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Weyerhaeuser Supports DOC Policy Bulletins; Urges Softwood Parties to Find Middle Ground

Jun 18, 2003

Weyerhaeuser Company (NYSE: WY) announced that it supports policy bulletins published by the U.S. Department of Commerce (DOC) today as a means of resolving the long-running softwood lumber dispute between the United States and Canada.

"We believe the policy bulletins will encourage the provinces to examine their stumpage pricing policies and adopt new rules to make raw material prices more market sensitive," said Steven R. Rogel, chairman, president and chief executive officer of Weyerhaeuser, North America's largest producer of softwood lumber.

"Each province must reach its own plan for a more market-sensitive system," Rogel said. "The policy bulletins provide direction that the provinces can take in order to unburden themselves of the current countervailing duty and, we hope, threats of future trade actions." Successful policy change, Rogel said, depends on the provinces and Commerce both acting in good faith to make and evaluate the changes.

Rogel said that while the policy bulletins address structural changes long-term, it's time for all parties to reach consensus on an interim solution to give the policy bulletins time to work.

"Our understanding of the current interim proposals is that both sides are using a similar framework but are poles apart on a solution," Rogel said. "We encourage both sides to find the middle ground that gives the DOC policy bulletins a positive environment for implementation.

"It's imperative that the U.S. and Canadian governments complete their negotiations," Rogel said. "All stakeholders must be prepared to give up extreme positions in search of a compromise. We must find a way to end this dispute."

Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2002, sales were Cdn$29.1 billion (US$18.5 billion). It has offices or operations in 18 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Weyerhaeuser Company Limited, a wholly owned subsidiary, has Exchangeable Shares listed on the Toronto Stock Exchange under the symbol WYL. Additional information about Weyerhaeuser's businesses, products and practices is available at .

CONTACT: media, Frank Mendizabal, +1-253-924-3357, or analysts, Kathryn McAuley, +1-253-924-2058, both of Weyerhaeuser Company Limited.

SOURCE: Weyerhaeuser Company Limited

CONTACT: media, Frank Mendizabal, +1-253-924-3357, or analysts, Kathryn
McAuley, +1-253-924-2058, both of Weyerhaeuser Company Limited

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