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 4, 2011

(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 February 4, 2011, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended December 31, 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 February 4, 2011 reporting results of operations for the quarter ended December 31, 2010
99.2	Exhibits to press release of Weyerhaeuser Company issued February 4, 2011

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/    JERALD W. RICHARDS
Its:	Chief Accounting Officer

Date: February 4, 2011

EX-99.1

Exhibit 99.1

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

Weyerhaeuser Reports Fourth Quarter, Full Year Results

• Fourth Quarter Net Earnings of $171 million, or $0.32 Per Share

• Full Year Net Earnings of $1.281 billion, or $3.99 Per Share

• Includes Earnings from Income Tax Adjustments

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

FEDERAL WAY, Wash. (Feb. 4, 2011) – Weyerhaeuser Company (NYSE: WY) today reported net earnings of $171 million for the fourth quarter, or 32 cents per diluted share, on net sales of $1.7 billion. This compares with a net loss of $175 million on net sales of $1.5 billion for the same period last year.

Earnings for the fourth quarter of 2010 include after-tax gains of $119 million from special items. Excluding those items, the company reported net earnings of $52 million, or 10 cents per diluted share, in the fourth quarter of 2010. This compares to a net loss before special items of $109 million in the fourth quarter of 2009.

For the full year 2010, Weyerhaeuser reported net earnings of $1.281 billion, or $3.99 per diluted share, on net sales of $6.6 billion. This compares with a net loss of $545 million on net sales of $5.5 billion for the full year 2009. Earnings for the full year 2010 include $1.064 billion from income tax adjustments related to Weyerhaeuser’s conversion to a Real Estate Investment Trust (REIT).

“The actions we took in 2010 enhanced our ability to return value to our shareholders through our long-term strategy,” said Dan Fulton, president and chief executive officer. “The most significant, our conversion to a REIT, enhances our ability to manage and grow our core asset – more than six million acres of valuable timberlands.

“The record year for our Cellulose Fibers segment due to strong market conditions and excellent operational performance highlighted our 2010 results,” Fulton said. “Extremely challenging housing market conditions affected the financial performance of our Timberlands, Wood Products and Real Estate segments. We anticipate these market challenges will continue in 2011. However, I expect better performance due to ongoing operational improvements, which will create cost efficiencies and enhance the relative competitiveness of our businesses.”

WEYERHAEUSER FINANCIAL HIGHLIGHTS

(millions, except per share data)	4Q 2010		3Q 2010		4Q 2009
Net sales	$	1,664	$	1,664	$	1,455
Net earnings (loss)	$	171	$	1,116	($	175	)
Weighted average shares outstanding, diluted		538		318		211
Earnings (loss) per diluted share	$	0.32	$	3.50	($	0.83	)
Net earnings (loss) before special items	$	52	$	81	($	109	)
Earnings (loss) per diluted share before special items	$	0.10	$	0.25	($	0.52	)

As of the end of the fourth quarter of 2010, Weyerhaeuser had 538 million shares outstanding on a diluted basis. Weyerhaeuser’s shares outstanding increased during the third quarter of 2010 due to payment of a special dividend of approximately 324 million shares of common stock and $560 million in cash, paid in conjunction with the company’s conversion to a REIT.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	4Q 2010		3Q 2010		4Q 2009
Net sales	$	207	$	240	$	156
Contribution to pre-tax earnings before special items	$	56	$	75	$	28
Pre-tax gains (charges) from special items	$	0	$	0	($	15	)
GAAP contribution to pre-tax earnings	$	56	$	75	$	13

4Q 2010 Performance – Fourth quarter earnings declined $19 million compared with third quarter, primarily due to fewer dispositions of non-strategic timberlands. Per unit logging costs also increased, as western operations took downtime to match lower seasonal and market demand. Fourth quarter included $19 million from disposition of non-strategic timberlands, compared with $34 million in the third quarter. Weyerhaeuser continues to defer timber harvest.

1Q 2011 Outlook – Excluding the disposition of non-strategic timberlands, Weyerhaeuser expects higher earnings in the first quarter compared with the fourth. The company expects higher selling prices for western logs and seasonally higher harvest volumes. A sale of approximately 82,000 acres of non-strategic timberlands in southwest Washington announced this morning will contribute approximately $150 million in pre-tax earnings.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	4Q 2010			3Q 2010			4Q 2009
Net sales	$	572		$	626		$	510
Charge to pre-tax earnings before special items	($	85	)	($	100	)	($	123	)
Pre-tax gains (charges) from special items	($	103	)	$	0		($	85	)
GAAP charge to pre-tax earnings	($	188	)	($	100	)	($	208	)

4Q 2010 Performance – The segment’s results before special items improved $15 million compared with the third quarter. Fourth quarter included special items of $103 million for asset impairments, closures and restructuring.

Fourth quarter results improved due to slightly lower log costs and reduced selling, general and administrative expenses. These factors were partially offset by seasonally lower sales volumes.

