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Weyerhaeuser Announces Sale of 304,000 Acres in Georgia to Four Companies; Sale to Close in Third Quarter

PRNewswire
FEDERAL WAY, Wash.
Jun 30, 2004

Weyerhaeuser Company (NYSE: WY) will sell approximately 304,000 acres of timberlands in Georgia to four companies, officials announced today. The sale includes Weyerhaeuser's 270,000 owned acres as well as a leasehold interest in a long term timberland lease covering approximately 34,000 acres.

  (Logo:  http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a
          http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b )

Terms of the individual agreements were not disclosed, but Weyerhaeuser said the sales totaled approximately $404 million. The company will use proceeds from the sales primarily for debt repayment. The transactions are expected to close in the third quarter of 2004. The closings are subject to certain customary conditions. Details of the transaction will be available after the closings.

Upon completion of this transaction, the company will own or manage approximately 6.5 million acres of timberland in the United States. Weyerhaeuser, one of the world's largest owners of merchantable softwood timber, added 1.7 million acres to its portfolio with the Willamette acquisition in 2002.

The purchasers of the timberland are Virginia Forest Investment LLC from Hogansville and Macon, Georgia; Georgia Fall Line Properties LLC from Greensboro, Georgia; Southern Timber Consultants LLC from Perry, Georgia; and Copper Station Holdings #3 from Beaufort, South Carolina.

  Weyerhaeuser will continue operating its other nine facilities in Georgia.

  FORWARD-LOOKING STATEMENTS

Some information included in this release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, some of these forward-looking statements deal with expectations regarding the closing of timberland sale transactions in the third quarter of 2004. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the failure to satisfy closing conditions, fires and other natural disasters and legal proceedings.

Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2003, sales were $19.9 billion. It has offices or operations in 18 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com/.

  For more information contact:

   Weyerhaeuser Media --
   Frank Mendizabal 253-924-3357
   Janet McRanie 478-472-5230
   Weyerhaeuser Analysts --
   Kathy McAuley 253-924-2058
   Virginia Forest Investments LLC:
   Hogansville:  706-637-6170
   Macon:  478-477-1000
   Georgia Fall Line Properties LLC 478-862-4838
   Southern Timber Consultants LLC 478-987-3717
   Copper Station Holdings #3 LLC 843-522-9180
Photo: http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a
http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com

SOURCE: Weyerhaeuser Company

CONTACT: media, Frank Mendizabal, +1-253-924-3357, or Janet McRanie,
478-472-5230, or investors, Kathy McAuley, +1-253-924-2058, all of
Weyerhaeuser Company; or Virginia Forest Investments LLC, Hogansville,
+1-706-637-6170, or Macon, +1-478-477-1000; or Georgia Fall Line Properties
LLC, +1-478-862-4838; or Southern Timber Consultants LLC, +1-478-987-3717; or
Copper Station Holdings #3 LLC, +1-843-522-9180

Web site: http://www.weyerhaeuser.com/

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