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Weyerhaeuser Reports Net Earnings of $733 Million for 2005, Or $2.98 Per Diluted Share, on Net Sales of $22.6 Billion

PRNewswire-FirstCall
FEDERAL WAY, Wash.
Feb 3, 2006

Weyerhaeuser Company (NYSE: WY) today reported net earnings of $733 million for 2005, or $2.98 per diluted share, on net sales of $22.6 billion. This compares with net earnings of $1.3 billion, or $5.43 per diluted share, on net sales of $21.9 billion for the full year 2004.

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

For the fourth quarter 2005, Weyerhaeuser reported a net loss of $211 million, or 86 cents per diluted share, on net sales of $5.9 billion. Last year, Weyerhaeuser reported fourth quarter net earnings of $199 million, or 82 cents per diluted share, on net sales of $5.7 billion.

  The loss for fourth quarter 2005 included the following after-tax items:

  -- Charges of $438 million, or $1.78 per diluted share, for closure of
     facilities.
  -- Charges of $32 million, or 13 cents per diluted share, for additional
     asset impairment charges.
  -- A charge of $25 million, or 10 cents per diluted share, associated with
     the settlement of litigation.
  -- A loss of $10 million, or 4 cents per diluted share, for early
     extinguishment of debt.
  -- A gain of $34 million, or 13 cents per diluted share, on the sale of
     the company's French composite panels assets.
  -- Income of $28 million, or 12 cents per diluted share, for the
     cumulative effect of a change to begin capitalizing Weyerhaeuser
     interest to assets of Weyerhaeuser Real Estate Company.

  Fourth quarter 2004 earnings include the following after-tax items:

  -- A loss of $34 million, or 14 cents per diluted share, for early
     extinguishment of debt.
  -- A gain of $24 million, or 10 cents per diluted share, for gains on the
     sale of facilities.
  -- A charge of $19 million, or 8 cents per diluted share, for the
     impairment of assets in the company's French composite panels business.
  -- A charge of $16 million, or 7 cents per diluted share, recognized in
     connection with a change in the method of estimating workers'
     compensation liabilities.
  -- A charge of $15 million, or 6 cents per diluted share, for the net book
     value of technology donated to a university.

During 2005, Weyerhaeuser's ongoing strategic review resulted in the following significant actions:

  -- Selling its British Columbia coastal operations and French composite
     panels business and a laminated beam facility;
  -- Announcing its intention to sell its North American and Irish composite
     panels assets, a pulp facility, three corrugated sheet plants and a
     specialty packaging plant; and
  -- Closing a paper facility, a specialty pulp mill, a fine paper machine,
     a containerboard machine, a large-log sawmill, seven corrugated
     converting plants, two hardwood facilities, a bag plant, an I-joist
     facility and a veneer and plywood facility.

"Despite extremely challenging business conditions, we took significant steps in 2005 to make us more competitive and position us to generate greater returns while returning cash to shareholders," said Steven R. Rogel, chairman, president and chief executive officer. "Our strong cash flow allowed us to pay down debt to our target levels, implement a 25 percent increase in our dividend and initiate a stock buy back program. We also began reorganizing our wood products, containerboard and packaging businesses into integrated supply chains and continued to grow our real estate business. In 2006, we will continue to confront the challenges our businesses face with the goal of creating a stronger company."

  SUMMARY OF FOURTH QUARTER FINANCIAL HIGHLIGHTS

   Millions (except per share data)    4Q 2005      4Q 2004      Change
   Net earnings (loss)                  ($211)         $199      ($410)
   Earnings (loss) per diluted share   ($0.86)        $0.82     ($1.68)
   Net sales                            $5,868       $5,685        $183

   SUMMARY OF ANNUAL FINANCIAL HIGHLIGHTS
   Millions (except per share data)       2005         2004      Change
   Net earnings                           $733       $1,283      ($550)
   Earnings per diluted share            $2.98        $5.43     ($2.45)
   Net sales                           $22,629      $21,931        $698

   SEGMENT RESULTS FOR FOURTH QUARTER
   (Contributions to Pre-Tax Earnings)
   Millions                            4Q 2005      4Q 2004      Change
   Timberlands                            $183         $217       ($34)
   Wood Products                           $26          $72       ($46)
   Cellulose Fiber and White Papers     ($477)          $35      ($512)
   Containerboard, Packaging and
    Recycling                           ($188)          $81      ($269)
   Real Estate and Related Assets         $250         $217         $33

   TIMBERLANDS
                                       4Q 2005      3Q 2005      Change
   Contribution to pre-tax
    earnings (millions)                   $183         $191        ($8)

Fourth quarter earnings decreased slightly from the third quarter due primarily to salvage costs associated with hurricane Katrina and continued high fuel costs for logging and hauling. Fourth quarter results also include $3 million of pre-tax timberland severance costs due to the announced closure of the Prince Albert pulp and paper facility in Saskatchewan, Canada.