1Q 2011 Outlook – Excluding the effect of fourth quarter special items, Weyerhaeuser anticipates a smaller loss from the segment in the first quarter due to improved operating rates, higher selling prices, and continued cost reductions.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	4Q 2010		3Q 2010		4Q 2009
Net sales	$	511	$	522	$	408
Contribution to pre-tax earnings before special items	$	138	$	181	$	34
Pre-tax gains (charges) from special items	$	0	$	0	$	113
GAAP contribution to pre-tax earnings	$	138	$	181	$	147

4Q 2010 Performance – The segment’s fourth quarter earnings declined $43 million compared with third quarter due to increased maintenance costs and lower production resulting from an annual outage at the New Bern, N.C. mill. Fiber, chemical and energy costs also increased. There were no maintenance outages in the third quarter.

1Q 2011 Outlook – Weyerhaeuser expects Cellulose Fibers earnings to decline in the first quarter due to an increase in the number of scheduled annual maintenance outages.

REAL ESTATE

FINANCIAL HIGHLIGHTS (millions)	4Q 2010			3Q 2010		4Q 2009
Net sales	$	305		$	210	$	337
Contribution to pre-tax earnings before special items	$	33		$	20	$	11
Pre-tax gains (charges) from special items	($	20	)	$	0	($	100	)
GAAP contribution (charge) to pre-tax earnings	$	13		$	20	($	89	)

4Q 2010 Performance – The segment’s earnings before special items increased $13 million compared with the third quarter. Fourth quarter included special items of $20 million for asset impairments and restructuring.

Earnings from single family homebuilding rose due to additional home sale closings and higher margins. Home sale closings increased 21 percent compared with the third quarter to 606 single-family homes. Margins on homes closed improved slightly due to mix.

Fourth quarter earnings included $6 million from the sale of land, lots and apartments, compared with $4 million from sale of land and lots in the third quarter.

1Q 2011 Outlook – Weyerhaeuser expects a small loss from single-family homebuilding operations in the first quarter due to seasonally fewer home sale closings and lower margins.

OTHER

Fourth quarter earnings include a pre-tax gain of $46 million on the sale of five short line railroads. Fourth quarter also includes income tax adjustments of $177 million, including benefits of $149 million from the Cellulosic Biofuel Producers Credit and $22 million from reversal of deferred tax liabilities related to the company’s REIT conversion.

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 2010, we employed approximately 14,000 employees in 10 countries. We have customers worldwide and generated $6.6 billion in sales in 2010. 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 Feb. 4 to discuss fourth quarter results.

To access the conference call from within North America, dial (877) 296-9413 (access code – 29868228) at least 15 minutes prior to the call. Those calling from outside North America should dial 1-(706) 679-2458 (access code – 29868228). Replays will be available for one week at (800) 642-1687 (access code – 29868228) from within North America and at 1-(706) 645-9291 (access code – 29868228) 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 “Q4 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 first quarter of 2011, including housing market conditions; market challenges for our Timberlands, Wood Products and Real Estate segments; higher selling prices for western logs and seasonally higher harvest volumes in Timberlands; improved operating rates, higher selling prices and cost reductions in the Wood Products segment; continued strong pricing and increased scheduled maintenance in the Cellulose Fiber segment; and fewer home sale closings and lower margins and prices 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;

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

• energy prices;

• the level of competition from domestic and foreign producers;

• the effect of weather;

• transportation costs;

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

• 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

Q4.2010 Analyst Package

Preliminary results, subject to audit

Consolidated Statement of Operations

in millions	Q1			Q2			Q3			Q4						Year-to-date
	March  31, 2010			June  30, 2010			Sept 30, 2010			Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
Net sales and revenues	$	1,419		$	1,805		$	1,664		$	1,664		$	1,455		$	6,552		$	5,528
Costs of products sold		1,232			1,467			1,331			1,362			1,321			5,392			5,127
Gross margin		187			338			333			302			134			1,160			401
Selling, general and administrative expenses		163			169			167			178			168			677			709
Research and development expenses		8			8			8			10			13			34			51
Alternative fuel mixture credit		—			—			—			—			(115	)		—			(344	)
Charges for restructuring, closures and impairments		2			4			16			127			258			149			698
Other operating income, net		(70	)		(7	)		(25	)		(66	)		(12	)		(168	)		(266	)
Operating income (loss)		84			164			167			53			(178	)		468			(447	)
Interest income and other		42			12			19			10			14			83			74
Impairments of investments and other related charges		—			—			—			(3	)		25			(3	)		(7	)
Interest expense, net of capitalized interest		(106	)		(155	)		(95	)		(96	)		(143	)		(452	)		(462	)
Earnings (loss) before taxes		20			21			91			(36	)		(282	)		96			(842	)
Income tax benefit (provision)		(38	)		(7	)		1,025			207			101			1,187			274
Net earnings (loss)		(18	)		14			1,116			171			(181	)		1,283			(568	)
Less: net (earnings) loss attributable to noncontrolling interests		(2	)		—			—			—			6			(2	)		23
Net earnings (loss) attributable to Weyerhaeuser common shareholders	$	(20	)	$	14		$	1,116		$	171		$	(175	)	$	1,281		$	(545	)

