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 29, 2010

(Date of earliest event report)

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

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

Federal Way, Washington 98063-9777

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(253) 924-2345

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

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

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

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

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

TABLE OF CONTENTS

Item 2.02.    Results of Operations and Financial Condition

Item 9.01.    Financial Statements and Exhibits

Signatures

Exhibit 99.1

Exhibit 99.2

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 29, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended September 30, 2010. 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 of Weyerhaeuser Company issued October 29, 2010 reporting results of operations for the quarter ended September 30, 2010
99.2	Exhibits to press release of Weyerhaeuser Company issued October 29, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WEYERHAEUSER COMPANY
By	/s/ Jerry Richards
Its:	Chief Accounting Officer

Date: October 29, 2010

EX-99.1

Exhibit 99.1

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

Weyerhaeuser Reports Third Quarter Results

• Net Earnings of $1.116 Billion, or $3.50 Per Share

• Includes Earnings of $1.035 Billion from Income Tax Adjustments

• Increase in Shares Outstanding due to Sept. 2010 Special Dividend

FEDERAL WAY, Wash. (Oct. 29, 2010) – Weyerhaeuser Company (NYSE: WY) today reported net earnings of $1.116 billion for the third quarter, or $3.50 per diluted share, on net sales of $1.7 billion.

This compares with essentially break-even results on net sales of $1.4 billion for the same period last year.

Earnings for the third quarter of 2010 include $1.035 billion from income tax adjustments, primarily related to the reversal of deferred taxes as a result of Weyerhaeuser’s conversion to a real estate investment trust (REIT). Excluding the income tax adjustments, the company reported net earnings of $81 million, or 25 cents per diluted share, in the third quarter of 2010, a $137 million increase compared with the $56 million loss before special items reported in the third quarter of 2009.

Calculations of third quarter 2010 earnings per share are based upon approximately 318 million weighted average shares, on a diluted basis, compared with 212 million shares in second quarter 2010. Weyerhaeuser’s shares outstanding increased to approximately 536 million shares as of the end of the third quarter, or 537 million shares on a diluted basis, following the company’s Sept. 1 payment of a previously announced special dividend. The dividend consisted of approximately 324 million shares of common stock and $560 million in cash in conjunction with the company’s conversion to a REIT.

“Cellulose Fibers reported a record performance, as it benefited from stronger production levels, lower costs and higher prices,” said Dan Fulton, president and chief executive officer. “Meanwhile, the work done by our real estate business to restructure its operations and product offerings resulted in an operating profit despite challenging market conditions. It’s obvious, however, that the overall housing market remains in an uncertain state as the expiration of the housing tax credit led to a precipitous drop in prices and volume for our Wood Products business. The housing market also affects our Timberlands business, where we continue to defer harvest due to lower log demand.”

SUMMARY OF THIRD QUARTER FINANCIAL HIGHLIGHTS

Millions (except per share data)	3Q 2010			3Q 2009			Change
Net earnings	$	1,116		$	0		$	1,116
Earnings per diluted share	$	3.50		$	0		$	3.50
Net sales	$	1,664		$	1,407		$	257
SEGMENT RESULTS FOR THIRD QUARTER (Contributions (Charges) to Pre-Tax Earnings)
Millions	3Q 2010			3Q 2009*			Change
Timberlands	$	75		$	219		($	144	)
Wood Products	($	100	)	($	97	)	($	3	)
Cellulose Fibers	$	181		$	166		$	15
Real Estate	$	20		($	64	)	$	84

* Segment earnings for the third quarter of 2009 included the following pre-tax items:

• Timberlands: a gain of $163 million on sale of 140,000 acres of non-strategic timberlands

• Cellulose Fibers: a gain of $122 million related to alternative fuel mixture credits

• Real Estate: charges of $55 million for asset impairments and restructuring

TIMBERLANDS

	3Q 2010		2Q 2010		Change
Contribution to pre-tax earnings (millions)	$	75	$	70	$	5

3Q 2010 Performance – The segment’s earnings increased in the third quarter compared with the second, as increased income from disposition of non-strategic timberlands was partially offset by lower earnings from operations.

Third quarter included pre-tax gains of $34 million from disposition of non-strategic timberlands, compared with $14 million in the second quarter. Earnings from operations declined due to lower log price realizations, primarily in the west, and seasonally higher road and silviculture expenses. Weyerhaeuser continues to defer timber harvest.

4Q 2010 Outlook – Excluding the disposition of non-strategic timberlands, Weyerhaeuser expects fourth quarter operating earnings from the segment to be lower than third quarter. The company expects lower log price realizations, primarily in the west, and seasonally lower harvest volumes. The company also anticipates increased silviculture costs.

WOOD PRODUCTS

	3Q 2010			2Q 2010			Change
Charge to pre-tax earnings (millions)	($	100	)	($	3	)	($	97	)

3Q 2010 Performance – The dramatically weaker market conditions the company experienced in the latter half of the second quarter persisted throughout the third quarter. Quarterly average sales realizations for lumber declined 18 percent in the third quarter compared with the second, while oriented strand board realizations declined 30 percent. Sales volumes for engineered wood products fell by more than 20 percent. Operating rates for oriented strand board and engineered lumber mills declined.

Second quarter results included pre-tax gains of $8 million from the sale of assets. Excluding this item, the segment’s results declined by $89 million compared with the second quarter.

4Q 2010 Outlook – Weyerhaeuser expects a comparable loss from the segment in the fourth quarter compared with the third quarter. The company anticipates seasonally lower volumes across all product lines and modestly lower price realizations, offset by lower log costs.

CELLULOSE FIBERS

	3Q 2010		2Q 2010		Change
Contribution to pre-tax earnings (millions)	$	181	$	74	$	107

3Q 2010 Performance – The segment’s earnings improved substantially in the third quarter compared with the second due to higher average price realizations, significantly lower maintenance costs and strong operating performance by all mills. There were no annual maintenance outages in the third quarter, compared with three in the second quarter.

4Q 2010 Outlook – Weyerhaeuser expects fourth quarter earnings from the segment to be lower than third quarter due to lower average pulp price realizations and increased scheduled maintenance.

