968		1,073		847		1,062		834		1,009		2,649		3,144		1,022		4,166
Hardwood lumber — board feet		73		82		75		83		80		82		228		247		77		324
Engineered I-Joists — lineal feet		87		121		114		136		91		130		292		387		86		473
Engineered solid section — cubic feet		6		11		9		12		8		10		23		33		8		41
Cellulose Fibers (thousands):
Pulp — air-dry metric tons		539		676		419		588		445		660		1,403		1,924		664		2,588
Liquid packaging board —
tons		60		61		77		75		72		73		209		209		73		282
Fine Paper (thousands): (2)
Paper — tons (4)		444		724		—		672		—		675		444		2,071		725		2,796
Coated groundwood — tons		43		56		—		56		—		59		43		171		59		230
Paper converting — tons		318		498		—		461		—		485		318		1,444		487		1,931
Containerboard, Packaging and Recycling (thousands):
Containerboard — tons (5)		1,515		1,575		1,506		1,533		1,575		1,544		4,596		4,652		1,608		6,260
Packaging — MSF		19,007		19,550		19,721		20,290		19,547		19,341		58,275		59,181		20,670		79,851
Recycling — tons (6)		1,619		1,716		1,589		1,684		1,838		1,641		5,046		5,041		1,788		6,829
Kraft bags and sacks — tons		23		19		23		20		23		18		69		57		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.

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)

	April 1,		July 1,		Sept. 30,		Dec. 31,
Assets	2007		2007		2007		2006
Weyerhaeuser
Current assets:
Cash and cash equivalents	$	1,172	$	208	$	72	$	223
Receivables, less allowances		1,394		1,508		1,419		1,183
Inventories		1,437		1,308		1,323		1,355
Prepaid expenses		356		378		406		385
Assets held for sale		114		—		—		105
Current assets of discontinued operations		—		—		—		870
Total current assets		4,473		3,402		3,220		4,121
Property and equipment		6,850		6,775		6,894		7,061
Construction in progress		467		544		412		395
Timber and timberlands at cost, less fee stumpage charged to disposals		3,705		3,721		3,736		3,681
Investments in and advances to equity affiliates		498		510		497		499
Goodwill		2,158		2,181		2,200		2,185
Deferred pension and other assets		1,378		1,470		1,525		1,368
Restricted assets held by special purpose entitites		915		916		915		917
Noncurrent assets of discontinued operations		—		—		—		3,011
		20,444		19,519		19,399		23,238
Real Estate and Related Assets
Cash and cash equivalents		13		7		8		20
Receivables, less allowances		77		75		72		144
Real estate in process of development and for sale		1,540		1,561		1,587		1,449
Land being processed for development		1,427		1,476		1,528		1,365
Investments in unconsolidated entities, less reserves		81		83		77		72
Other assets		396		383		423		423
Consolidated assets not owned		264		287		277		151
		3,798		3,872		3,972		3,624
Total assets	$	24,242	$	23,391	$	23,371	$	26,862
Liabilities and Shareholders’ Interest
Weyerhaeuser
Current liabilities:
Notes payable and commercial paper	$	163	$	92	$	92	$	72
Current maturities of long-term debt		70		63		262		488
Accounts payable		920		1,010		894		948
Accrued liabilities		1,220		1,145		1,185		1,363
Current liabilities of discontinued operations		—		—		—		258
Total current liabilities		2,373		2,310		2,433		3,129
Long-term debt		6,849		5,980		6,428		7,069
Deferred income taxes		2,897		2,906		2,863		3,011
Deferred pension, other postretirement benefits						1,780
and other liabilities		1,691		1,775		764		1,759
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		763		765		—		765
Noncurrent liabilities of discontinued operations		—		—		—		717
		14,573		13,736		14,268		16,450
Real Estate and Related Assets
Notes payable and commercial paper		427		412		295		—
Long-term debt		605		605		605		606
Other liabilities		565		539		497		606
Consolidated liabilites not owned		232		246		237		115
		1,829		1,802		1,634		1,327
Total liabilities		16,402		15,538		15,902		17,777
Shareholders’ interest		7,840		7,853		7,469		9,085
Total liabilities and shareholders’ interest	$	24,242	$	23,391	$	23,371	$	26,862

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION

STATEMENT OF CASH FLOWS
SELECTED INFORMATION (unaudited)
                   (in millions)

	Q1						Q2						Q3						Year-to-date						Q4			Year-to-date
(Weyerhaeuser only, excludes	April 1,			March 26,			July 1,			June 25,			Sept. 30,			Sept. 24,			Sept. 30,			Sept. 24,			Dec. 31,			Dec. 31,
Real Estate & Related Assets)	2007			2006			2007			2006			2007			2006			2007			2006			2006			2006
Net cash from ops	$	(187	)	$	(210	)	$	271		$	566		$	157		$	102		$	241		$	458		$	1,089		$	1,547
Cash paid for property and equipment	$	(114	)	$	(182	)	$	(140	)	$	(184	)	$	(176	)	$	(173	)	$	(430	)	$	(539	)	$	(273	)	$	(812	)
Cash paid for timberlands reforestation	$	(12	)	$	(12	)	$	(12	)	$	(9	)	$	(8	)	$	(6	)	$	(32	)	$	(27	)	$	(10	)	$	(37	)
Cash received from issuances of debt	$	—		$	—		$	—		$	—		$	451		$	3		$	451		$	3		$	1		$	4
Revolving credit facilities, notes and commercial paper borrowings, net	$	10		$	(68	)	$	22		$	19		$	148		$	195		$	180		$	146		$	(95	)	$	51
Payments on debt	$	(638	)	$	(158	)	$	(918	)	$	(10	)	$	(54	)	$	(58	)	$	(1,610	)	$	(226	)	$	(5	)	$	(231	)
Proceeds from the sale of operations	$	1,350		$	—		$	128		$	—		$	7		$	187		$	1,485		$	187		$	86		$	273
Repurchases of common stock	$	—		$	—		$	(22	)	$	—		$	(441	)	$	(332	)	$	(463	)	$	(332	)	$	(340	)	$	(672	)