Per Share Information

	Q1			Q2		Q3		Q4					Year-to-date
	March  31, 2010			June  30, 2010		Sept 30, 2010		Dec 31, 2010		Dec 31, 2009			Dec 31, 2010		Dec 31, 2009
Basic earnings (loss) per share attributable to Weyerhaeuser common shareholders	$	(0.10	)	$	0.07	$	3.52	$	0.32	$	(0.83	)	$	4.00	$	(2.58	)
Diluted earnings (loss) per share attributable to Weyerhaeuser common shareholders	$	(0.10	)	$	0.07	$	3.50	$	0.32	$	(0.83	)	$	3.99	$	(2.58	)
Dividends paid per share	$	0.05		$	0.05	$	26.46	$	0.05	$	0.05		$	26.61	$	0.60
Weighted average shares outstanding (in thousands):
Basic		211,440			211,600		317,369		535,956		211,358			319,976		211,342
Diluted		211,440			212,103		318,360		538,376		211,358			321,096		211,342
Common shares outstanding at end of period (in thousands)		211,557			211,609		535,935		535,976		211,359			535,976		211,359

Page 1 of 9

Weyerhaeuser Company

Q4.2010 Analyst Package

Preliminary results, subject to audit

Consolidated Balance Sheet

in millions	March 31, 2010		June 30, 2010		Sept 30, 2010		Dec 31, 2010		Dec 31, 2009
Assets
Forest Products
Current assets:
Cash and cash equivalents	$	2,143	$	1,839	$	1,366	$	1,466	$	1,862
Short-term investments		1		3		—		—		49
Receivables, less allowances		462		481		477		432		370
Receivables for taxes		34		51		81		19		602
Receivable from pension trust		96		—		—		—		146
Inventories		515		472		479		478		447
Prepaid expenses		93		91		87		81		82
Deferred tax assets		136		136		122		113		109
Total current assets		3,480		3,073		2,612		2,589		3,667
Property and equipment, net		3,539		3,423		3,350		3,217		3,611
Construction in progress		69		77		86		123		52
Timber and timberlands at cost, less depletion charged to disposals		4,016		4,022		4,019		4,035		4,010
Investments in and advances to equity affiliates		192		192		193		194		197
Goodwill		40		40		40		40		40
Deferred pension and other assets		904		948		830		363		756
Restricted assets held by special purpose entities		914		915		914		915		915
		13,154		12,690		12,044		11,476		13,248
Real Estate
Cash and cash equivalents		17		7		2		1		7
Receivables, less allowances		34		42		34		51		32
Real estate in process of development and for sale		611		602		599		517		598
Land being processed for development		942		950		953		974		917
Investments in and advances to equity affiliates		18		18		18		16		17
Deferred tax assets		271		270		271		266		299
Other assets		122		123		132		120		126
Consolidated assets not owned		6		6		—		8		6
		2,021		2,018		2,009		1,953		2,002
Total assets	$	15,175	$	14,708	$	14,053	$	13,429	$	15,250
Liabilities
Forest Products
Current liabilities:
Notes payable and commercial paper	$	1	$	1	$	1	$	—	$	4
Current maturities of long-term debt		3		3		24		—		3
Accounts payable		329		322		326		340		317
Accrued liabilities		603		663		656		734		631
Total current liabilities		936		989		1,007		1,074		955
Long-term debt		5,281		4,734		4,710		4,710		5,281
Deferred income taxes		1,578		1,642		704		366		1,538
Deferred pension, other postretirement benefits and other liabilities		1,942		1,854		1,644		1,323		2,000
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		767		770		769		772		768
		10,504		9,989		8,834		8,245		10,542
Real Estate
Long-term debt		390		390		390		350		402
Other liabilities		224		218		213		212		252
Consolidated liabilities not owned		—		—		—		8		—
		614		608		603		570		654
Total liabilities		11,118		10,597		9,437		8,815		11,196
Equity
Total Weyerhaeuser shareholders’ interest		4,046		4,100		4,610		4,612		4,044
Noncontrolling interest		11		11		6		2		10
Total equity		4,057		4,111		4,616		4,614		4,054
Total liabilities and equity	$	15,175	$	14,708	$	14,053	$	13,429	$	15,250