REAL ESTATE

	3Q 2010		2Q 2010		Change
Contribution to pre-tax earnings (millions)	$	20	$	27	($	7	)

3Q 2010 Performance – Earnings from the segment declined in the third quarter compared with the second, as lower earnings from land and lot sales were partially offset by increased income from single-family homebuilding operations.

Single-family homebuilding operations earned $16 million in the third quarter, compared with $14 million in the second quarter. These amounts include income from partnerships of $7 million in the third quarter and $3 million in the second quarter. Home sale closings declined 20 percent to 501 single-family homes. Margins on homes closed improved slightly due to mix.

Third quarter included gains of $4 million on the sale of land and lots, compared with $13 million in the second quarter.

4Q 2010 Outlook – Weyerhaeuser expects slightly lower earnings from single-family homebuilding operations in the fourth quarter, with additional single-family home closings offset by somewhat lower margins. Weyerhaeuser does not anticipate any significant land and lot sales in the fourth quarter.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest forest products companies, began operations in 1900. We grow and harvest trees, build homes and make a range of forest products essential to everyday lives. We manage our timberland on a sustainable basis in compliance with internationally recognized forestry standards. At the end of 2009, we employed approximately 14,900 employees in 10 countries. We have customers worldwide and generated $5.5 billion in sales in 2009. Our stock trades on the New York Stock exchange under the symbol WY. Additional information about us 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. 29 to discuss third quarter results.

To access the conference call from within North America, dial (877) 296-9413 (access code – 53832852) at least 15 minutes prior to the call. Those calling from outside North America should dial 1-(706) 679-2458 (access code – 53832852). Replays will be available for one week at (800) 642-1687 (access code – 53832852) from within North America and at 1-(706) 645-9291 (access code – 53832852) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com and is accessible by selecting the “Q3 2010 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 any of the events occur, there is no guarantee what effect they will have on company operations or financial condition. The company will not update these forward-looking statements after the date of this news release.

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

This release contains forward-looking statements regarding the company’s expectations during the fourth quarter of 2010, including lower log prices and harvest volumes in Timberlands; seasonally lower sales and realizations across product lines in the Wood Products segment; increased scheduled maintenance and lower average pulp price realizations in the Cellulose Fiber segment; and lower margins offset by seasonally higher home closings in our single-family homebuilding operations.

Major risks, uncertainties and assumptions that affect the company’s businesses and may cause actual results to differ from these forward-looking statements, include, but are not limited to:

• the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages, and strength of the U.S. dollar;

• market demand for the company’s products, which is related to the strength of the various U.S. business segments and economic conditions;

• performance of the company’s manufacturing operations, including maintenance requirements;

• raw material prices;

• energy prices;

• transportation costs;

• the level of competition from domestic and foreign producers;

• the effect of weather;

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

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

• federal tax policies;

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

• legal proceedings;

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

• changes in accounting principles;

• performance of pension fund investments and related derivatives; and

• other factors described under “Risk Factors” in the Company’s annual report on Form 10-K.

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

Exhibit 99.2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

CONSOLIDATED EARNINGS

(in millions, except per-share figures)

	Q3						Year-to-date						Q2
	Sept. 30, 2010			Sept. 30, 2009			Sept. 30, 2010			Sept. 30, 2009			June 30, 2010
Net sales and revenues:
Forest Products	$	1,454		$	1,211		$	4,270		$	3,506		$	1,548
Real Estate		210			196			618			567			257
Total net sales and revenues		1,664			1,407			4,888			4,073			1,805
Costs and expenses:
Forest Products:
Costs of products sold		1,065			965			3,235			2,978			1,169
Alternative fuel mixture credits		—			(122	)		—			(229	)		—
Depreciation, depletion and amortization		120			131			364			393			121
Selling expenses		33			33			103			109			36
General and administrative expenses		82			79			244			258			80
Research and development expenses		8			10			24			38			8
Charges for restructuring and closures		14			67			16			195			2
Impairment of goodwill and other assets		2			36			3			74			—
Other operating income, net (1)		(24	)		(184	)		(103	)		(255	)		(8	)
		1,300			1,015			3,886			3,561			1,408
Real Estate:
Costs and operating expenses		158			172			468			487			189
Depreciation and amortization		4			3			12			11			5
Selling expenses		17			19			51			61			19
General and administrative expenses		19			16			52			61			17
Other operating costs (income), net		(1	)		13			2			20			2
Impairment of long-lived assets and other related charges		—			46			2			141			1
		197			269			587			781			233
Total costs and expenses		1,497			1,284			4,473			4,342			1,641
Operating income (loss)		167			123			415			(269	)		164
Interest expense and other:
Forest Products:
Interest expense incurred		(98	)		(107	)		(309	)		(322	)		(105	)
Less: interest capitalized		4			1			5			5			—
Loss on early extinguishment of debt		(1	)		—			(50	)		—			(49	)
Interest income and other		12			15			33			42			12
Equity in loss of equity affiliates		—			(4	)		(9	)		(1	)		(3	)
Real Estate:
Interest expense incurred		(6	)		(8	)		(18	)		(22	)		(6	)
Less: interest capitalized		6			6			16			20			5
Interest income and other		—			3			3			5			—
Equity in income of equity affiliates		7			1			46			14			3
Impairments of investments and other related charges		—			—			—			(32	)		—
Earnings (loss) before income taxes		91			30			132			(560	)		21
Income tax benefit (provision) (2)		1,025			(35	)		980			173			(7	)
Net earnings (loss)		1,116			(5	)		1,112			(387	)		14
Less: (income) loss attributable to noncontrolling interests		—			5			(2	)		17			—
Net earnings (loss) attributable to Weyerhaeuser common shareholders	$	1,116		$	—		$	1,110		$	(370	)	$	14
Basic earnings (loss) per share attributable to Weyerhaeuser common shareholders	$	3.52		$	—		$	4.49		$	(1.75	)	$	0.07
Diluted earnings (loss) per share attributable to Weyerhaeuser common shareholders	$	3.50		$	—		$	4.48		$	(1.75	)	$	0.07
Dividends paid per share	$	26.46		$	0.05		$	26.56		$	0.55		$	0.05
Weighted average shares outstanding (in thousands):
Basic		317,369			211,357			247,192			211,337			211,600
Diluted		318,360			211,357			247,879			211,337			212,103
Common shares outstanding at end of period (in thousands)		535,935			211,357			535,935			211,357			211,609