The continued strength of domestic and export log prices should produce first quarter earnings that are similar to fourth quarter 2005.

   WOOD PRODUCTS
                                      4Q 2005       3Q 2005     Change
   Contribution to pre-tax earnings
    (millions)                           $26          $124       ($98)


Earnings in the fourth quarter include $91 million of pre-tax charges associated with the closure of a plywood mill at Wright City, Oklahoma, the closure of a lumber mill at Aberdeen, Washington, and the potential closure of a lumber mill at Big River, Saskatchewan. Third quarter earnings included $6 million of pre-tax charges associated with facility closures.

Excluding the charges, earnings decreased $13 million from the third quarter. Demand for structural panels increased following the hurricanes and caused panel prices to surge early in the quarter, but panel prices returned to normal seasonal levels late in the quarter. Prices and volume for softwood lumber declined due to seasonal factors. Shipment volumes for engineered lumber products also declined on average from the third quarter.

Manufacturing costs for panels increased in the fourth quarter largely due to a significant rise in natural gas prices. Manufacturing costs for engineered lumber products increased due to the higher prices for oriented strand board.

The company incurred $16 million in countervailing and anti-dumping duties and related costs on Canadian softwood lumber the company sold into the United States in the fourth quarter, compared with $19 million in the third quarter. Starting in December, the company is paying a combined duty rate of 13.1 percent, down from the 25.9 percent rate that was in effect since December 2004. At this new rate, the segment expects to incur approximately $10 million per quarter in duties and related costs.

Weyerhaeuser expects lower first quarter 2006 earnings compared with fourth quarter 2005 earnings before special charges. During the first quarter, demand for wood products should follow the normal seasonal trends with pricing remaining similar to fourth quarter levels. The company expects manufacturing expenses to increase due to higher energy and raw material costs.

   CELLULOSE FIBER AND WHITE PAPERS
                                          4Q 2005    3Q 2005   Change
   Contribution (charge) to pre-tax
    earnings (millions)                    ($477)      ($2)    ($475)

In the fourth quarter, Weyerhaeuser recorded $427 million of pre-tax charges related to the announced closures of the Prince Albert pulp and paper operations and a paper machine at Dryden. Manufacturing costs continued to escalate due to higher energy, freight, chemical and raw material costs. Prices for fine paper and pulp remained unchanged. Fine paper volumes increased modestly while pulp experienced a normal seasonal decline in shipments.

Announced first quarter price increases for market pulp and fine paper should result in improved earnings in the first quarter 2006 despite continued cost pressures.

   CONTAINERBOARD, PACKAGING AND RECYCLING
                                           4Q 2005    3Q 2005    Change
   Contribution (charge) to pre-tax
    earnings (millions)                     ($188)       $36     ($224)

Fourth quarter earnings include a pre-tax charge of $130 million related to the closure of several facilities and a pre-tax charge of $38 million related to a settlement of linerboard antitrust lawsuits. Earnings, excluding charges, decreased significantly from the third quarter due to lower box prices coupled with higher energy and transportation costs. Costs for old corrugated containers (OCC) were lower in fourth quarter.

The company expects higher pricing, increased box shipments and lower OCC costs to result in improved first quarter earnings for the segment.

   REAL ESTATE AND RELATED ASSETS
                                          4Q 2005     3Q 2005    Change
   Contribution to pre-tax
    earnings (millions)                     $250        $145      $105

Fourth quarter earnings increased from third quarter primarily due to the expected strong single-family home closings and higher single-family margins, partially offset by a $33 million pre-tax impairment charge related to unimproved land in Northern California.

The backlog of homes sold, but not closed, at the end of the fourth quarter was comparable to year-ago levels. Weyerhaeuser expects lower first quarter 2006 earnings due to a normal seasonal decline in single-family home closings.

OTHER

The company will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on Feb. 3 to discuss the fourth quarter results.