Page 2 of 9

Weyerhaeuser Company

Q4.2010 Analyst Package

Preliminary results, subject to audit

Consolidated Statement of Cash Flows

in millions	Q1			Q2			Q3			Q4						Year-to-date
	March 31,			June 30,			Sept 30,			Dec 31,			Dec 31,			Dec 31,			Dec 31,
	2010			2010			2010			2010			2009			2010			2009
Cash flows from operations:
Net earnings (loss)	$	(18	)	$	14		$	1,116		$	171		$	(181	)	$	1,283		$	(568	)
Noncash charges (credits) to income:
Depreciation, depletion and amortization		126			126			124			127			134			503			538
Deferred income taxes, net		34			56			(1,006	)		(341	)		86			(1,257	)		66
Pension and other postretirement benefits		(1	)		(10	)		(8	)		(2	)		(29	)		(21	)		(19	)
Share-based compensation expense		6			6			4			8			8			24			26
Equity in (income) loss of equity affiliates		3			—			(6	)		3			1			—			(3	)
Litigation charges		—			11			3			(14	)		(20	)		—			—
Charges for impairment of assets		2			1			2			112			211			117			458
Loss on early extinguishment of debt		—			49			1			—			28			50			28
Net gains on dispositions of assets and operations		(83	)		(10	)		(10	)		(46	)		(3	)		(149	)		(197	)
Foreign exchange transaction (gains) losses		(10	)		10			(4	)		(4	)		(7	)		(8	)		(41	)
Decrease (increase) in working capital:
Receivables less allowances		(87	)		(28	)		12			36			28			(67	)		93
Receivable for taxes		568			(17	)		(30	)		62			(300	)		583			(529	)
Inventories		(65	)		40			(7	)		2			50			(30	)		251
Real estate and land		(36	)		(1	)		(6	)		48			79			5			125
Prepaid expenses		(12	)		5			3			6			8			2			23
Accounts payable and accrued liabilities		(47	)		(17	)		(22	)		(30	)		(5	)		(116	)		(349	)
Deposits on land positions and other assets		3			(6	)		(10	)		3			—			(10	)		13
Pension contributions		(132	)		(6	)		(68	)		(27	)		(62	)		(233	)		(62	)
Other		(70	)		20			13			105			88			68			(15	)
Net cash from operations		181			243			101			219			114			744			(162	)
Cash flows from investing activities:
Property and equipment		(46	)		(32	)		(37	)		(79	)		(55	)		(194	)		(187	)
Timberlands reforestation		(13	)		(7	)		(6	)		(10	)		(7	)		(36	)		(36	)
Acquisition of timberlands		(9	)		(11	)		(10	)		(26	)		10			(56	)		(16	)
Redemption of short-term investments		47			—			—			2			—			49			92
Distributions from (investments in and advances to) equity affiliates		1			—			—			(3	)		(2	)		(2	)		(4	)
Proceeds from sale of assets and operations		115			15			30			53			5			213			355
Repayments from (loan to) pension trust		50			96			—			—			139			146			54
Other		2			(2	)		21			2			(27	)		23			5
Cash from investing activities		147			59			(2	)		(61	)		63			143			263
Cash flows from financing activities:
Notes, commercial paper borrowings and revolving credit facilities, net		(3	)		—			—			(1	)		—			(4	)		—
Issuance of debt		—			—			—			—			491			—			491
Cash dividends		(11	)		(10	)		(560	)		(27	)		(11	)		(608	)		(127	)
Change in book overdrafts		(4	)		(8	)		(15	)		33			16			6			(30	)
Payments on debt		(17	)		(597	)		(3	)		(65	)		(432	)		(682	)		(854	)
Other		(2	)		(1	)		1			1			—			(1	)		(6	)
Cash from financing activities		(37	)		(616	)		(577	)		(59	)		64			(1,289	)		(526	)
Net change in cash and cash equivalents		291			(314	)		(478	)		99			241			(402	)		(425	)
Cash and cash equivalents at beginning of period		1,869			2,160			1,846			1,368			1,628			1,869			2,294
Cash and cash equivalents at end of period	$	2,160		$	1,846		$	1,368		$	1,467		$	1,869		$	1,467		$	1,869
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	153		$	71		$	132		$	57		$	51		$	413		$	432
Income Taxes	$	(576	)	$	131		$	1		$	(9	)	$	(5	)	$	(453	)	$	42

Page 3 of 9

Weyerhaeuser Company	Total Company Statistics
Q4.2010 Analyst Package
Preliminary results, subject to audit

Special Items Included in Net Earnings

in millions	Q1			Q2			Q3			Q4						Year-to-date
	March 31, 2010			June 30, 2010			Sept 30, 2010			Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
Net earnings (loss)	$	(20	)	$	14		$	1,116		$	171		$	(175	)	$	1,281		$	(545	)
Income tax adjustments		31			—			(1,035	)		(177	)		—			(1,181	)		21
Alternative fuel mixture credits		—			—			—			—			(77	)		—			(223	)
Gain on sale of wood products assets		(26	)		(5	)		—			—			—			(31	)		—
Gain on sale of rail roads		—			—			—			(31	)		—			(31	)		—
Gain on sale of 140,000 acres of non-strategic timberlands		—			—			—			—			—			—			(98	)
Gain on sale of closed facility		—			—			—			—			—			—			(13	)
Charges for closures, restructuring and impairments		—			—			—			89			124			89			407
Loss on early extinguishment of debt		—			33			—			—			19			33			19
Litigation and insurance settlements and reserves		—			—			—			—			—			—			(2	)
Net earnings (loss) before special items	$	(15	)	$	42		$	81		$	52		$	(109	)	$	160		$	(434	)