(1)	Other operating income, net for third quarter and year-to-date 2009 includes $163 million gain on sale of 140,000 acres of non-strategic timberlands.
(2)	(a)	Third quarter and year-to-date 2009 include $21 million in net tax charges related to the true-up of previous tax liabilities, state tax law and rate changes and interest on unrecognized tax benefits.
	(b)	Year-to-date 2010 includes $1,043 million income for the reversal of deferred tax liabilities associated with the conversion to REIT status partially offset by $39 million for tax charges related to the elimination of the ability to claim a tax deduction provided to retirees and reimbursed under the Medicare Part D subsidy beginning in 2013, state tax law and rate changes, unrecognized tax benefits and other adjustments.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

1

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

NET SALES AND REVENUES

(in millions)

	Q3				Year-to-date				Q2
	Sept. 30, 2010		Sept. 30, 2009		Sept. 30, 2010		Sept. 30, 2009		June 30, 2010
Timberlands:
Logs:
West	$	110	$	84	$	317	$	253	$	125
South		40		39		104		115		37
Canada		3		5		12		7		—
Total logs		153		128		433		375		162
Pay as cut timber sales		8		10		25		24		9
Timberlands exchanges and non-strategic dispositions (1)		41		15		89		59		13
Higher and better use land sales (1)		6		5		18		10		7
Minerals, oil and gas		15		21		46		49		16
Products from international operations (2)		17		13		49		30		17
Other products		—		1		7		11		1
		240		193		667		558		225
Wood Products:
Structural lumber		254		216		803		644		308
Engineered solid section		68		67		213		184		79
Engineered I-Joists		39		47		136		123		49
Oriented strand board		80		63		262		176		116
Softwood plywood		19		17		58		45		23
Hardwood lumber		54		54		172		161		64
Other products produced		36		37		109		119		38
Other products purchased for resale		76		87		266		272		112
		626		588		2,019		1,724		789
Cellulose Fibers:
Pulp		412		297		1,087		833		354
Liquid packaging board		88		73		249		216		90
Other products		22		20		64		54		24
		522		390		1,400		1,103		468
Real Estate:
Single family housing		200		185		576		527		233
Land		9		10		39		37		23
Other		1		1		3		3		1
		210		196		618		567		257
Corporate and Other		66		40		184		121		66
	$	1,664	$	1,407	$	4,888	$	4,073	$	1,805

⁽¹⁾ Higher and better use timberlands and non-strategic dispositions are sold through Forest Products subsidiaries.

⁽²⁾ Includes logs, plywood and hardwood lumber harvested or produced by our international operations, primarily in South America.

Note: For more detailed information see Appendix B

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

NET CONTRIBUTION TO PRE-TAX EARNINGS

(in millions)

	Q3						Year-to-date						Q2
	Sept. 30, 2010			Sept. 30, 2009			Sept. 30, 2010			Sept. 30, 2009			June 30, 2010
Timberlands	$	75		$	219		$	226		$	325		$	70
Wood Products		(100	)		(97	)		(122	)		(525	)		(3	)
Cellulose Fibers		181			166			274			297			74
Real Estate		20			(64	)		78			(210	)		27
Corporate and Other		10			(81	)		30			(111	)		8
	$	186		$	143		$	486		$	(224	)	$	176

PRELIMINARY RESULTS - SUBJECT TO AUDIT

2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS (unaudited)

(in millions)

							Year-to-date
	Q3 2010			Q3 2009			Q3 2010			Q3 2009			Q2 2010
Timberlands includes:
Charges for restructuring and closures	$	—		$	(2	)	$	1		$	(7	)	$	—
Gain on sale of 140,000 acres of non-strategic timberlands		—			163			—			163			—
Sale of mineral royalties		—			6			—			6			—
International loss		(4	)		(4	)		(12	)		(17	)		(4	)
							Year-to-date
	Q3 2010			Q3 2009			Q3 2010			Q3 2009			Q2 2010
Wood Products includes:
Charges for restructuring and closures	$	(8	)	$	(1	)	$	(8	)	$	(64	)	$	—
Goodwill impairments		—			—			—			(3	)		—
Other asset impairments		—			(4	)		—			(25	)		—
Reserve for litigation		—			—			—			(19	)		—
Gain on sale of operations		—			—			4			—			—
Gain on sale of property		4			—			52			1			8
							Year-to-date
	Q3 2010			Q3 2009			Q3 2010			Q3 2009			Q2 2010
Cellulose Fibers includes:
Charges for restructuring and closures	$	—		$	—		$	—		$	(1	)	$	—
Alternative fuel mixture credits		—			122			—			229			—
Gain on sale of previously closed mill		3			—			3			—			—
							Year-to-date
	Q3 2010			Q3 2009			Q3 2010			Q3 2009			Q2 2010
Real Estate includes:
Charges for restructuring and closures	$	—		$	(13	)	$	—		$	(19	)	$	—
Impairment of assets and other related charges - attributable to Weyerhaeuser shareholders		—			(42	)		—			(158	)		—
Impairment of assets and other related charges - attributable to noncontrolling interests		—			(4	)		—			(15	)		—
Sale of partnership interests		—			—			33			9			—
Partnership earnings		7			1			12			5			3
Gain on land and lot sales		4			—			20			13			13
							Year-to-date
	Q3 2010			Q3 2009			Q3 2010			Q3 2009			Q2 2010
Corporate and Other includes:
Charges for restructuring and closures	$	(6	)	$	(64	)	$	(6	)	$	(123	)	$	—
Asset impairments		—			(31	)		—			(45	)		—
Net foreign exchange gains (losses)		4			17			5			33			(8	)
Pension and postretirement credits (1)		17			31			55			92			22

⁽¹⁾ Excludes pension and postretirement included in charges for restructuring and closures.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