To access the conference call, listeners calling from within North America should dial 1-888-221-5699 at least 15 minutes before the start of the conference call. Those wishing to access the call from outside North America should dial 1-706-643-3795. Replays of the call will be available for one week following completion of the live call and can be accessed at 1-800-642-1687 (access code - 3890458) within North America and at 1-706-645-9291 (access code - 3890458) from outside North America.

The call is being web cast and can be accessed through Weyerhaeuser's Internet site at http://investor.weyerhaeuser.com/ by clicking on the "Q4 2005 Earnings Conference Call" link.

The web cast also is being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.fulldisclosure.com, Thomson/CCBN's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (www.streetevents.com).

Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2005, sales were $22.6 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/ .

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. Some of these forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "may," "will," "believes," "should," "approximately," anticipates," "estimates," and "plans," and the negative or other variations of those terms or comparable terminology or by discussions of strategy, plans or intentions. In particular, some of these forward-looking statements deal with expectations regarding the company's markets in the first quarter 2006; expected earnings and performance of the company's business segments during the first quarter 2006, demand and pricing for the company's products in the first quarter 2006, higher raw material, energy, chemical, transportation and manufacturing costs in the first quarter 2006, seasonal slowdowns in single-family home closings in the first quarter of 2006, and related matters. 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 effect of general economic conditions, including the level of
     interest rates and housing starts;
  -- Market demand for the company's products, which may be tied to the
     relative strength of various U.S. business segments;
  -- Energy prices;
  -- Raw material prices;
  -- Chemical prices;
  -- Performance of the company's manufacturing operations;
  -- The successful execution of internal performance plans;
  -- The level of competition from domestic and foreign producers;
  -- The effect of forestry, land use, environmental and other governmental
     regulations, and changes in accounting regulations;
  -- The effect of weather;
  -- The risk of loss from fires, floods and other natural disasters;
  -- Transportation costs;
  -- Legal proceedings; and
  -- Performance of pension fund investments and related derivatives.

The company is also a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan, and by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Euro and the Canadian dollar, and restrictions on international trade or tariffs imposed on imports, including the countervailing and anti-dumping duties imposed on the company's softwood lumber shipments from Canada to the United States. These and other factors could cause or contribute to actual results differing materially from such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them occurs, what effect they will have on the company's results of operations or financial condition. The company expressly declines any obligation to publicly revise any forward-looking statements that have been made to reflect the occurrence of events after the date of this news release.

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



  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)

  CONSOLIDATED EARNINGS                         Q1                Q2
     (in millions)                     March 27, March 28, June 26, June 27,
                                          2005      2004     2005     2004
  Net sales and revenues:
     Weyerhaeuser (1)                     $4,716   $4,418   $5,160   $5,179
     Real Estate and Related Assets          655      469      648      524
  Total net sales and revenues             5,371    4,887    5,808    5,703

  Costs and expenses:
     Weyerhaeuser:
       Costs of products sold              3,621    3,408    3,947    3,766
       Depreciation, depletion and
        amortization                         323      315      325      316
       Selling expenses                      117      119      118      121
       General and administrative
        expenses                             223      238      217      233
       Research and development expenses      14       12       12       13
       Taxes other than payroll and
        income taxes                          46       48       48       47
       Charges for integration and
        restructuring                          5       15        4       13
       Charges for closure of facilities       5        4        3       --
       Other operating costs, net (2) (3)      9       17      (40)      43
                                           4,363    4,176    4,634    4,552
     Real Estate and Related Assets:
       Costs and operating expenses          426      321      441      381
       Depreciation and amortization           3        2        4        4
       Selling expenses                       33       27       36       30
       General and administrative
        expenses                              24       17       25       19
       Taxes other than payroll and
        income taxes                           1        1       --       --
       Other operating costs, net             --        1       (2)       1
       Impairment of long-lived assets        --       --       --       --
                                             487      369      504      435
  Total costs and expenses                 4,850    4,545    5,138    4,987

  Operating income                           521      342      670      716

  Interest expense and other:
     Weyerhaeuser:
       Interest expense incurred (4)        (196)    (195)    (179)    (218)
       Less interest capitalized              --        3        2        1
       Interest income and other              27        3       20        5
       Equity in income (loss) of
        affiliates (5)                        --       --        4        7
     Real Estate and Related Assets:
       Interest expense incurred             (14)     (15)     (14)     (14)
       Less interest capitalized              14       15       14       14
       Interest income and other               5       11       (2)       9
       Equity in income of unconsolidated
        entities                              10        9       13       20