Selected Total Company Items

in millions	Q1			Q2			Q3			Q4						Year-to-date
	March 31, 2010			June 30, 2010			Sept 30, 2010			Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
Depreciation, depletion and amortization:
Cost of products sold	$	110		$	109		$	108		$	112		$	112		$	439		$	464
Selling, general and administrative expenses		16			17			16			15			22			64			74
Total depreciation, depletion and amortization	$	126		$	126		$	124		$	127		$	134		$	503		$	538
Total decrease (increase) in Forest Products working capital(1)	$	(273	)	$	(482	)	$	506		$	(34	)	$	(238	)	$	681		$	(237	)
Cash spent for capital expenditures	$	(59	)	$	(39	)	$	(43	)	$	(89	)	$	(62	)	$	(230	)	$	(223	)

⁽¹⁾ Excludes changes in tax receivables and liabilities.

Page 4 of 9

Weyerhaeuser Company	Timberlands Segment
Q4.2010 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2010			Q2.2010			Q3.2010			Q4.2010			2010 YTD			Q4.2009			2009 YTD
Trade sales and revenues (unaffiliated customers)	$	202		$	225		$	240		$	207		$	874		$	156		$	714
Intersegment sales		171			123			145			164			603			129			537
Total net sales and revenues		373			348			385			371			1,477			285			1,251
Costs of products sold		277			260			294			298			1,129			249			1,025
Gross margin		96			88			91			73			348			36			226
Selling, general and administrative expenses		20			23			20			22			85			16			68
Research and development expenses		4			5			5			7			21			3			9
Charges for restructuring, closures and impairments		1			—			1			—			2			20			27
Other operating income, net		(10	)		(9	)		(9	)		(11	)		(39	)		(9	)		(207	)
Operating income		81			69			74			55			279			6			329
Interest income and other		—			1			1			1			3			1			3
Loss attributable to noncontrolling interest		—			—			—			—			—			6			6
Net contribution to earnings	$	81		$	70		$	75		$	56		$	282		$	13		$	338

Selected Segment Items

	Q1.2010			Q2.2010			Q3.2010			Q4.2010			2010 YTD			Q4.2009			2009 YTD
Depreciation, depletion and amortization	$	30		$	28		$	30		$	30		$	118		$	28		$	124
Total decrease (increase) in working capital(1)	$	(9	)	$	(14	)	$	24		$	(11	)	$	(10	)	$	(1	)	$	(4	)
Cash spent for capital expenditures	$	(20	)	$	(15	)	$	(17	)	$	(20	)	$	(72	)	$	(16	)	$	(83	)
Cash spent for acquisition of timberlands	$	(9	)	$	(11	)	$	(10	)	$	(26	)	$	(56	)	$	(10	)	$	(16	)

⁽¹⁾ Excludes changes in tax receivables and liabilities.

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q1.2010		Q2.2010		Q3.2010		Q4.2010		2010 YTD		Q4.2009			2009 YTD
Charges for restructuring, closures and impairments	$	—	$	—	$	—	$	—	$	—	$	(15	)	$	(23	)
Gain on sale of 140,000 acres of non-strategic timberlands		—		—		—		—		—		—			164
Total	$	—	$	—	$	—	$	—	$	—	$	(15	)	$	141

Segment Statistics

		Q1.2010		Q2.2010		Q3.2010		Q4.2010		2010 YTD		Q4.2009		2009 YTD
Third Party Net Sales and Revenue (millions)	Logs:
	West	$	82	$	125	$	110	$	97	$	414	$	76	$	329
	South		27		37		40		41		145		29		144
	Canada		9		—		3		5		17		6		13
	Total Logs		118		162		153		143		576		111		486
	Pay as cut timber sales		8		9		8		8		33		7		31
	Timberlands exchanges and dispositions		35		13		41		20		109		7		66
	Higher and better use land sales		5		7		6		4		22		1		11
	Minerals, oil and gas		15		16		15		14		60		13		62
	Products from international operations		15		17		17		16		65		14		44
	Other products		6		1		—		2		9		3		14
	Total	$	202	$	225	$	240	$	207	$	874	$	156	$	714
Logs Third Party Sales Realizations (per cubic meter)	West	$	84.17	$	97.92	$	91.45	$	95.30	$	92.59	$	79.49	$	73.42
	South	$	43.21	$	44.38	$	43.63	$	41.86	$	43.21	$	40.11	$	40.64
	Canada	$	34.02	$	30.05	$	29.94	$	33.84	$	33.11	$	32.47	$	32.05
	International	$	20.35	$	19.33	$	17.96	$	18.21	$	19.01	$	17.37	$	17.34
Logs Third Party Sales Volumes (cubic meters, thousands)	West		975		1,276		1,205		1,020		4,476		950		4,479
	South		634		827		903		993		3,357		724		3,536
	Canada		259		15		92		141		507		198		409
	International		78		68		63		74		283		71		305
	Total		1,946		2,186		2,263		2,228		8,623		1,943		8,729
Logs Fee Depletion (cubic meters, thousands)	West		1,431		1,404		1,444		1,290		5,569		1,168		6,359
	South		2,140		1,881		2,060		2,116		8,197		1,863		8,996
	International		92		89		89		79		349		133		503
	Total		3,663		3,374		3,593		3,485		14,115		3,164		15,858