3

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

THIRD PARTY SALES VOLUMES

	Q3				Year-to-date				Q2
	Sept. 30, 2010		Sept. 30, 2009		Sept. 30, 2010		Sept. 30, 2009		June 30, 2010
Timberlands (thousands):
Logs - cubic meters:
West		1,205		1,156		3,456		3,529		1,276
South		903		981		2,364		2,812		827
Canada		92		144		366		211		15
International		63		84		209		234		68
Wood Products (millions):
Structural lumber - board feet		889		794		2,534		2,560		884
Engineered solid section - cubic feet		4		3		12		10		4
Engineered I-Joists - lineal feet		31		43		116		105		41
Oriented strand board - square feet (3/8”)		428		363		1,199		1,084		437
Softwood plywood - square feet (3/8”)		68		66		203		172		75
Hardwood lumber - board feet		65		66		208		193		76
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		445		450		1,280		1,254		413
Liquid packaging board - tons		80		74		230		215		83
Real Estate:
Single-family homes sold		418		593		1,529		1,838		491
Single-family homes closed		501		506		1,519		1,399		625
Single-family homes sold but not closed at end of period (backlog)		660		997		660		997		743
Note: For more detailed information see Appendix B
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION (unaudited)
PRODUCTION VOLUMES
	Q3				Year-to-date				Q2
	Sept. 30, 2010		Sept. 30, 2009		Sept. 30, 2010		Sept. 30, 2009		June 30, 2010
Timberlands (thousands):
Fee depletion - cubic meters:
West		1,444		1,603		4,279		5,191		1,404
South		2,060		2,258		6,081		7,133		1,881
International		89		122		270		370		89
Wood Products (millions):
Structural lumber - board feet		857		777		2,504		2,430		846
Engineered solid section - cubic feet		4		3		12		8		4
Engineered I-Joists - lineal feet		25		36		107		80		41
Oriented strand board - square feet (3/8”)		446		390		1,292		1,094		468
Softwood plywood - square feet (3/8”)		57		48		169		113		64
Hardwood lumber - board feet		60		54		180		157		61
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		470		429		1,321		1,212		414
Liquid packaging board - tons		82		71		232		213		81
Note: For more detailed information see Appendix B

PRELIMINARY RESULTS - SUBJECT TO AUDIT

4

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

	Sept. 30, 2010		June 30, 2010		Dec. 31, 2009
Assets
Forest Products
Current assets:
Cash and cash equivalents	$	1,366	$	1,839	$	1,862
Short-term investments		—		3		49
Receivables, less allowances		477		481		370
Receivables for taxes		81		51		602
Receivable from pension trust		—		—		146
Inventories		479		472		447
Prepaid expenses		87		91		82
Deferred tax assets		122		136		109
Total current assets		2,612		3,073		3,667
Property and equipment, net		3,350		3,423		3,611
Construction in progress		86		77		52
Timber and timberlands at cost, less depletion charged to disposals		4,019		4,022		4,010
Investments in and advances to equity affiliates		193		192		197
Goodwill		40		40		40
Deferred pension and other assets		830		948		756
Restricted assets held by special purpose entities		914		915		915
		12,044		12,690		13,248
Real Estate
Cash and cash equivalents		2		7		7
Receivables, less allowances		34		42		32
Inventory		1,552		1,552		1,515
Investments in and advances to equity affiliates		18		18		17
Deferred tax assets		271		270		299
Other assets		132		123		126
Consolidated assets not owned		—		6		6
		2,009		2,018		2,002
Total assets	$	14,053	$	14,708	$	15,250
Liabilities
Forest Products
Current liabilities:
Notes payable and commercial paper	$	1	$	1	$	4
Current maturities of long-term debt		24		3		3
Accounts payable		326		322		317
Accrued liabilities		656		663		631
Total current liabilities		1,007		989		955
Long-term debt		4,710		4,734		5,281
Deferred income taxes		704		1,642		1,538
Deferred pension, other postretirement benefits and other liabilities		1,644		1,854		2,000
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		769		770		768
		8,834		9,989		10,542
Real Estate
Long-term debt		390		390		402
Other liabilities		213		218		252
		603		608		654
Total liabilities		9,437		10,597		11,196
Equity
Weyerhaeuser shareholders’ interest		4,610		4,100		4,044
Noncontrolling interest		6		11		10
Total equity		4,616		4,111		4,054
Total liabilities and equity	$	14,053	$	14,708	$	15,250
	Sept. 30, 2010		June 30, 2010		Dec. 31, 2009
Forest Products Working Capital by Business Segment
Timberlands	$	15	$	39	$	9
Wood Products		254		308		226
Cellulose Fibers		307		268		234
Corporate and Other (1)		1,029		1,469		2,243
	$	1,605	$	2,084	$	2,712

⁽¹⁾ Corporate and Other segment holds payroll and other liabilities related to the segments and income taxes receivable related to Real Estate.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

5

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions)

