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

February 6, 2009

(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 February 6, 2009, Weyerhaeuser Company issued a press release announcing its financial results for the fiscal quarter ended December 31, 2008.  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 February 6, 2009 issued by Weyerhaeuser Company

99.2      Exhibits to Press release, dated February 6, 2009 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
Date: February 6, 2009	By:	/s/ Jeanne Hillman
		Jeanne Hillman
		Vice President and Chief Accounting Officer

EX-99.1

For more information contact:	Media –Sarah Taydas (253) 924-2505
	Analysts– Kathryn McAuley (253) 924-2058

Weyerhaeuser Reports Fourth Quarter Results

·   Net Loss of $1.212 Billion, or $5.73Per Share

·   Includes $827 Million Goodwill Impairment

·   Real Estate-Related Charges Total $313 Million After Taxes

FEDERAL WAY, Wash. (Feb.6, 2009) – Weyerhaeuser Company (NYSE: WY) today reported a net loss of $1.212 billion for the fourth quarter, or $5.73 per share, on net sales from continuing operations of $1.8 billion. Last year, Weyerhaeuser reported a fourth quarter net loss of $63 million, or 30 cents per share, on net sales from continuing operations of $2.5 billion.

For the full year 2008, Weyerhaeuser reported a net loss of $1.176 billion, or $5.57per share, on net sales from continuing operations of $8 billion.This compares with net earnings of $790 million, or $3.60 per share, on net sales from continuing operations of $10.8 billionfor 2007.

SIGNIFICANT FOURTH QUARTER 2008 AFTER-TAX ITEMS

	After-Tax Gain (Charge) ($ millions)	Gain (Charge) per diluted share (dollars)
Impairment of goodwill	($827)	($3.91)
Real estate-related charges	($313)	($1.48)
Ownership restructuring of Uruguay assets	$149	$0.70
Closure and restructuring activities	($33)	($0.15)
Gain on early extinguishment of debt	$21	$0.10

Excluding these items, the company reported a net loss of $209 million, or 99 cents per share, in the fourth quarter of 2008.

The upheaval in financial markets during fourth quarter was accompanied by accelerated deterioration of housing markets. In addition, declining demand in emerging markets adversely affected our Cellulose Fibers operations. While closing the company’s books for fourth quarter, management determined these conditions had triggered asset impairments in some of the company’s business segments. The company recognized estimated goodwill impairment charges of $827 million in its Wood Products and Cellulose Fibers segments, and after-tax asset impairments and other real-estate related charges of $313 million in its Real Estate and Corporate and Other segments in the fourth quarter. The goodwill impairments are not deductible for income tax purposes.

SIGNIFICANT FOURTH QUARTER 2007 AFTER-TAX ITEMS

	After-Tax Gain (Charge) ($ millions)	Gain (Charge) per diluted share (dollars)
Real estate-related charges	($85)	($0.40)
Wood Products closures, restructuring and asset impairments	($73)	($0.35)
True-up deferred taxes on Domtar transaction	($22)	($0.10)
Sales of operating facilities and New Zealand joint venture	$27	$0.13
Canadian federal tax rate and Mexican tax law changes	$13	$0.06
Corporate restructuring, Packaging closure and Timberlands wind storm casualty loss charges	($13)	($0.06)

Excluding these items, the company earned $90 million, or 42 cents per share, in the fourth quarter 2007.

“These results reflect the speed and severity of the deterioration of market conditions,” said Dan Fulton, president and chief executive officer. “We’re well aware of our near-term challenges and the uncertainty of the timing of the eventual recovery.  We are taking actions to weather this storm and improve our performance.”

SUMMARY OF FOURTH QUARTER FINANCIAL HIGHLIGHTS

Millions (except per share data)	4Q 2008	4Q 2007	Change
Net earnings (loss)	($1,212)	($63)	($1,149)
Earnings per share	($5.73)	($0.30)	($5.43)
Net sales:
From continuing operations	$1,760	$2,529	($769)
From discontinued operations	$17	$1,408	($1,391)
Total net sales	$1,777	$3,937	($2,160)

SUMMARY OF ANNUAL FINANCIAL HIGHLIGHTS

Millions (except per share data)	2008	2007	Change
Net earnings (loss)	($1,176)	$790	($1,966)
Earnings per share	($5.57)	$3.60	($9.17)
Net sales:
From continuing operations	$8,018	$10,824	($2,806)
From discontinued operations	$3,383	$6,047	($2,664)
Total net sales	$11,401	$16,871	($5,470)

Weyerhaeuser reclassified the Containerboard, Packaging and Recycling operations as discontinued due to the August 2008 sale of the segment’s assets to International Paper. Weyerhaeuser’s Australian operations were also reclassified as discontinued due to the sale of these assets in July 2008. The net sales and revenues of these operations are included in net sales from discontinued operations for both the fourth quarter and full year of 2007, and for the full year of 2008.

SEGMENT RESULTS FOR FOURTH QUARTER

(Contributions to Pre-Tax Earnings)

Millions	4Q 2008	4Q 2007	Change
Timberlands	$62	$148	($86)
Wood Products	($960)	($313)	($647)
Cellulose Fibers	($29)	$80	($109)
Containerboard, Packaging and Recycling	$ -	$99	($99)
Real Estate and Related Assets	($630)	$22	($652)

Effective July 2008, Weyerhaeuser’s international operations outside of North America are reported as part of the Timberlands segment. These operations, which consist primarily oftimberlands and related converting operations in South America, were previously reported as part of the Corporate and Other segment.

TIMBERLANDS

	4Q 2008	3Q 2008	Change
Contribution to pre-tax earnings (millions)	$62	$107	($45)

4Q 2008 Performance – Fourth quarter earnings declined from third quarter, primarily due to lower sales of non-strategic timberlands. Additionally, continued weak domestic markets resulted in reduced fee harvest volumes. Segment earnings include losses related to international operations of $10 million in the fourth quarter and $6 million in the third quarter.

1Q 2009 Outlook – Weyerhaeuser expects first quarter 2009 earnings from the Timberlands segment to be comparable to the fourth quarter, as challenging market conditions persist.

WOOD PRODUCTS

	4Q 2008	3Q 2008	Change
Contribution (charge) to pre-tax earnings (millions)	($960)	($146)	($814)

4Q 2008 Performance – Excluding the pre-tax items noted below, the segment’s loss was $77 million more in the fourth quarter.