  Earnings before income taxes               367      173      528      540
  Income taxes (6)                          (128)     (57)    (229)    (183)
  Earnings from continuing operations        239      116      299      357
  Earnings from discontinued operations,
   net of taxes (7)                           --        5      121       12
  Net earnings                              $239     $121     $420     $369


  Basic net earnings per share:
     Continuing operations                 $0.98    $0.52    $1.23    $1.52
     Discontinued operations                  --     0.02     0.49     0.05
     Net earnings per share                $0.98    $0.54    $1.72    $1.57

  Diluted net earnings per share:
     Continuing operations                 $0.98    $0.52    $1.22    $1.52
     Discontinued operations                  --     0.02     0.49     0.05
     Net earnings per share                $0.98    $0.54    $1.71    $1.57

  Dividends paid per share                 $0.40    $0.40    $0.50    $0.40

  Weighted average shares outstanding
   (in thousands)
     Basic                               242,863  223,728  244,702  234,494
     Diluted                             244,185  225,072  245,881  235,475

  CONSOLIDATED EARNINGS                         Q3                Q4
     (in millions)                     Sept. 25, Sept. 26, Dec. 25, Dec. 26,
                                           2005     2004     2005     2004
  Net sales and revenues:
     Weyerhaeuser (1)                     $4,986   $5,065   $4,852   $4,774
     Real Estate and Related Assets          596      591    1,016      911
  Total net sales and revenues             5,582    5,656    5,868    5,685

  Costs and expenses:
     Weyerhaeuser:
       Costs of products sold              3,912    3,735    3,980    3,706
       Depreciation, depletion and
        amortization                         327      314      332      318
       Selling expenses                      118      122      108      119
       General and administrative
        expenses                             236      225      223      246
       Research and development expenses      18       13       17       17
       Taxes other than payroll and
        income taxes                          69       51       16       48
       Charges for integration and
        restructuring                          2        8       10        3
       Charges for closure of facilities      29       13      656        0
       Other operating costs, net (2) (3)    (32)    (300)       3        7
                                           4,679    4,181    5,345    4,464
     Real Estate and Related Assets:
       Costs and operating expenses          401      414      677      647
       Depreciation and amortization           4        3        5        5
       Selling expenses                       36       31       46       37
       General and administrative
        expenses                              27       19       28       26
       Taxes other than payroll and
        income taxes                           1        1        1       --
       Other operating costs, net             (2)     (19)       1       --
       Impairment of long-lived assets        --       --       33       --
                                             467      449      791      715
  Total costs and expenses                 5,146    4,630    6,136    5,179

  Operating income                           436    1,026     (268)     506

  Interest expense and other:
     Weyerhaeuser:
       Interest expense incurred (4)        (193)    (184)    (171)    (241)
       Less interest capitalized               3        0        4        5
       Interest income and other             143        7       24        9
       Equity in income (loss) of
        affiliates (5)                         2        4      (12)       3
     Real Estate and Related Assets:
       Interest expense incurred             (13)     (14)     (14)     (14)
       Less interest capitalized              13       14       14       14
       Interest income and other               4        1        5       10
       Equity in income of unconsolidated
        entities                              14       12       20       11

  Earnings before income taxes               409      866     (398)     303
  Income taxes (6)                          (120)    (293)     153      (94)
  Earnings from continuing operations        289      573     (245)     209
  Earnings from discontinued operations,
   net of taxes (7)                           (4)      21       34      (10)
  Net earnings                              $285     $594    $(211)    $199


  Basic net earnings per share:
     Continuing operations                 $1.17    $2.37   $(1.00)   $0.86
     Discontinued operations               (0.01)    0.09     0.14    (0.04)
     Net earnings per share                $1.16    $2.46   $(0.86)   $0.82

  Diluted net earnings per share:
     Continuing operations                 $1.17    $2.36   $(1.00)   $0.86
     Discontinued operations               (0.01)    0.09     0.14    (0.04)
     Net earnings per share                $1.16    $2.45   $(0.86)   $0.82

  Dividends paid per share                 $0.50    $0.40    $0.50    $0.40

  Weighted average shares outstanding
   (in thousands)
     Basic                               245,009  241,621  245,215  242,114
     Diluted                             246,190  242,649  246,198  243,472