Page 5 of 9

Weyerhaeuser Company	Wood Products Segment
Q4.2010 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2010			Q2.2010			Q3.2010			Q4.2010			2010 YTD			Q4.2009			2009 YTD
Trade sales and revenues (unaffiliated customers)	$	604		$	789		$	626		$	572		$	2,591		$	510		$	2,234
Intersegment sales		16			20			20			18			74			15			64
Total net sales and revenues		620			809			646			590			2,665			525			2,298
Costs of products sold		616			743			674			613			2,646			572			2,511
Gross margin		4			66			(28	)		(23	)		19			(47	)		(213	)
Selling, general and administrative expenses		68			72			66			63			269			74			304
Research and development expenses		1			2			1			1			5			2			14
Charges for restructuring, closures and impairments		1			1			9			103			114			83			177
Other operating (income) loss, net		(46	)		(5	)		(4	)		(1	)		(56	)		3			27
Operating loss		(20	)		(4	)		(100	)		(189	)		(313	)		(209	)		(735	)
Interest income and other		1			1			—			1			3			1			2
Net contribution to earnings	$	(19	)	$	(3	)	$	(100	)	$	(188	)	$	(310	)	$	(208	)	$	(733	)

Selected Segment Items

	Q1.2010			Q2.2010			Q3.2010			Q4.2010			2010 YTD			Q4.2009			2009 YTD
Depreciation, depletion and amortization	$	45		$	45		$	44		$	43		$	177		$	48		$	198
Total decrease (increase) in working capital	$	(135	)	$	51		$	54		$	41		$	11		$	25		$	126
Cash spent for capital expenditures	$	(2	)	$	(5	)	$	(5	)	$	(21	)	$	(33	)	$	(24	)	$	(57	)

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q1.2010		Q2.2010		Q3.2010		Q4.2010			2010 YTD			Q4.2009			2009 YTD
Gain on sale of assets	$	44	$	8	$	—	$	—		$	52		$	—		$	—
Litigation and insurance settlements and reserves		—		—		—		—			—			—			(18	)
Gain on sale of closed facilities		—		—		—		—			—			—			1
Charges for restructuring, closures and impairments		—		—		—		(103	)		(103	)		(85	)		(177	)
Total	$	44	$	8	$	—	$	(103	)	$	(51	)	$	(85	)	$	(194	)

Segment Statistics

in millions, except for third-party sales realizations		Q1.2010		Q2.2010		Q3.2010		Q4.2010		2010 YTD		Q4.2009		2009 YTD
Structural Lumber (board feet)	Third Party Net Sales and Revenue	$	241	$	308	$	254	$	241	$	1,044	$	202	$	846
	Third Party Sales Realizations	$	316.60	$	347.89	$	286.84	$	292.63	$	311.09	$	266.69	$	254.85
	Third Party Sales Volumes		761		884		889		822		3,356		758		3,319
	Production Volumes		801		846		857		785		3,289		668		3,098
Engineered Solid Section (cubic feet)	Third Party Net Sales and Revenue	$	66	$	79	$	68	$	59	$	272	$	54	$	238
	Third Party Sales Realizations	$	1,718.25	$	1,784.77	$	1,848.76	$	1,853.91	$	1,797.79	$	1,753.96	$	1,771.40
	Third Party Sales Volumes		4		4		4		3		15		3		13
	Production Volumes		4		4		4		3		15		3		11
Engineered I-joists (lineal feet)	Third Party Net Sales and Revenue	$	48	$	49	$	39	$	35	$	171	$	39	$	162
	Third Party Sales Realizations	$	1,083.79	$	1,178.95	$	1,246.02	$	1,259.46	$	1,180.45	$	1,112.41	$	1,159.37
	Third Party Sales Volumes		44		41		31		29		145		34		139
	Production Volumes		41		41		25		26		133		29		109
Oriented Strand Board (square feet 3/8’)	Third Party Net Sales and Revenue	$	66	$	116	$	80	$	72	$	334	$	58	$	234
	Third Party Sales Realizations	$	197.46	$	266.28	$	185.07	$	177.84	$	207.92	$	165.46	$	163.43
	Third Party Sales Volumes		334		437		428		408		1,607		348		1,432
	Production Volumes		378		468		446		429		1,721		354		1,448
Softwood Plywood (square feet 3/8’)	Third Party Net Sales and Revenue	$	16	$	23	$	19	$	15	$	73	$	13	$	58
	Third Party Sales Realizations	$	263.54	$	312.95	$	280.78	$	250.61	$	279.58	$	252.95	$	259.50
	Third Party Sales Volumes		60		75		68		57		260		50		223
	Production Volumes		48		64		57		43		212		37		150
Hardwood Lumber (square feet 3/8’)	Third Party Net Sales and Revenue	$	54	$	64	$	54	$	51	$	223	$	45	$	206
	Third Party Sales Realizations	$	814.00	$	833.30	$	836.60	$	833.75	$	829.40	$	765.93	$	816.65
	Third Party Sales Volumes		67		76		65		61		269		59		252
	Production Volumes		59		61		60		51		231		44		201