·   Fourth quarter 2008 included charges of $733 million for the impairment of goodwill, and $28 million for closures, restructuring and impairment of other intangible assets.

·   Third quarter 2008 included chargesof $37 million for asset impairments and income of $13 million for a reduction in the hardboard siding claims reserve.

The increased loss from operations is primarily due to significantly lower prices for lumber and oriented strand board, and reduced sales volumes as a result of the continued decline in the housing market.

1Q 2009 Outlook – Weyerhaeuser expects challenging market conditions to continue into the first quarter. Operating losses in first quarter are expected to be comparable to fourth quarter.

CELLULOSE FIBERS

	4Q 2008	3Q 2008	Change
Contribution (charge) to pre-tax earnings (millions)	($29)	$78	($107)

4Q 2008 Performance – Excluding a fourth quarter charge of $94 million for the impairment of goodwill, the segment’s earnings declined $13 million in the fourth quarter.

Fourth quarter earnings from operations decreased due to lower pulp price realizations, reduced shipment volumes and lower capacity utilization as we slowed production to match declining demand. Shipment volumes were adversely affected by a sudden drop in demand in emerging markets. Weaker pulp prices were partially offset by increased earnings in our liquid packaging and newsprint businesses.

1Q 2009 Outlook – First quarter earnings for the segment are expected to be significantly lower than fourth quarter earnings from operations. Weyerhaeuser anticipates lower pulp prices and increased costs related to annual maintenance. We will continue to manage production to meet declining demand.

REAL ESTATE

	4Q 2008	3Q 2008	Change
Contribution (charge) to pre-tax earnings (millions)	($630)	($316)	($314)

4Q 2008 Performance – Excluding the pre-tax items noted below, the segment’s loss was $10 million more than third quarter.

·   Asset impairment and other real estate-related charges were $474 million in fourth quarter compared to $235 million in third quarter.

·   Fourth quarter included a loss of $130 million on land sales compared to an $87 million loss in third quarter.

·   Fourth quarter included restructuring charges of $10 million.

·   Third quarter included $12 million of income from a commercial partnership investment.

The already depressed housing market was further affected by increased financial turmoil. Job losses, both actual and announced, and a loss of consumer confidence reduced the number of potential home buyers.Increasing foreclosures added inventory to the marketplace causing lower appraisal values and home sale prices.

In light of these deteriorating market conditions and increased uncertainty regarding the timing of recovery, the company reviewed its homebuilding projects and land portfolio to determine whether the assets would continue to be held for development or sold. During fourth quarter, management decided to sell some of its land portfolio, which required the company to write the land assets down to current fair value, resulting in impairments. Impairments also were recorded on projects and land held for development.

Homebuilding operations closed 755 units, a 5 percent increase from third quarter, reflecting seasonal sales activity. The average price of home sales closed was slightly lower than the previous quarter. The backlog of homes sold, but not closed, was slightly more than two months.Traffic in our real estate developments decreased 33 percent from the both the prior quarter, and from fourth quarter last year.

1Q 2009 Outlook– Weyerhaeuser expects first quarter home closings to be seasonally lower than fourth quarter. We expect the market conditions discussed above to continue. Excluding impairments, and sales of land and other assets, the segment’s loss from homebuilding operations is expected to increasein the first quarter.

CORPORATE AND OTHER

Fourth quarter results for the Corporate and Other segment include the following pre-tax items:

·   Anadditional gain of $149 million on the restructuring of our joint venture investments in Uruguay. The restructuring occurred in the second quarter and the asset valuation was finalized in the fourth quarter.

·   A gain of $33 million in connection with the early extinguishment of debt.

·   A charge of $22 million to write off capitalized interest related to impaired Real Estate homebuilding assets.

·   A charge of $13 million for corporate restructuring activities.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest forest products companies, was incorporated in 1900. In 2008, sales were $8 billion. It has offices or operations in 10 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 and development. Additional information about Weyerhaeuser’s businesses, products and practices is available at http://www.wy.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Feb. 6 to discuss fourth quarter results.

To access the conference call from within North America, dial 1-800-240-2134 at least 15 minutes prior to the call. Those calling from outside North America should dial 1-303-262-2194. Replays will be available for one week at 1-800-405-2236 (access code - 11125016#) from within North America and at 1-303-590-3000 (access code - 11125016#) from outside North America. The call is being webcast through our website at http://investor.weyerhaeuser.com by clicking on the “Q4 2008 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 STATEMENTS

This news release contains statements concerning the company’s future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions.  Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements.  There is no guarantee that any of the events anticipated by these forward-looking statements will occur.  If anyof the events occur, there is no guarantee what effect they will have on company operations or financial condition.  The company will not update these forward-looking statements after the date of this news release.

Some forward-looking statements discuss the company’s plans, strategies and intentions.  They use words such as “expects,” “may,” “will,” “believes,” “should,” “approximately,” “anticipates,” “estimates,& #8221; and “plans.”  In addition, these words may use the positive or negative or other variations of those terms.

This release contains forward-looking statements regarding the company’s expectations during the first quarter of 2009 regarding: the company’s markets, earnings and performance of the company’s business segments, declines in home sales, lower timberland harvest levels, lower export log prices, lower fuel and timberlands salvage costs, decreasing pricing and volumes for the company’s wood products, lower pulp prices, increased maintenance costs, continued mill curtailments and shut downsand related matters.The major risks, uncertainties and assumptions that affect the company’s businesses and may cause actual results to differ from these forward-looking statements, include, but are not limited to:

·   The effect of general economic conditions, including housing starts, the level of interest rates,availability of financing for home mortgages and employment rates;

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

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

·   The successful execution of internal performance plans and cost reduction initiatives;

·   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;

·   Energy prices;

·   Raw material prices;

·   Chemical prices;

·   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 also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan.  It also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Euro and the Canadian dollar. Restrictions on international trade or tariffs imposed on imports also may affect the company.