  CONSOLIDATED EARNINGS                                 Year ended
      (in millions)                             Dec. 25,          Dec. 26,
                                                  2005              2004
  Net sales and revenues:
      Weyerhaeuser (1)                           $19,714           $19,436
      Real Estate and Related Assets               2,915             2,495
  Total net sales and revenues                    22,629            21,931

  Costs and expenses:
      Weyerhaeuser:
         Costs of products sold                   15,460            14,615
         Depreciation, depletion and
          amortization                             1,307             1,263
         Selling expenses                            461               481
         General and administrative
          expenses                                   899               942
         Research and development
          expenses                                    61                55
         Taxes other than payroll and
          income taxes                               179               194
         Charges for integration and
          restructuring                               21                39
         Charges for closure of
          facilities                                 693                17
         Other operating costs, net (2) (3)          (60)             (233)
                                                  19,021            17,373
      Real Estate and Related Assets:
         Costs and operating expenses              1,945             1,763
         Depreciation and amortization                16                14
         Selling expenses                            151               125
         General and administrative
          expenses                                   104                81
         Taxes other than payroll and
          income taxes                                 3                 2
         Other operating costs, net                   (3)              (17)
         Impairment of long-lived assets              33                --
                                                   2,249             1,968
  Total costs and expenses                        21,270            19,341

  Operating income                                 1,359             2,590

  Interest expense and other:
      Weyerhaeuser:
         Interest expense incurred (4)              (739)             (838)
         Less interest capitalized                     9                 9
         Interest income and other                   214                24
         Equity in income (loss) of
          affiliates (5)                              (6)               14
      Real Estate and Related Assets:
         Interest expense incurred                   (55)              (57)
         Less interest capitalized                    55                57
         Interest income and other                    12                31
         Equity in income of unconsolidated
          entities                                    57                52

  Earnings before income taxes                       906             1,882
  Income taxes (6)                                  (324)             (627)
  Earnings from continuing operations                582             1,255
  Earnings from discontinued
   operations, net of taxes (7)                      151                28
  Net earnings                                      $733            $1,283


  Basic net earnings per share:
      Continuing operations                        $2.38             $5.33
      Discontinued operations                       0.62              0.12
      Net earnings per share                       $3.00             $5.45

  Diluted net earnings per share:
      Continuing operations                        $2.36             $5.31
      Discontinued operations                       0.62              0.12
      Net earnings per share                       $2.98             $5.43

  Dividends paid per share                         $1.90             $1.60

  Weighted average shares outstanding
   (in thousands)
      Basic                                      244,447           235,453
      Diluted                                    245,559           236,546

   (1) The first, second, third and fourth quarters of 2005 include charges
   of $22 million, $27 million, $19 million and $16 million, respectively,
   or $84 million year-to-date, for countervailing and anti-dumping duties
   and related costs. The first, second, third and fourth quarters of 2004
   include charges of $26 million, $34 million, $31 million and $27 million,
   respectively, or $118 million year-to-date, for countervailing and anti-
   dumping duties and related costs.

   (2) The first, second, third and fourth quarters of 2005 include net
   foreign exchange gains (losses) of $13 million, ($13) million, $37
   million and ($21) million, respectively, for a year-to-date net gain of
   $16 million. The first, second, third and fourth quarters of 2004 include
   net foreign exchange gains (losses) of ($9) million, ($7) million, $16
   million and $27 million, respectively, for a total year-to-date net gain
   of $27 million.  These gains and losses result primarily from
   fluctuations in Canadian and New Zealand exchange rates.

   (3) The first quarter of 2005 includes a $12 million charge for the
   settlement of a linerboard antitrust lawsuit. The second quarter of 2005
   includes an $18 million charge related to alder litigation and $57
   million of income related to the recognition of a deferred gain from
   previous timberlands sales.  The third quarter of 2005 includes a $115
   million gain on the sale of an investment in a joint venture.  The fourth
   quarter of 2005 includes a $38 million charge for the settlement of
   linerboard antitrust litigation and $43 million of income for the
   cumulative effect of a change to begin capitalizing Weyerhaeuser interest
   to assets of Weyerhaeuser Real Estate Company.