Page 6 of 9

Weyerhaeuser Company	Cellulose Fibers Segment
Q4.2010 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2010			Q2.2010			Q3.2010			Q4.2010			2010 YTD			Q4.2009			2009 YTD
Trade sales and revenues (unaffiliated customers)	$	410		$	468		$	522		$	511		$	1,911		$	408		$	1,511
Intersegment sales		—			—			—			—			—			—			—
Total net sales and revenues		410			468			522			511			1,911			408			1,511
Costs of products sold		367			375			326			356			1,424			358			1,344
Gross margin		43			93			196			155			487			50			167
Selling, general and administrative expenses		20			20			21			21			82			18			71
Research and development expenses		2			2			2			2			8			2			6
Alternative fuel mixture credits		—			—			—			—			—			(115	)		(344	)
Charges for restructuring, closures and impairments		—			—			—			—			—			2			3
Other operating income, net		(2	)		(5	)		(6	)		(7	)		(20	)		(6	)		(10	)
Operating income		23			76			179			139			417			149			441
Interest income and other		(4	)		(2	)		2			(1	)		(5	)		(2	)		3
Net contribution to earnings	$	19		$	74		$	181		$	138		$	412		$	147		$	444

Selected Segment Items

	Q1.2010			Q2.2010			Q3.2010			Q4.2010			2010 YTD			Q4.2009			2009 YTD
Depreciation, depletion and amortization	$	36		$	36		$	34		$	39		$	145		$	36		$	142
Total decrease (increase) in working capital	$	(10	)	$	(23	)	$	(39	)	$	21		$	(51	)	$	31		$	56
Cash spent for capital expenditures	$	(35	)	$	(19	)	$	(19	)	$	(46	)	$	(119	)	$	(23	)	$	(61	)

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q1.2010		Q2.2010		Q3.2010		Q4.2010		2010 YTD		Q4.2009			2009 YTD
Alternative fuel mixture credits	$	—	$	—	$	—	$	—	$	—	$	115		$	344
Charges for restructuring, closures and impairments		—		—		—		—		—		(2	)		(3	)
Total	$	—	$	—	$	—	$	—	$	—	$	113		$	341

Segment Statistics

		Q1.2010		Q2.2010		Q3.2010		Q4.2010		2010 YTD		Q4.2009		2009 YTD
Pulp (air-dry metric tons)	Third Party Net Sales and Revenue (millions)	$	321	$	354	$	412	$	402	$	1,489	$	315	$	1,148
	Third Party Sales Realizations	$	761.78	$	856.22	$	926.28	$	926.29	$	868.91	$	712.01	$	676.49
	Third Party Sales Volumes (thousands)		422		413		445		434		1,714		443		1,697
	Production Volumes (thousands)		437		414		470		453		1,774		417		1,629
Liquid Packaging Board (tons)	Third Party Net Sales and Revenue (millions)	$	71	$	90	$	88	$	88	$	337	$	74	$	290
	Third Party Sales Realizations	$	1,051.81	$	1,091.14	$	1,103.48	$	1,081.52	$	1,083.31	$	1,012.30	$	1,003.60
	Third Party Sales Volumes (thousands)		67		83		80		81		311		73		288
	Production Volumes (thousands)		69		81		82		84		316		69		282

Page 7 of 9

Weyerhaeuser Company	Real Estate Segment
Q4.2010 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2010			Q2.2010		Q3.2010			Q4.2010			2010 YTD			Q4.2009			2009 YTD
Trade sales and revenues (unaffiliated customers)	$	151		$	257	$	210		$	305		$	923		$	337		$	904
Intersegment sales		—			—		—			—			—			—			—
Total net sales and revenues		151			257		210			305			923			337			904
Costs of products sold		121			189		158			228			696			280			757
Gross margin		30			68		52			77			227			57			147
Selling, general and administrative expenses		34			41		40			45			160			47			179
Charges for restructuring, closures and impairments		1			2		1			17			21			125			296
Other operating (income) loss, net		1			1		(2	)		(1	)		(1	)		2			3
Operating income (loss)		(6	)		24		13			16			47			(117	)		(331	)
Interest income and other		39			3		7			—			49			3			22
Impairments of investments and other related charges		—			—		—			(3	)		(3	)		25			(7	)
Loss attributable to noncontrolling interest		(2	)		—		—			—			(2	)		—			17
Net contribution to earnings	$	31		$	27	$	20		$	13		$	91		$	(89	)	$	(299	)