EX-99.2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

CONSOLIDATED EARNINGS

(in millions)

	Q1						Q2						Q3						Q4						Year-to-date
	March 30,			April 1,			June 29,			July 1,			Sept. 28,			Sept. 30,			Dec. 31,			Dec. 30,			Dec. 31,			Dec. 30,
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Net sales and revenues:
Weyerhaeuser	$	1,650		$	2,109		$	1,797		$	2,372		$	1,757		$	2,170		$	1,406		$	1,814		$	6,610		$	8,465
Real Estate		371			487			354			559			329			598			354			715			1,408			2,359
Total net sales and revenues		2,021			2,596			2,151			2,931			2,086			2,768			1,760			2,529			8,018			10,824
Costs and expenses:
Weyerhaeuser:
Costs of products sold		1,383			1,738			1,499			1,958			1,397			1,754			1,196			1,532			5,475			6,982
Depreciation, depletion and amortization		144			153			145			148			147			154			139			139			575			594
Selling expenses		56			66			55			66			54			59			52			69			217			260
General and administrative expenses		147			163			124			155			109			142			76			148			456			608
Research and development expenses		17			16			18			18			14			18			15			19			64			71
Charges for restructuring (1)		1			3			39			1			11			16			15			14			66			34
Charges for closure of facilities (2)		53			3			30			16			—			19			10			78			93			116
Impairment of goodwill (3)		3			22			2			—			—			1			827			7			832			30
Other operating costs (income), net (4) (5)		46			26			(16	)		33			23			5			58			(34	)		111			30
		1,850			2,190			1,896			2,395			1,755			2,168			2,388			1,972			7,889			8,725
Real Estate:
Costs and operating expenses		327			379			321			415			369			451			506			507			1,523			1,752
Depreciation and amortization		4			6			5			5			5			6			4			6			18			23
Selling expenses		36			41			37			45			32			45			34			48			139			179
General and administrative expenses		29			28			27			27			26			26			24			18			106			99
Other operating costs (income), net		(1	)		(4	)		(1	)		5			(4	)		(1	)		6			(5	)		—			(5	)
Impairment of long-lived assets and other related charges		33			—			246			12			226			23			369			93			874			128
		428			450			635			509			654			550			943			667			2,660			2,176
Total costs and expenses		2,278			2,640			2,531			2,904			2,409			2,718			3,331			2,639			10,549			10,901
Operating income (loss)		(257	)		(44	)		(380	)		27			(323	)		50			(1,571	)		(110	)		(2,531	)		(77	)
Interest expense and other:
Weyerhaeuser:
Interest expense incurred		(132	)		(131	)		(126	)		(136	)		(125	)		(128	)		(122	)		(132	)		(505	)		(527	)
Less: interest capitalized		24			30			21			29			11			29			3			30			59			118
Gain (loss) on early extinguishment of debt		—			—			—			(42	)		(1	)		(3	)		33			—			32			(45	)
Interest income and other (6)		13			20			117			25			30			20			168			18			328			83
Equity in income (loss) of affiliates		(5	)		(1	)		3			(1	)		10			2			6			(5	)		14			(5	)
Real Estate:
Interest expense incurred		(12	)		(12	)		(14	)		(17	)		(10	)		(15	)		(9	)		(13	)		(45	)		(57	)
Less: interest capitalized		12			12			14			17			10			15			9			13			45			57
Interest income and other		1			3			—			1			1			2			—			1			2			7
Equity in income of unconsolidated entities (7)		—			18			1			15			14			13			7			4			22			50
Investment impairments and other related charges		(18	)		—			(57	)		(1	)		(6	)		(4	)		(47	)		(31	)		(128	)		(36	)
Loss from continuing operations before income taxes		(374	)		(105	)		(421	)		(83	)		(389	)		(19	)		(1,523	)		(225	)		(2,707	)		(432	)
Income taxes (8)		139			39			214			32			211			12			324			98			888			181
Loss from continuing operations		(235	)		(66	)		(207	)		(51	)		(178	)		(7	)		(1,199	)		(127	)		(1,819	)		(251	)
Earnings (loss) from discontinued operations, net of taxes  (9)		87			786			111			83			458			108			(13	)		64			643			1,041
Net earnings (loss)	$	(148	)	$	720		$	(96	)	$	32		$	280		$	101		$	(1,212	)	$	(63	)	$	(1,176	)	$	790
Basic net earnings (loss) per share:
Continuing operations	$	(1.11	)	$	(0.28	)	$	(0.98	)	$	(0.23	)	$	(0.84	)	$	(0.03	)	$	(5.67	)	$	(0.60	)	$	(8.61	)	$	(1.15	)
Discontinued operations		0.41			3.37			0.53			0.38			2.17			0.50			(0.06	)		0.30			3.04			4.75
Net earnings (loss) per share	$	(0.70	)	$	3.09		$	(0.45	)	$	0.15		$	1.33		$	0.47		$	(5.73	)	$	(0.30	)	$	(5.57	)	$	3.60
Diluted net earnings (loss) per share:
Continuing operations	$	(1.11	)	$	(0.28	)	$	(0.98	)	$	(0.23	)	$	(0.84	)	$	(0.03	)	$	(5.67	)	$	(0.60	)	$	(8.61	)	$	(1.15	)
Discontinued operations		0.41			3.37			0.53			0.38			2.17			0.50			(0.06	)		0.30			3.04			4.75
Net earnings (loss) per share	$	(0.70	)	$	3.09		$	(0.45	)	$	0.15		$	1.33		$	0.47		$	(5.73	)	$	(0.30	)	$	(5.57	)	$	3.60
Dividends paid per share	$	0.60		$	0.60		$	0.60		$	0.60		$	0.60		$	0.60		$	0.60		$	0.60		$	2.40		$	2.40
Weighted average shares outstanding (in thousands):
Basic		211,195			233,242			211,262			217,688			211,284			215,154			211,289			211,135			211,258			219,305
Diluted		211,195			233,242			211,262			217,688			211,284			215,154			211,289			211,135			211,258			219,305
Common and exchangeable shares outstanding at end of period (in thousands)		211,243			217,726			211,279			217,759			211,289			211,106			211,289			211,147			211,289			211,147

PRELIMINARY RESULTS — SUBJECT TO AUDIT

1

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

FOOTNOTES TO CONSOLIDATED EARNINGS

(in millions)

(1) See detail of restructuring charges by segment on page 4.

(2) See detail of closure charges by segment on page 4.

(3) (a) The first quarter of 2007 includes a charge of $22 million for the impairment of goodwill associated with Canadian Wood Products distribution facilities.  

(b) Goodwill impairment charges recognized in the third and fourth quarters of 2007 and the first and second quarters of 2008 were associated with U.S. Wood Products distribution facilities.  