	Q3						Year-to-date						Q2
	Sept. 30,			Sept. 30,			Sept. 30,			Sept. 30,			June 30,
	2010			2009			2010			2009			2010
Cash flows from operations:
Net earnings (loss)	$	1,116		$	(5	)	$	1,112		$	(387	)	$	14
Noncash charges (credits) to income:
Depreciation, depletion and amortization		124			134			376			404			126
Deferred income taxes, net		(1,006	)		(22	)		(916	)		(20	)		56
Pension and other postretirement benefits		(8	)		32			(19	)		10			(10	)
Share-based compensation expense		4			7			16			18			6
Equity in (income) loss of equity affiliates		(6	)		3			(3	)		(4	)		—
Litigation charges		3			—			14			20			11
Charges for impairment of assets		2			82			5			247			1
Loss on early extinguishment of debt		1			—			50			—			49
Net gains on dispositions of assets and operations		(10	)		(162	)		(103	)		(194	)		(10	)
Foreign exchange transaction (gains) losses		(4	)		(17	)		(4	)		(34	)		10
Decrease (increase) in working capital:
Receivables less allowances		12			54			(103	)		(164	)		(28	)
Receivable for taxes		(30	)		—			521			—			(17	)
Inventories, real estate and land		(13	)		36			(75	)		247			39
Prepaid expenses		3			4			(4	)		15			5
Accounts payable and accrued liabilities		(10	)		(90	)		(75	)		(344	)		(22	)
Deposits on land positions and other assets		(10	)		10			(13	)		13			(6	)
Pension contributions		(63	)		—			(191	)		—			(1	)
Other		13			(32	)		(37	)		(103	)		20
Net cash from operations		118			34			551			(276	)		243
Cash flows from investing activities:
Property and equipment		(37	)		(43	)		(115	)		(132	)		(32	)
Timberlands reforestation		(6	)		(7	)		(26	)		(29	)		(7	)
Acquisition of timberlands		(10	)		(19	)		(30	)		(26	)		(11	)
Redemption of short-term investments		—			14			47			92			—
Distributions from (investments in and advances to) equity affiliates		—			(3	)		1			(2	)		—
Proceeds from sale of assets and operations		30			313			160			350			15
Repayments from (loan to) pension trust		—			—			146			(85	)		96
Other		4			19			(5	)		32			(2	)
Cash from investing activities		(19	)		274			178			200			59
Cash flows from financing activities:
Notes, commercial paper borrowings and revolving credit facilities, net		—			—			(3	)		—			—
Cash dividends		(560	)		(10	)		(581	)		(116	)		(10	)
Change in book overdrafts		(15	)		(12	)		(27	)		(46	)		(8	)
Payments on debt		(3	)		(403	)		(617	)		(422	)		(597	)
Exercise of stock options		—			—			3			—			2
Repurchase of common stock		—			—			—			(2	)		—
Other		1			(1	)		(5	)		(4	)		(3	)
Cash from financing activities		(577	)		(426	)		(1,230	)		(590	)		(616	)
Net change in cash and cash equivalents		(478	)		(118	)		(501	)		(666	)		(314	)
Cash and cash equivalents at beginning of period		1,846			1,746			1,869			2,294			2,160
Cash and cash equivalents at end of period	$	1,368		$	1,628		$	1,368		$	1,628		$	1,846
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	132		$	168		$	356		$	381		$	71
Income Taxes	$	2		$	(16	)	$	(576	)	$	47		$	(2	)
Capital Expenditures by Business Segment
	Q3						Year-to-date						Q2
	Sept. 30,			Sept. 30,			Sept. 30,			Sept. 30,			June 30,
	2010			2009			2010			2009			2010
Forest Products
Timberlands	$	17		$	18		$	52		$	67		$	15
Wood Products		5			4			12			33			5
Cellulose Fibers (1)		19			20			77			38			19
Corporate and Other		—			3			1			14			—
		41			45			142			152			39
Real Estate		2			5			3			9			—
	$	43		$	50		$	145		$	161		$	39

⁽¹⁾ 2010 includes the exercise of an option to acquire liquid packaging board extrusion equipment for $21 million, including assumption of liabilities of $4 million.

PRELIMINARY RESULTS - SUBJECT TO AUDIT

6

APPENDIX A

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

STATEMENT OF OPERATIONS BY BUSINESS SEGMENT

(Dollar amounts in millions)

	Q3.2010
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	240		$	626		$	522		$	66		$	—		$	1,454		$	210		$	1,664
Intersegment sales		145			20			—			5			(170	)		—			—			—
Net sales and revenues		385			646			522			71			(170	)		1,454			210			1,664
Costs and expenses:
Costs of products sold		264			631			292			48			(170	)		1,065			158			1,223
Depreciation, depletion and amortization		30			44			34			12			—			120			4			124
Selling expenses		1			27			4			1			—			33			17			50
General and administrative expenses		19			38			17			8			—			82			19			101
Research and development expenses		5			1			2			—			—			8			—			8
Charges for restructuring and closures		—			8			—			6			—			14			—			14
Impairment of goodwill and other assets		1			1			—			—			—			2			—			2
Other operating income, net		(9	)		(4	)		(6	)		(5	)		—			(24	)		(1	)		(25	)
Total costs and expenses		311			746			343			70			(170	)		1,300			197			1,497
Operating income (loss)		74			(100	)		179			1			—			154			13			167
Interest income and other		1			—			—			11			—			12			—			12
Equity in income (loss) of equity affiliates		—			—			2			(2	)		—			—			7			7
Net contribution to earnings	$	75		$	(100	)	$	181		$	10		$	—		$	166		$	20			186
Interest expense, net of capitalized interest																							(94	)
Loss on early extinguishment of debt																							(1	)
Earnings before income taxes																							91
Income tax benefit																							1,025
Net earnings attributable to Weyerhaeuser common shareholders																						$	1,116
	Q3.2009
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	193		$	588		$	390		$	40		$	—		$	1,211		$	196		$	1,407
Intersegment sales		122			16			—			3			(141	)		—			—			—
Net sales and revenues		315			604			390			43			(141	)		1,211			196			1,407
Costs and expenses:
Costs of products sold		217			567			291			31			(141	)		965			172			1,137
Alternative Fuel Credit		—			—			(122	)		—			—			(122	)		—			(122	)
Depreciation, depletion and amortization		32			49			36			14			—			131			3			134
Selling expenses		1			27			3			2			—			33			19			52
General and administrative expenses		15			45			13			6			—			79			16			95
Research and development expenses		2			3			1			4			—			10			—			10
Charges for restructuring and closures		2			1			—			64			—			67			—			67
Impairment of goodwill and other assets		—			6			—			30			—			36			—			36
Real estate impairments and other related charges		—			—			—			—			—			—			46			46
Other operating costs (income), net		(172	)		3			—			(15	)		—			(184	)		13			(171	)
Total costs and expenses		97			701			222			136			(141	)		1,015			269			1,284
Operating income (loss)		218			(97	)		168			(93	)		—			196			(73	)		123
Interest income and other		1			—			—			14			—			15			3			18
Equity in income (loss) of equity affiliates		—			—			(2	)		(2	)		—			(4	)		1			(3	)
Loss attributable to noncontrolling interests		—			—			—			—			—			—			5			5
Net contribution to earnings	$	219		$	(97	)	$	166		$	(81	)	$	—		$	207		$	(64	)		143
Interest expense, net of capitalized interest																							(108	)
Earnings before income taxes																							35
Income tax provision																							(35	)
Net earnings attributable to Weyerhaeuser common shareholders																						$	—
	Q2.2010
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	225		$	789		$	468		$	66		$	—		$	1,548		$	257		$	1,805
Intersegment sales		123			20			—			5			(148	)		—			—			—
Net sales and revenues		348			809			468			71			(148	)		1,548			257			1,805
Costs and expenses:
Costs of products sold		232			698			339			48			(148	)		1,169			189			1,358
Depreciation, depletion and amortization		28			45			36			12			—			121			5			126
Selling expenses		2			30			3			1			—			36			19			55
General and administrative expenses		21			42			17			—			—			80			17			97
Research and development expenses		5			2			2			(1	)		—			8			—			8
Charges for restructuring and closures		—			1			—			1			—			2			—			2
Impairment of goodwill and other assets		—			—			—			—			—			—			1			1
Other operating costs (income), net		(9	)		(5	)		(5	)		11			—			(8	)		2			(6	)
Total costs and expenses		279			813			392			72			(148	)		1,408			233			1,641
Operating income (loss)		69			(4	)		76			(1	)		—			140			24			164
Interest income and other		1			1			—			10			—			12			—			12
Equity in income (loss) of equity affiliates		—			—			(2	)		(1	)		—			(3	)		3			—
Net contribution to earnings	$	70		$	(3	)	$	74		$	8		$	—		$	149		$	27			176
Interest expense, net of capitalized interest																							(106	)
Loss on early extinguishment of debt																							(49	)
Earnings before income taxes																							21
Income tax provision																							(7	)
Net earnings attributable to Weyerhaeuser common shareholders																						$	14