Selected Segment Items

	Q1.2010			Q2.2010		Q3.2010			Q4.2010			2010 YTD			Q4.2009		2009 YTD
Depreciation and amortization	$	3		$	5	$	4		$	4		$	16		$	6	$	17
Cash spent for capital expenditures	$	(1	)	$	—	$	(2	)	$	(2	)	$	(5	)	$	1	$	(8	)

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q1.2010		Q2.2010		Q3.2010		Q4.2010			2010 YTD			Q4.2009			2009 YTD
Charges for restructuring, closures and impairments	$	—	$	—	$	—	$	(20	)	$	(20	)	$	(100	)	$	(279	)
Total	$	—	$	—	$	—	$	(20	)	$	(20	)	$	(100	)	$	(279	)

Segment Statistics

	Q1.2010			Q2.2010			Q3.2010			Q4.2010			2010 YTD			Q4.2009			2009 YTD
Net sales and revenues:
Single-family housing	$	143		$	233		$	200		$	266		$	842		$	305		$	832
Land		7			23			9			25			64			31			68
Other		1			1			1			14			17			1			4
Total net sales and revenue	$	151		$	257		$	210		$	305		$	923		$	337		$	904
Single-family homes sold		620			491			418			385			1,914			431			2,269
Single-family homes closed		393			625			501			606			2,125			778			2,177
Single-family homes sold but not closed (backlog)		877			743			660			439			439			650			650
Single-family average price of homes closed (in thousands)	$	364.89		$	371.37		$	400.03		$	438.74		$	396.14		$	392.08		$	382.18
Single-family home gross margin - excluding impairments (1)		19.4	%		23.9	%		24.3	%		26.1	%		23.7	%		22.5	%		17.5	%

⁽¹⁾ Single-family gross margin excluding impairments equals revenue less cost of sales and period costs (other than impairments and deposit write-offs).

Page 8 of 9

Weyerhaeuser Company	Corporate Segment
Q4.2010 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2010			Q2.2010			Q3.2010			Q4.2010			2010 YTD			Q4.2009			2009 YTD
Trade sales and revenues (unaffiliated customers)	$	52		$	66		$	66		$	69		$	253		$	44		$	165
Intersegment sales		4			5			5			5			19			4			12
Total net sales and revenues		56			71			71			74			272			48			177
Costs of products sold		42			48			49			54			193			10			103
Gross margin		14			23			22			20			79			38			74
Selling, general and administrative expenses		21			13			20			27			81			13			87
Research and development expenses		1			(1	)		—			—			—			6			22
Charges for restructuring, closures and impairments		(1	)		1			6			6			12			28			195
Other operating (income) loss, net		(13	)		11			(5	)		(45	)		(52	)		(2	)		(79	)
Operating income (loss)		6			(1	)		1			32			38			(7	)		(151	)
Interest income and other		6			9			9			9			33			11			44
Net contribution to earnings	$	12		$	8		$	10		$	41		$	71		$	4		$	(107	)

Selected Segment Items

	Q1.2010			Q2.2010			Q3.2010		Q4.2010			2010 YTD			Q4.2009			2009 YTD
Depreciation, depletion and amortization	$	12		$	12		$	12	$	11		$	47		$	16		$	57
Total decrease (increase) in working capital (1)	$	(119	)	$	468		$	467	$	(85	)	$	731		$	(293	)	$	(415	)
Cash spent for capital expenditures	$	(1	)	$	—		$	—	$	—		$	(1	)	$	—		$	(14	)
Net foreign exchange gains (losses)	$	9		$	(8	)	$	4	$	4		$	9		$	6		$	39
Pension and postretirement credits (2)	$	16		$	22		$	17	$	19		$	74		$	29		$	121

⁽¹⁾ Excludes changes in tax receivables and liabilities.

⁽²⁾ Excludes pension and postretirement included in charges for restructuring and closures.

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q1.2010		Q2.2010		Q3.2010		Q4.2010			2010 YTD			Q4.2009		2009 YTD
Charges for restructuring, closures and impairments	$	—	$	—	$	—	$	(7	)	$	(7	)	$	15	$	(154	)
Gain on sale of rail roads		—		—		—		46			46			—		—
Gain on sale of closed facilities		—		—		—		—			—			—		18
Litigation and insurance settlements and reserves		—		—		—		—			—			—		20
Total	$	—	$	—	$	—	$	39		$	39		$	15	$	(116	)

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