(c) The fourth quarter of 2008 includes charges of $733 million and $94 million for the impairment of goodwill associated with our Wood Products and Cellulose Fibers segments, respectively.

(4) Includes net foreign exchange gains (losses), primarily from fluctuations in Canadian and New Zealand exchange rates:

																		Year-to-date
Q1 2008		Q1 2007		Q2 2008		Q2 2007		Q3 2008			Q3 2007		Q4 2008			Q4 2007			2008			2007
$                  (11)	$	7	$	3	$	29	$	(13	)	$	3	$	(27	)	$	6	$		(48	)	$	45

(5) (a) The first quarter of 2008 includes charges of $18 million related to OSB litigation and $17 million for a change in accounting for our environmental remediation reserves.  

(b) The second quarter of 2008 includes a gain of $52 million related to changes in postretirement benefit plans for salaried employees and a gain of $7 million on sale of properties.  

(c) The third quarter of 2008 includes a $13 million gain related to the reduction in the reserve for hardboard siding claims.  

(d) The fourth quarter of 2008 includes charges of $16 million for Wood Products asset impairments.  

(e) The first, second, third and fourth quarters of 2008 include charges of $5 million, $23 million, $19 million, and $22 million, respectively, or $69 million year-to-date for the impairment of previously capitalized interest on Real Estate assets.  

(f) The first, second, and fourth quarters of 2007 include charges of $34 million, $12 million, and $6 million, respectively, for asset impairments related to Wood Products facilities.  

(g) The second quarter of 2007 includes 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.  

(h) 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.  

(i) The fourth quarter of 2007 includes a charge of $10 million for storm-related casualty losses, a gain of $27 million on the sale of an export facility, and gains of $12 million on sales of operations including our New Zealand joint venture.

(6)  The second and fourth quarters of 2008 include pre-tax gains of $101 million and $149 million, respectively, from the restructuring of our investments in Uruguay.

(7)  The third quarter of 2008 includes $12 million of income from a commercial partnership investment.

(8)  (a) The second and fourth quarters of 2008 include $14 million and $7 million, respectively, for tax benefits related to the release of FIN 48 tax liabilities.  

(b) The fourth quarter of 2007 includes a one-time tax benefit of $22 million related to a reduction in the Canadian federal income tax rate.

(9)  Discontinued operations include the net operating results of the Containerboard, Packaging and Recycling business, our Australian operations, and our Trus Joist® Commercial Division for all periods presented. Discontinued operations for the first quarter of 2007 also include the net operating results of the Fine Paper business and related assets.

Results of discontinued operations exclude certain general corporate overhead costs that have been allocated to and are included in contribution to earnings for the operating segments.  Discontinued operations also include an allocation of net pension and postretirement income or expense. Discontinued operations related to Containerboard, Packaging and Recycling and Trus Joist® Commercial Division do not include any allocation of interest expense.

Summary results of discontinued operations:	Q1				Q2					Q3					Q4						Year-to-date
		Q1 2008		Q1 2007		Q2 2008		Q2 2007			Q3 2008			Q3 2007	Q4 2008				Q4 2007			2008		2007
Net sales	$	1,372	$	1,858	$	1,459	$	1,403		$	535		$	1,378	$	17		$	1,408		$	3,383	$	6,047
Net earnings from operations (after-tax) (a)(b)(c)(d)	$	87	$	65	$	111	$	87		$	(6	)	$	108	$	1		$	86		$	193	$	346
Net gain (loss) on divestitures and sales (after-tax) (e)(f)(g)	$	—	$	721	$	—	$	(4	)	$	464		$	—	$	(14	)	$	(22	)	$	450	$	695
Net earnings from discontinued operations	$	87	$	786	$	111	$	83		$	458		$	108	$	(13	)	$	64		$	643	$	1,041

(a) The second quarter of 2007 includes an after-tax $18 million gain on the sale of a previously closed box plant site.  

(b) The third quarter of 2007 includes after-tax income of $28 million from the settlement of litigation associated with an Ontario fine paper mill.  

(c) The fourth quarter of 2007 includes a one-time charge of $9 million related to a change in Mexican federal income tax laws.  

(d) The third quarter of 2008 includes an after-tax charge of $22 million for asset impairments related to our Trus Joist® Commercial Division.  

(e) The third quarter of 2008 includes an after-tax gain of $158 million on the sale of our Australian operations and an after-tax gain of $303 million on the sale of the Containerboard, Packaging and Recycling business.  

(f) The fourth quarter of 2008 includes an additional after-tax gain of $2 million related to the sale of our Australian operations and an additional after-tax charge of $16 million related to the sale of the Containerboard, Packaging and Recycling business.  

(g) 2007 activity relates to the divestiture of our Fine Paper business and related assets.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

NET SALES AND REVENUES:

(in millions)

	Q1						Q2						Q3						Q4						Year-to-date
	March 30,			April 1,			June 29,			July 1,			Sept. 28,			Sept. 30,			Dec. 31,			Dec. 30,			Dec. 31,			Dec. 30,
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Timberlands:
Logs	$	143		$	170		$	174		$	172		$	180		$	168		$	172		$	150		$	669		$	660
Other products		54			64			50			42			74			84			52			72			230			262
		197			234			224			214			254			252			224			222			899			922
Wood Products:
Softwood lumber		361			574			403			647			393			580			286			440			1,443			2,241
Engineered solid section		105			155			121			185			114			155			74			113			414			608
Engineered I-Joists		73			117			86			147			79			124			46			79			284			467
Oriented strand board		105			152			110			153			113			151			88			133			416			589
Plywood		57			100			59			106			48			89			38			71			202			366
Hardwood lumber		80			90			80			99			72			89			59			77			291			355
Other products produced		49			50			51			64			63			61			62			51			225			226
Other products purchased for resale		136			232			161			261			124			200			72			154			493			847
		966			1,470			1,071			1,662			1,006			1,449			725			1,118			3,768			5,699
Cellulose Fibers:
Pulp		345			405			355			370			346			345			311			358			1,357			1,478
Liquid packaging board		67			56			74			72			73			61			76			58			290			247
Other products		33			21			31			28			28			30			26			28			118			107
		445			482			460			470			447			436			413			444			1,765			1,832
Fine Paper: (1)
Paper		—			432			—			—			—			—			—			—			—			432
Coated groundwood		—			26			—			—			—			—			—			—			—			26
Other products		—			1			—			—			—			—			—			—			—			1
		—			459			—			—			—			—			—			—			—			459
Containerboard, Packaging and Recycling: (2)
Containerboard		141			119			118			109			42			99			—			130			301			457
Packaging		987			951			1,074			1,043			388			1,015			—			1,010			2,449			4,019
Recycling		113			94			121			103			41			106			—			110			275			413
Bags		23			23			24			23			9			23			—			27			56			96
Other products		33			39			38			49			17			50			—			45			88			183
		1,297			1,226			1,375			1,327			497			1,293			—			1,322			3,169			5,168
Real Estate		371			487			354			559			329			598			354			715			1,408			2,359
Corporate and Other (3)		117			96			126			102			88			118			61			116			392			432
Less: sales of discontinued operations		(1,372	)		(1,858	)		(1,459	)		(1,403	)		(535	)		(1,378	)		(17	)		(1,408	)		(3,383	)		(6,047	)
	$	2,021		$	2,596		$	2,151		$	2,931		$	2,086		$	2,768		$	1,760		$	2,529		$	8,018		$	10,824