PRELIMINARY RESULTS - SUBJECT TO AUDIT

1

	Q3.2010 Year-to-date
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	667		$	2,019		$	1,400		$	184		$	—		$	4,270		$	618		$	4,888
Intersegment sales		439			56			—			14			(509	)		—			—			—
Net sales and revenues		1,106			2,075			1,400			198			(509	)		4,270			618			4,888
Costs and expenses:
Costs of products sold		743			1,901			962			138			(509	)		3,235			468			3,703
Depreciation, depletion and amortization		88			134			106			36			—			364			12			376
Selling expenses		5			85			10			3			—			103			51			154
General and administrative expenses		58			119			51			16			—			244			52			296
Research and development expenses		14			4			6			—			—			24			—			24
Charges for restructuring and closures		1			9			—			6			—			16			—			16
Impairment of goodwill and other assets		1			2			—			—			—			3			2			5
Other operating costs (income), net		(28	)		(55	)		(13	)		(7	)		—			(103	)		2			(101	)
Total costs and expenses		882			2,199			1,122			192			(509	)		3,886			587			4,473
Operating income (loss)		224			(124	)		278			6			—			384			31			415
Interest income and other		2			2			—			29			—			33			3			36
Equity in income (loss) of equity affiliates		—			—			(4	)		(5	)		—			(9	)		46			37
Loss attributable to noncontrolling interests		—			—			—			—			—			—			(2	)		(2	)
Net contribution to earnings	$	226		$	(122	)	$	274		$	30		$	—		$	408		$	78			486
Interest expense, net of capitalized interest																							(306	)
Loss on early extinguishment of debt																							(50	)
Earnings before income taxes																							130
Income tax benefit																							980
Net earnings attributable to Weyerhaeuser common shareholders																						$	1,110
	Q3.2009 Year-to-date
	Timberlands			Wood Products			Cellulose Fibers			Corporate and Other			Eliminations			Total Forest Products			Real Estate			Total
Trade sales and revenues (unaffiliated customers)	$	558		$	1,724		$	1,103		$	121		$	—		$	3,506		$	567		$	4,073
Intersegment sales		408			49			—			8			(465	)		—			—			—
Net sales and revenues		966			1,773			1,103			129			(465	)		3,506			567			4,073
Costs and expenses:
Costs of products sold		680			1,793			880			90			(465	)		2,978			487			3,465
Alternative Fuel Credit		—			—			(229	)		—			—			(229	)		—			(229	)
Depreciation, depletion and amortization		96			150			106			41			—			393			11			404
Selling expenses		5			89			11			4			—			109			61			170
General and administrative expenses		47			137			42			32			—			258			61			319
Research and development expenses		6			12			4			16			—			38			—			38
Charges for restructuring and closures		7			64			1			123			—			195			—			195
Impairment of goodwill and other assets		—			30			—			44			—			74			—			74
Real estate impairments and other related charges		—			—			—			—			—			—			141			141
Other operating costs (income), net		(198	)		24			(4	)		(77	)		—			(255	)		20			(235	)
Total costs and expenses (income)		643			2,299			811			273			(465	)		3,561			781			4,342
Operating income (loss)		323			(526	)		292			(144	)		—			(55	)		(214	)		(269	)
Interest income and other		2			1			1			38			—			42			5			47
Equity in income (loss) of equity affiliates		—			—			4			(5	)		—			(1	)		14			13
Investment impairments and other related charges		—			—			—			—			—			—			(32	)		(32	)
Loss attributable to noncontrolling interests		—			—			—			—			—			—			17			17
Net contribution to earnings	$	325		$	(525	)	$	297		$	(111	)	$	—		$	(14	)	$	(210	)		(224	)
Interest expense, net of capitalized interest																							(319	)
Earnings (loss) before income taxes																							(543	)
Income tax benefit																							173
Net loss attributable to Weyerhaeuser common shareholders																						$	(370	)

PRELIMINARY RESULTS - SUBJECT TO AUDIT

2

APPENDIX B

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

NET SALES AND REVENUES

(in millions)

