Weyerhaeuser Company (NYSE: WY) today announced that it has reached a tenure reallocation agreement with the Province of British Columbia. Under the terms of Bill 28 -- Forestry Revitalization Act -- the Province will reduce Weyerhaeuser's cutting rights by 1.2 million cubic meters of allowable annual cut and 8,000 hectares of timber licences. Weyerhaeuser will receive C$32.1 million in compensation for the loss of these rights.

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In March 2003, the Provincial Government announced it would reallocate 20 percent of issued Crown logging rights to make more wood available on the open market and for First Nations, community forests, woodlots, and new entrepreneurs.

"Weyerhaeuser is pleased to reach an agreement that includes fair compensation and that advances the implementation of needed policy reforms," said Craig Neeser, vice president for Weyerhaeuser in British Columbia. "This agreement provides the certainty on the land we need to position our business for the future."

Neeser said policies aimed at creating a market-driven forest economy, combined with operational cost-improvements, are beginning to encourage reinvestment in the Coastal forest industry. Earlier this year, the company completed one of the largest capital reinvestments in a Coastal sawmill in a decade at the Somass mill in Port Alberni.

Weyerhaeuser will retain an annual Crown land harvest of about 4.8 million cubic meters in British Columbia and will continue to operate on reallocated areas until they are transitioned to the Crown.

Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2003, sales were $27.8 billion (US$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. 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 www.weyerhaeuser.com.

  For more information contact:

   Media -- Sarah Goodman 604-661-8408
   Analysts -- Kathryn McAuley 253-924-2058

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SOURCE: Weyerhaeuser Company

CONTACT: media, Sarah Goodman, +1-604-661-8408, or analysts,
Kathryn McAuley, +1-253-924-2058, both for Weyerhaeuser Company

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