(1) 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.

(2) Third quarter 2008 results include 5 weeks of operations for the Containerboard, Packaging, and Recycling business, prior to the sale of this business to International Paper.

(3) Third quarter 2008 results includes 4 weeks of operations for the Australian operations, prior to the sale of this business.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

3

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS:

(in millions)

	Q1						Q2						Q3						Q4						Year-to-date
	March 30,			April 1,			June 29,			July 1,			Sept. 28,			Sept. 30,			Dec. 31,			Dec. 30,			Dec. 31,			Dec. 30,
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Timberlands (1)(3)(5)(6)(7)	$	112		$	175		$	103		$	141		$	107		$	163		$	62		$	148		$	384		$	627
Wood Products (1)(2)(3)(5)(8)		(277	)		(167	)		(164	)		(123	)		(146	)		(131	)		(960	)		(313	)		(1,547	)		(734	)
Cellulose Fibers (1)(3)(5)(9)		56			22			42			48			78			79			(29	)		80			147			229
Fine Paper (2)(5)		—			20			—			—			—			—			—			—			—			20
Containerboard, Packaging and Recycling (1)(2)(3)(5)(10)		89			67			105			112			10			104			—			99			204			382
Real Estate (1)(3)(5)(11)		(74	)		58			(337	)		64			(316	)		60			(630	)		22			(1,357	)		204
Corporate and Other (1)(2)(3)(4)(5)(6)(12)		(41	)		580			111			(43	)		1,369			(14	)		119			(48	)		1,558			475
	$	(135	)	$	755		$	(140	)	$	199		$	1,102		$	261		$	(1,438	)	$	(12	)	$	(611	)	$	1,203

FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS

(in millions)

(1) Restructuring charges (reversals) by segment:

																			Year-to-date
	Q1 2008		Q1 2007		Q2 2008		Q2 2007		Q3 2008			Q3 2007		Q4 2008		Q4 2007			2008			2007
Timberlands	$	—	$	—	$	—	$	1	$	—		$	2	$	—	$	(2	)	$	—		$	1
Wood Products		—		2		4		—		1			4		2		14			7			20
Cellulose Fibers		—		—		—		—		—			3		—		—			—			3
Containerboard, Packaging and Recycling		—		—		—		1		(1	)		—		—		1			(1	)		2
Real Estate		—		—		—		—		—			—		10		—			10			—
Corporate and Other		1		1		35		—		10			7		13		3			59			11
	$	1	$	3	$	39	$	2	$	10		$	16	$	25	$	16		$	75		$	37

The above restructuring charges include costs incurred within the company's discontinued operations.

(2) Closure charges by segment:

																	Year-to-date
	Q1 2008		Q1 2007		Q2 2008		Q2 2007		Q3 2008		Q3 2007		Q4 2008		Q4 2007		2008		2007
Wood Products		53		3		30		15		—		19		9		78		92		115
Fine Paper		—		2		—		—		—		—		—		—		—		2
Containerboard, Packaging and Recycling		8		2		3		3		—		—		—		3		11		8
Corporate and Other		—		—		—		1		—		—		1		—		1		1
	$	61	$	7	$	33	$	19	$	—	$	19	$	10	$	81	$	104	$	126

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

(3) Share-based compensation charges recognized by segment:

																		Year-to-date
	Q1 2008		Q1 2007		Q2 2008		Q2 2007		Q3 2008		Q3 2007		Q4 2008			Q4 2007		2008		2007
Timberlands	$	1	$	1	$	—	$	—	$	1	$	1	$	—		$	—	$	2	$	2
Wood Products		3		2		2		2		1		1		1			1		7		6
Cellulose Fibers		2		2		—		—		1		—		1			1		4		3
Containerboard, Packaging and Recycling		3		1		2		2		5		1		—			1		10		5
Real Estate		2		2		1		1		—		—		1			1		4		4
Corporate and Other		15		14		2		5		5		—		(2	)		2		20		21
	$	26	$	22	$	7	$	10	$	13	$	3	$	1		$	6	$	47	$	41

The above share-based compensation charges include costs incurred within the company's discontinued operations.

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

																			Year-to-date
Q1 2008			Q1 2007		Q2 2008		Q2 2007		Q3 2008			Q3 2007		Q4 2008			Q4 2007		2008			2007
$	(11	)	$	7	$	4	$	34	$	(11	)	$	2	$	(25	)	$	6	$	(43	)	$	49

The above foreign exchange gains (losses) include costs incurred within the company's discontinued operations.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

4

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS (CONTINUED)

(in millions)

(5) Effective with the first quarter of 2008, the company's recurring pension credits (costs) are no longer being allocated to the Weyerhaeuser operating segments. Effective with the third quarter of 2008, the company's recurring postretirement credits (costs) are no longer being allocated to the Weyerhaeuser operating segments. These Weyerhaeuser pension and postretirement credits (costs) are reported in the Corporate and Other segment with the exception of certain union-negotiated postretirement benefits that are reflected in the Cellulose Fibers segment. Pension and postretirement credits (costs) related to real estate operations are reported in the Real Estate segment.