	Q1		Q2		Q3										Q3 YTD										Q3.10 vs Q2.10
	March 31, 2010		June 30, 2010		Sept  30, 2010		Sept  30, 2009		Change			% change			Sept  30, 2010		Sept  30, 2009		Change			% change			Sept  30, 2010		June  30, 2010		Change			% change
Timberlands:
Logs:
West	$	82	$	125	$	110	$	84	$	26			31	%	$	317	$	253	$	64			25	%	$	110	$	125	$	(15	)		-12	%
South		27		37		40		39		1			3	%		104		115		(11	)		-10	%		40		37		3			8	%
Canada		9		—		3		5		(2	)		-40	%		12		7		5			0	%		3		—		3			0	%
Total logs		118		162		153		128		25			20	%		433		375		58			15	%		153		162		(9	)		-6	%
Pay as cut timber sales		8		9		8		10		(2	)		-20	%		25		24		1			4	%		8		9		(1	)		-11	%
Timberlands exchanges and non-strategic dispositions(1)		35		13		41		15		26			173	%		89		59		30			51	%		41		13		28			215	%
Higher and better use land sales(1)		5		7		6		5		1			20	%		18		10		8			80	%		6		7		(1	)		-14	%
Minerals, oil and gas		15		16		15		21		(6	)		-29	%		46		49		(3	)		-6	%		15		16		(1	)		-6	%
Products from international operations(2)		15		17		17		13		4			31	%		49		30		19			63	%		17		17		—			0	%
Other products		6		1		—		1		(1	)		-100	%		7		11		(4	)		-36	%		—		1		(1	)		-100	%
		202		225		240		193		47			24	%		667		558		109			20	%		240		225		15			7	%
Wood Products:
Structural lumber		241		308		254		216		38			18	%		803		644		159			25	%		254		308		(54	)		-18	%
Engineered solid section		66		79		68		67		1			1	%		213		184		29			16	%		68		79		(11	)		-14	%
Engineered I-joists		48		49		39		47		(8	)		-17	%		136		123		13			11	%		39		49		(10	)		-20	%
Oriented strand board		66		116		80		63		17			27	%		262		176		86			49	%		80		116		(36	)		-31	%
Softwood plywood		16		23		19		17		2			12	%		58		45		13			29	%		19		23		(4	)		-17	%
Hardwood lumber		54		64		54		54		—			0	%		172		161		11			7	%		54		64		(10	)		-16	%
Other products produced		35		38		36		37		(1	)		-3	%		109		119		(10	)		-8	%		36		38		(2	)		-5	%
Other products purchased for resale		78		112		76		87		(11	)		-13	%		266		272		(6	)		-2	%		76		112		(36	)		-32	%
		604		789		626		588		38			6	%		2,019		1,724		295			17	%		626		789		(163	)		-21	%
Cellulose Fibers:
Pulp		321		354		412		297		115			39	%		1,087		833		254			30	%		412		354		58			16	%
Liquid packaging board		71		90		88		73		15			21	%		249		216		33			15	%		88		90		(2	)		-2	%
Other products		18		24		22		20		2			10	%		64		54		10			19	%		22		24		(2	)		-8	%
		410		468		522		390		132			34	%		1,400		1,103		297			27	%		522		468		54			12	%
Real Estate:
Single-family housing		143		233		200		185		15			8	%		576		527		49			9	%		200		233		(33	)		-14	%
Land		7		23		9		10		(1	)		-10	%		39		37		2			5	%		9		23		(14	)		-61	%
Other		1		1		1		1		—			0	%		3		3		—			0	%		1		1		—			0	%
		151		257		210		196		14			7	%		618		567		51			9	%		210		257		(47	)		-18	%
Corporate and Other		52		66		66		40		26			65	%		184		121		63			52	%		66		66		—			0	%
	$	1,419	$	1,805	$	1,664	$	1,407	$	257			18	%	$	4,888	$	4,073	$	815			20	%	$	1,664	$	1,805	$	(141	)		-8	%
(1)    Higher and better use timberlands and non-strategic dispositions are sold through Forest Products subsidiaries. (2)    Includes logs, plywood and hardwood lumber harvested or produced by our international operations, primarily in South America.
THIRD PARTY SALES VOLUMES
	Q1		Q2		Q3										Q3 YTD										Q3.10 vs Q2.10
	March 31, 2010		June 30, 2010		Sept 30, 2010		Sept 30, 2009		Change			% change			Sept 30, 2010		Sept 30, 2009		Change			% change			Sept 30, 2010		June 30, 2010		Change			% change
Timberlands (thousands):
Logs - cubic meters
West		975		1,276		1,205		1,156		49			4	%		3,456		3,529		(73	)		-2	%		1,205		1,276		(71	)		-6	%
South		634		827		903		981		(78	)		-8	%		2,364		2,812		(448	)		-16	%		903		827		76			9	%
Canada		259		15		92		144		(52	)		-36	%		366		211		155			73	%		92		15		77			513	%
International		78		68		63		84		(21	)		-25	%		209		234		(25	)		-11	%		63		68		(5	)		-7	%
Wood Products (millions):
Structural lumber - board feet		761		884		889		794		95			12	%		2,534		2,560		(26	)		-1	%		889		884		5			1	%
Engineered Solid Section - cubic feet		4		4		4		3		1			33	%		12		10		2			20	%		4		4		—			0	%
Engineered I-joists - lineal feet		44		41		31		43		(12	)		-28	%		116		105		11			10	%		31		41		(10	)		-24	%
Oriented strand board - square feet (3/8”)		334		437		428		363		65			18	%		1,199		1,084		115			11	%		428		437		(9	)		-2	%
Softwood plywood - square feet (3/8”)		60		75		68		66		2			3	%		203		172		31			18	%		68		75		(7	)		-9	%
Hardwood lumber - board feet		67		76		65		66		(1	)		-2	%		208		193		15			8	%		65		76		(11	)		-14	%
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		422		413		445		450		(5	)		-1	%		1,280		1,254		26			2	%		445		413		32			8	%
Liquid packaging board - tons		67		83		80		74		6			8	%		230		215		15			7	%		80		83		(3	)		-4	%
Real Estate:
Single-family homes sold		620		491		418		593		(175	)		-30	%		1,529		1,838		(309	)		-17	%		418		491		(73	)		-15	%
Single-family homes closed		393		625		501		506		(5	)		-1	%		1,519		1,399		120			9	%		501		625		(124	)		-20	%
Single-family homes sold but not closed (backlog)		877		743		660		997		(337	)		-34	%		660		997		(337	)		-34	%		660		743		(83	)		-11	%

PRELIMINARY RESULTS - SUBJECT TO AUDIT

1

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION (unaudited)