The information presented below excludes gains (losses) for plan curtailments, settlements and special termination benefits. These items are included in net gains from divestitures, gain from changes in postretirement benefit plans and charges for facility closures that are separately addressed in these footnotes.

Pension credits (costs) recognized by segment, excluding charges for curtailments, settlements and special termination benefits:

																		Ye ar-to-date
	Q1 2008		Q1 2007		Q2 2008		Q2 2007		Q3 2008		Q3 2007			Q4 2008		Q4 2007		20 08		20 07
Timberlands	$	—	$	1	$	—	$	1	$	—	$	1		$	—	$	1	$	—	$	4
Wood Products		—		5		—		11		—		13			—		10		—		39
Cellulose Fibers		—		—		—		4		—		2			—		2		—		8
Fine Paper		—		1		—		—		—		—			—		—		—		1
Containerboard, Packaging and Recycling		—		3		—		10		—		9			—		8		—		30
Real Estate		1		—		—		—		1		(1	)		3		—		5		(1	)
Corporate and Other		38		—		30		1		50		—			54		2		172		3
	$	39	$	10	$	30	$	27	$	51	$	24		$	57	$	23	$	177	$	84

Postretirement credits (costs) recognized by segment, excluding charges for curtailments, settlements and special termination benefits:

																									Year-to-date
	Q1 2008			Q1 2007			Q2 2008			Q2 2007			Q3 2008			Q3 2007			Q4 2008			Q4 2007			2008			2007
Timberlands	$	(1	)	$	(1	)	$	(1	)	$	(1	)	$	—		$	(1	)	$	—		$	(1	)	$	(2	)	$	(4	)
Wood Products		(7	)		(6	)		(6	)		(7	)		—			(6	)		—			(10	)		(13	)		(29	)
Cellulose Fibers		(3	)		(3	)		(3	)		(2	)		(1	)		(4	)		(2	)		(3	)		(9	)		(12	)
Fine Paper		—			(1	)		—			—			—			—			—			—			—			(1	)
Containerboard, Packaging and Recycling		(5	)		(4	)		(5	)		(4	)		—			(5	)		—			(7	)		(10	)		(20	)
Real Estate		(1	)		(1	)		(1	)		(1	)		(1	)		—			1			(1	)		(2	)		(3	)
Corporate and Other		(6	)		(7	)		(7	)		(6	)		12			(5	)		15			(13	)		14			(31	)
	$	(23	)	$	(23	)	$	(23	)	$	(21	)	$	10		$	(21	)	$	14		$	(35	)	$	(22	)	$	(100	)

(6) Effective July 2008, Weyerhaeuser's international operations outside of North America are reported as part of the Timberlands segment.  These operations, which consist primarily of timberlands and related converting operations in South America, were previously reported as part of the Corporate and Other segment.  Segment results for prior quarters have been recast to reflect these operations in a consistent manner.  Results of the company's discontinued Australian operations and the company's joint venture investment in Uruguay, prior to its restructuring in second quarter of 2008, continue to be reported in the Corporate and Other segment.

(7) Additional Timberlands note:

The fourth quarter of 2007 includes a charge of $10 million for storm-related casualty losses and a gain of $27 million on the sale of an export facility.

(8) Additional Wood Products notes:

2008:

(a) The first quarter includes a charge of $18 million for a reserve for litigation.

(b) The second quarter includes a gain of $7 million on the sale of property.

(c) The third quarter includes charges of $31 million for asset impairments related to Wood Products facilities, $6 million of goodwill impairment and income of $13 million for a reduction in the reserve for hardboard siding claims.

(d) The fourth quarter includes charges of $733 million for the impairment of goodwill and $16 million for the impairment of other intangible assets.

2007:

(e) The first quarter 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.

(f) The second quarter includes a charge of $17 million for the settlement of litigation, charges of $12 million for asset impairments related to Wood Products facilities and $6 million in additional charges related to the sale of Canadian distribution facilities.

(g) The third quarter includes $7 million of income from the sale of a veneer facility and a previously closed distribution center site, charges of $4 million for the settlement of litigation and $4 million for restructuring activities.

(h) The fourth quarter includes charges of $7 million in goodwill impairments and $6 million in asset impairments and a gain of $3 million on the sale of a facility.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

5

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

FOOTNOTES TO CONTRIBUTION (CHARGE) TO PRE-TAX EARNINGS (CONTINUED)

(in millions)

(9) Additional Cellulose Fibers note:

The fourth quarter of 2008 includes a charge of $94 million for the impairment of goodwill.

(10)   Additional Containerboard, Packaging and Recycling notes:

2008:

(a) The first quarter includes an $11 million benefit resulting from the cessation of depreciation on assets held for sale and $6 million of insurance proceeds related to a fire at the Closter, NJ box plant.

(b) The second quarter includes a $72 million benefit resulting from the cessation of depreciation on assets held for sale, income of $5 million from the sale of property, and charges of $6 million for litigation expenses.

(c) The third quarter includes only 5 weeks of operations as the sale of our Containerboard, Packaging and Recycling business to International Paper was completed on August 4, 2008.

2007:

(d) The second quarter 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.

(e)  The third quarter includes $3 million of income related to the sale of a previously closed box plant site.

(11)   Additional Real Estate notes:

2008:

(a) The first quarter includes charges of $33 million for the impairment of homebuilding assets, $18 million related to investment activities and $4 million for the write-off of pre-acquisition costs.

(b) The second quarter includes charges of $246 million for the impairment of homebuilding assets, $57 million related to investment activities and $9 million for the write-off of pre-acquisition costs.

(c) The third quarter includes charges of $226 million for the impairment of homebuilding assets, $6 million related to investment activities and $3 million for the write-off of pre-acquisition costs, partially offset by income of $12 million from a commercial partnership investment.

(d) The fourth quarter includes charges of $369 million for the impairment of homebuilding assets, $47 million for investment impairments and other related charges, and $58 million for the write-off of pre-acquisition costs, for a total of $474 million in impairments and investment related charges. The fourth quarter also includes a charge of $10 million related to restructuring.

(e) The first, third and fourth quarters include net losses on land and lot sales of $2 million, $87 million and $130 million respectively, or $219 million year-to-date.

2007:

(f) The first, second, third, and fourth quarters include net gains on land and lot sales of $3 million, $3 million, $30 million, and $79 million, respectively, or $115 million year-to-date.

(g) The first, second and third quarters each include charges of $1 million, and the fourth quarter includes charges of $3 million, or $6 million year-to-date, for the write-off of pre-acquisition costs.

(h) The second quarter includes a gain of $42 million on the sale of an apartment project.

(i) The second, third, and fourth quarters include charges for the impairment of long-lived assets of $12 million, $23 million, and $93 million, respectively, or $128 million year-to-date.

(j) The second, third, and fourth quarters include charges for the impairment of investments of $1 million, $4 million, and $31 million, respectively, or $36 million year-to-date.

(12)   Additional Corporate and Other notes:

2008:

(a) The first quarter includes charges of $17 million for a change in accounting for environmental remediation liability reserves and $5 million for the impairment of interest that was previously capitalized on Real Estate assets.

(b) The second quarter includes a $101 million estimated pre-tax gain from the restructuring of our investments in Uruguay, a $52 million pre-tax gain from changes in our postretirement benefit plans covering salaried employees in the U.S., a charge of $35 million for corporate restructuring activities, and a charge of $23 million for the impairment of interest that was previously capitalized on Real Estate assets.

(c) The third quarter includes a $1.17 billion pre-tax gain from the sale of the Containerboard, Packaging and Recycling business, a $217 million pre-tax gain from the sale of our Australian operations, a charge of $18 million for corporate restructuring activities, and a charge of $19 million for the impairment of interest that was previously capitalized on Real Estate assets.

(d) The fourth quarter includes a $149 million pre-tax gain from the restructuring of our investments in Uruguay, and a charge of $22 million for the impairment of interest that was previously capitalized on Real Estate assets.

2007:

(e) The first quarter includes a $629 million pre-tax gain, the second quarter includes charges of $4 million, and the fourth quarter includes charges of $19 million related to the distribution of the Fine Paper business and related assets to Weyerhaeuser shareholders.

(f) The second quarter includes a $23 million charge for legal settlements and a contract termination.

(g) The third quarter includes a $43 million gain on the settlement of litigation and charges of $20 million for restructuring activities and the transition to a new IT service provider.

(h)  The fourth quarter includes a gain of $9 million on the sale of our New Zealand joint venture.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

6

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

THIRD PARTY SALES VOLUMES:

(in millions)

	Q1				Q2				Q3				Q4				Year-to-date
	March 30,		April 1,		June 29,		July 1,		Sept. 28,		Sept. 30,		Dec. 31,		Dec. 30,		Dec. 31,		Dec. 30,
	2008		2007		2008		2007		2008		2007		2008		2007		2008		2007
Timberlands (thousands):
Logs — cubic meters (1)		2,294		2,124		2,728		2,155		2,478		2,277		2,672		2,162		10,172		8,718
Wood Products (millions):
Softwood lumber — board feet		1,257		1,657		1,252		1,805		1,197		1,654		1,016		1,422		4,722		6,538
Engineered solid section — cubic feet		6		7		6		10		6		8		5		5		23		30
Engineered I-Joists — lineal feet		56		82		70		108		63		92		38		56		227		338
Oriented strand board — square feet (3/8")		671		942		637		899		595		835		535		790		2,438		3,466
Plywood — square feet (3/8")		154		310		160		305		135		240		116		194		565		1,049
Hardwood lumber — board feet		87		89		88		99		83		93		66		82		324		363
Cellulose Fibers (thousands):
Pulp — air-dry metric tons		442		594		447		524		422		470		393		482		1,704		2,070
Liquid packaging board — tons		71		67		78		82		77		72		76		65		302		286
Fine Paper (thousands): (2)
Paper — tons		—		461		—		—		—		—		—		—		—		461
Coated groundwood — tons		—		38		—		—		—		—		—		—		—		38
Paper converting — tons		—		318		—		—		—		—		—		—		—		318
Containerboard, Packaging and Recycling (thousands): (3)
Containerboard — tons		285		259		234		230		84		205		—		263		603		957
Packaging — MSF		17,537		17,754		18,343		18,965		6,686		18,751		—		18,102		42,566		73,572
Recycling — tons		628		654		677		656		251		632		—		638		1,556		2,580
Kraft bags and sacks — tons		23		25		24		23		9		25		—		26		56		99
Real Estate:
Single-family homes sold		926		1,684		748		1,139		537		734		334		595		2,545		4,152
Single-family homes closed		844		976		869		1,062		720		1,145		755		1,244		3,188		4,427
Single-family homes sold but not closed at end of period		1,306		2,207		1,185		2,284		1,002		1,873		581		1,224		581		1,224

(1)	Effective with our fourth quarter 2008 reporting, log sales volumes are reported in cubic meters. Historically, this information has been reported in cunits. One cunit is equal to 2.83 cubic meters.
(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) Third quarter 2008 results include 5 weeks of operations for the Containerboard, Packaging, and Recycling business, prior to the sale of this business to International Paper.

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

TOTAL PRODUCTION VOLUMES:

(in millions)

	Q1				Q2				Q3				Q4				Year-to-date
	March 30,		April 1,		June 29,		July 1,		Sept. 28,		Sept. 30,		Dec. 31,		Dec. 30,		Dec. 31,		Dec. 30,
	2008		2007		2008		2007		2008		2007		2008		2007		2008		2007
Timberlands (thousands):
Fee depletion — cubic meters (1)		5,923		6,056		6,160		5,768		5,834		5,742		5,940		5,482		23,857		23,048
Wood Products (millions):
Softwood lumber — board feet		1,187		1,427		1,180		1,451		1,107		1,405		977		1,207		4,451		5,490
Engineered solid section — cubic feet		6		6		6		9		6		8		4		5		22		28
Engineered I-Joists— lineal feet		58		87		61		114		60		91		39		47		218		339
Oriented strand board — square feet (3/8")		697		968		670		847		585		834		516		779		2,468		3,428
Plywood — square feet (3/8")		74		114		95		115		89		110		75		84		333		423
Hardwood lumber — board feet		71		73		67		75		64		80		51		66		253		294
Cellulose Fibers (thousands):
Pulp — air-dry metric tons		455		539		417		419		452		445		436		448		1,760		1,851
Liquid packaging board — tons		64		60		77		77		75		72		81		74		297		283
Fine Paper (thousands): (2)
Paper — tons (3)		—		444		—		—		—		—		—		—		—		444
Coated groundwood — tons		—		43		—		—		—		—		—		—		—		43
Paper converting — tons		—		318		—		—		—		—		—		—		—		318
																		—
Containerboard, Packaging and Recycling (thousands): (4)
Containerboard — tons (5)		1,558		1,515		1,488		1,506		593		1,575		—		1,510		3,639		6,106
Packaging — MSF		18,356		19,007		19,087		19,721		6,933		19,547		—		18,946		44,376		77,221
Recycling — tons (6)		1,563		1,619		1,755		1,589		605		1,838		—		1,609		3,923		6,655
Kraft bags and sacks — tons		22		23		22		23		8		23		—		24		52		93

(1)	Effective with our fourth quarter 2008 reporting, fee depletion volume is reported in cubic meters. Historically, this information has been reported in cunits. One cunit is equal to 2.83 cubic meters.
(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) Paper production includes unprocessed rolls and converted paper volumes.