THIRD PARTY SALES REALIZATIONS ⁽¹⁾

	Q1			Q2			Q3												Q3 YTD												Q3.10 vs Q2.10
	March 31, 2010			June 30, 2010			Sept 30, 2010			Sept 30, 2009			Change			% change			Sept 30, 2010			Sept 30, 2009			Change			% change			Sept 30, 2010			June 30, 2010			Change			% change
Timberlands:
Logs - cubic meters	$	61.58		$	74.75		$	67.83		$	54.71		$	13.12			24	%	$	68.30		$	55.81		$	12.49			22	%	$	67.83		$	74.75		$	(6.92	)		-9	%
West	$	84.17		$	97.92		$	91.45		$	73.26		$	18.19			25	%	$	91.78		$	71.79		$	19.99			28	%	$	91.45		$	97.92		$	(6.47	)		-7	%
South	$	43.21		$	44.38		$	43.63		$	39.27		$	4.36			11	%	$	43.78		$	40.78		$	3.00			7	%	$	43.63		$	44.38		$	(0.75	)		-2	%
Canada	$	34.02		$	30.05		$	29.94		$	31.76		$	(1.82	)		-6	%	$	32.83		$	31.66		$	1.17			4	%	$	29.94		$	30.05		$	(0.11	)		0	%
International	$	20.35		$	19.33		$	17.96		$	19.03		$	(1.07	)		-6	%	$	19.30		$	17.33		$	1.97			11	%	$	17.96		$	19.33		$	(1.37	)		-7	%
Wood Products:
Structural lumber - board feet	$	316.60		$	347.89		$	286.84		$	271.26		$	15.58			6	%	$	317.08		$	251.34		$	65.74			26	%	$	286.84		$	347.89		$	(61.05	)		-18	%
Engineered solid section - cubic feet	$	1,715.07		$	1,780.23		$	1,843.50		$	1,749.75		$	93.75			5	%	$	1,778.56		$	1,776.60		$	1.96			0	%	$	1,843.50		$	1,780.23		$	63.27			4	%
Engineered I-joists - lineal feet	$	1,086.59		$	1,183.82		$	1,252.17		$	1,115.68		$	136.49			12	%	$	1,165.76		$	1,174.92		$	(9.16	)		-1	%	$	1,252.17		$	1,183.82		$	68.35			6	%
Oriented strand board - square feet (3/8”)	$	197.46		$	266.28		$	185.07		$	174.95		$	10.12			6	%	$	218.16		$	162.78		$	55.38			34	%	$	185.07		$	266.28		$	(81.21	)		-30	%
Softwood plywood - square feet (3/8”)	$	263.54		$	312.95		$	280.78		$	255.46		$	25.32			10	%	$	287.69		$	261.41		$	26.28			10	%	$	280.78		$	312.95		$	(32.17	)		-10	%
Hardwood lumber - board feet	$	814.00		$	833.30		$	836.60		$	825.19		$	11.41			1	%	$	828.12		$	832.15		$	(4.03	)		0	%	$	836.60		$	833.30		$	3.30			0	%
Cellulose Fibers:
Pulp - air-dry metric tons	$	761.78		$	856.22		$	926.28		$	658.93		$	267.35			41	%	$	849.47		$	663.96		$	185.51			28	%	$	926.28		$	856.22		$	70.06			8	%
Liquid packaging board - tons	$	1,051.81		$	1,091.14		$	1,103.48		$	978.17		$	125.31			13	%	$	1,083.95		$	1,000.64		$	83.31			8	%	$	1,103.48		$	1,091.14		$	12.34			1	%
Real Estate:
Single-family average price of homes closed (in thousands)	$	364.89		$	371.37		$	400.03		$	366.20		$	33.83			9	%	$	379.15		$	376.67		$	2.48			1	%	$	400.03		$	371.37		$	28.66			8	%
Single-family gross margin - excluding impairments (2)		19.4	%		23.9	%		24.3	%		14.6	%		9.7	%					22.9	%		14.5	%		8.4	%					24.3	%		23.9	%		0.4	%
(1)    Third party sales realizations are calculated using unrounded numbers. Slight differences will occur when calculating these figures based on rounded numbers. (2)    Single-family gross margin excluding impairments equals revenue less cost of sales and period costs (other than impairments and deposit write-offs).
TOTAL PRODUCTION VOLUMES
	Q1			Q2			Q3												Q3 YTD												Q3.10 vs Q2.10
	March 31, 2010			June 30, 2010			Sept 30, 2010			Sept 30, 2009			Change			% change			Sept 30, 2010			Sept 30, 2009			Change			% change			Sept 30, 2010			June 30, 2010			Change			% change
Timberlands (thousands):
Fee depletion - cubic meters:
West		1,431			1,404			1,444			1,603			(159	)		-10	%		4,279			5,191			(912	)		-18	%		1,444			1,404			40			3	%
South		2,140			1,881			2,060			2,258			(198	)		-9	%		6,081			7,133			(1,052	)		-15	%		2,060			1,881			179			10	%
International		92			89			89			122			(33	)		-27	%		270			370			(100	)		-27	%		89			89			—			0	%
Wood Products (millions):
Structural lumber - board feet		801			846			857			777			80			10	%		2,504			2,430			74			3	%		857			846			11			1	%
Engineered solid section - cubic feet		4			4			4			3			1			33	%		12			8			4			50	%		4			4			—			0	%
Engineered I-joists - lineal feet		41			41			25			36			(11	)		-31	%		107			80			27			34	%		25			41			(16	)		-39	%
Oriented strand board - square feet (3/8”)		378			468			446			390			56			14	%		1,292			1,094			198			18	%		446			468			(22	)		-5	%
Softwood plywood - square feet (3/8”)		48			64			57			48			9			19	%		169			113			56			50	%		57			64			(7	)		-11	%
Hardwood lumber - board feet		59			61			60			54			6			11	%		180			157			23			15	%		60			61			(1	)		-2	%
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		437			414			470			429			41			10	%		1,321			1,212			109			9	%		470			414			56			14	%
Liquid packaging board - tons		69			81			82			71			11			15	%		232			213			19			9	%		82			81			1			1	%

PRELIMINARY RESULTS - SUBJECT TO AUDIT

2