(4) Third quarter 2008 results include 5 weeks of operations for the Containerboard, Packaging, and Recycling business, prior to the sale of this business to International Paper.

(5) Containerboard production represents machine production and includes volumes that were further processed into packaging and kraft bags and sacks by company facilities.

(6) Recycling production includes volumes processed in Weyerhaeuser recycling facilities that were consumed by company facilities and brokered volumes.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

7

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

	March 30,		June 29,		Sept. 28,		Dec. 31,		Dec. 30,
	2008		2008		2008		2008		2007
Assets
Weyerhaeuser
Current assets:
Cash and cash equivalents	$	46	$	73	$	4,099	$	2,288	$	79
Short-term investments		—		—		701		138		—
Receivables, less allowances		760		754		659		697		651
Inventories		805		722		712		737		795
Prepaid expenses		149		133		113		101		164
Deferred tax assets		146		150		153		149		125
Current assets of discontinued operations		1,207		1,261		28		23		1,200
Total current assets		3,113		3,093		6,465		4,133		3,014
Property and equipment		3,950		4,011		4,021		3,858		4,112
Construction in progress		321		239		121		104		289
Timber and timberlands at cost, less fee stumpage charged to disposals		3,812		4,021		4,041		4,205		3,769
Investments in and advances to equity affiliates		308		192		196		203		285
Goodwill		925		924		918		42		941
Deferred pension and other assets		2,499		2,538		2,259		608		2,445
Restricted assets held by special purpose entities		914		916		914		916		916
Noncurrent assets of discontinued operations		4,204		4,254		11		11		4,255
		20,046		20,188		18,946		14,080		20,026
Real Estate
Cash and cash equivalents		16		8		3		6		21
Receivables, less allowances		60		77		84		74		63
Real estate in process of development and for sale		1,190		993		860		751		1,270
Land being processed for development		1,675		1,600		1,453		1,121		1,622
Investments in unconsolidated entities, less reserves		43		46		41		30		58
Other assets		458		581		615		633		473
Consolidated assets not owned		268		218		214		40		273
		3,710		3,523		3,270		2,655		3,780
Total assets	$	23,756	$	23,711	$	22,216	$	16,735	$	23,806
Liabilities
Weyerhaeuser
Current liabilities:
Notes payable and commercial paper	$	151	$	164	$	—	$	1	$	54
Current maturities of long-term debt		807		870		880		407		507
Accounts payable		493		506		449		379		585
Accrued liabilities		863		939		2,212		1,023		959
Current liabilities of discontinued operations		468		508		3		2		502
Total current liabilities		2,782		2,987		3,544		1,812		2,607
Long-term debt		6,058		5,996		5,440		5,153		6,059
Deferred income taxes		2,562		2,666		2,683		1,805		2,579
Deferred pension, other postretirement benefits and other liabilities		1,634		1,265		1,235		1,538		1,657
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		763		764		764		764		765
Noncurrent liabilities of discontinued operations		743		769		—		—		723
		14,542		14,447		13,666		11,072		14,390
Real Estate
Notes payable and commercial paper		—		—		2		—		—
Long-term debt		956		1,096		501		456		775
Other liabilities		360		343		334		358		432
Consolidated liabilities not owned		198		132		108		35		228
		1,514		1,571		945		849		1,435
Shareholders' Interest
Total liabilities		16,056		16,018		14,611		11,921		15,825
Shareholders' interest		7,700		7,693		7,605		4,814		7,981
Total liabilities and shareholders' interest	$	23,756	$	23,711	$	22,216	$	16,735	$	23,806

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

STATEMENT OF CASH FLOWS

SELECTED INFORMATION (unaudited)

(in millions)

	Q1						Q2						Q3						Q4						Year-to-date
	March 30,			April 1,			June 29,			July 1,			Sept. 28,			Sept. 30,			Dec. 31,			Dec. 30,			Dec. 31,			Dec. 30,
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Net cash from operations	$	(282	)	$	(281	)	$	220		$	167		$	(86	)	$	200		$	(1,191	)	$	557		$	(1,339	)	$	643
Cash paid for property and equipment (1)	$	(98	)	$	(114	)	$	(107	)	$	(140	)	$	(77	)	$	(176	)	$	(91	)	$	(232	)	$	(373	)	$	(662	)
Cash paid for timberlands reforestation (1)	$	(16	)	$	(12	)	$	(11	)	$	(12	)	$	(9	)	$	(8	)	$	(17	)	$	(12	)	$	(53	)	$	(44	)
Cash received from issuances of debt	$	—		$	—		$	—		$	—		$	—		$	451		$	—		$	170		$	—		$	621
Revolving credit facilities, notes and commercial paper borrowings, net	$	534		$	291		$	257		$	76		$	(1,271	)	$	108		$	28		$	(432	)	$	(452	)	$	43
Payments on debt	$	(4	)	$	(466	)	$	(103	)	$	(1,091	)	$	(92	)	$	(54	)	$	(773	)	$	(5	)	$	(972	)	$	(1,616	)
Proceeds from the sale of operations	$	21		$	1,350		$	41		$	100		$	6,351		$	7		$	13		$	172		$	6,426		$	1,629
Repurchases of common stock	$	—		$	—		$	—		$	(22	)	$	—		$	(441	)	$	—		$	(10	)	$	—		$	(473	)

(1)   Capital spending is for Weyerhaeuser only and excludes Real Estate.

PRELIMINARY RESULTS — SUBJECT TO AUDIT

8