   The first quarter of 2004 includes a $49 million charge for the
   settlement of lawsuits involving the market for Pacific Northwest alder
   logs and a $33 million gain on the sale of an oriented strand board mill
   in Slave Lake, Alberta. The second quarter of 2004 includes a $16 million
   charge resulting from an adverse judgment in a lawsuit involving the
   market for Pacific Northwest alder logs. The third quarter of 2004
   includes a $271 million gain on the sale of timberlands in Georgia, and a
   $20 million gain due to the reduction of the reserve for hardboard siding
   claims.  The fourth quarter of 2004 includes a net gain of $36 million on
   the sale of facilities, and charges of $24 million recognized in
   connection with a change in the method of estimating workers'
   compensation liabilities and $23 million for the net book value of
   technology donated to a university.

   (4) The third and fourth quarters of 2005 include charges of $21 million
   and $15 million, respectively, for the early extinguishment of debt.  The
   second and fourth quarters of 2004 include charges of $21 million and $52
   million, respectively, for the early extinguishment of debt.

   (5) The fourth quarter of 2005 includes a $15 million charge related to
   the impairment of an investment in an equity affiliate.

   (6) The second quarter of 2005 includes a charge of $44 million related
   to the repatriation of $1.1 billion of eligible Canadian earnings under
   the provisions of the American Jobs Creation Act of 2004. The third
   quarter of 2005 includes a one-time tax benefit of $14 million related to
   a change in the Ohio state income tax law.

   (7) Includes the net operating results of the company's coastal British
   Columbia and French composites operations. The second quarter of 2005
   includes a gain of $110 million, including a tax benefit of $46 million,
   related to the sale of the coastal British Columbia operations.  The
   third quarter of 2005 includes a $1 million charge related to the
   termination of pension plans associated with these operations.  The
   fourth quarter of 2005 includes a pretax gain of $57 million and related
   tax expense of $23 million associated with the sale of the French
   composites operations. The third quarter of 2004 includes a $25 million
   gain from a tenure reallocation agreement with the British Columbia
   government.  The fourth quarter of 2004 includes a $29 million charge for
   the impairment of assets in the French composites operations.


  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)

  Net sales and revenues (in millions):        Q1                Q2
                                       March 27, March 28, June 26, June 27,
                                          2005     2004     2005     2004
  Timberlands:
     Logs                                  $182     $193     $195     $211
     Other products                          82       58       63       66
                                            264      251      258      277
  Wood Products:
     Softwood lumber                        892      819    1,032    1,106
     Plywood                                183      221      196      263
     Veneer                                  13       11       10       12
     Composite panels                       120      108      132      133
     OSB                                    288      338      306      456
     Hardwood lumber                         94       90      102      100
     Engineered I-Joists                    160      134      213      178
     Engineered Solid Section               190      148      241      194
     Logs                                    27       23       24       38
     Other products                         272      255      339      312
                                          2,239    2,147    2,595    2,792
  Cellulose Fiber and White Papers:
     Pulp                                   376      339      355      371
     Paper                                  599      535      611      538
     Coated groundwood                       42       36       47       37
     Liquid packaging board                  47       49       52       53
     Other products                          14       10       12       13
                                          1,078      969    1,077    1,012

  Containerboard, Packaging and
   Recycling:
     Containerboard                         117       81      101       80
     Packaging                              898      853      969      918
     Recycling                               92       80       92       91
     Bags                                    22       19       21       18
     Other products                          34       33       40       34
                                          1,163    1,066    1,223    1,141

  Real Estate and Related Assets            655      469      648      524

  Corporate and Other                       149      135      151      147

  Less sales of discontinued operations    (177)    (150)    (144)    (190)

                                         $5,371   $4,887   $5,808   $5,703

  Contribution (charge) to earnings:           Q1                Q2
     (in millions)                     March 27, March 28, June 26, June 27,
                                           2005     2004     2005     2004
  Timberlands (1)(2)                       $200     $159     $210     $201
  Wood Products (3)(4)(5)(6)                131      173      204      448
  Cellulose Fiber and White Papers (7)       19      (25)      16       14
  Containerboard, Packaging and
   Recycling (8)(9)                          48       24       99       62
  Real Estate and Related Assets (10)       183      120      156      118
  Corporate and Other  (11)(12)(13)         (17)     (76)      99      (67)
                                           $564     $375     $784     $776

  Net sales and revenues (in millions):        Q3                Q4
                                       Sept. 25, Sept. 26, Dec. 25, Dec. 26,
                                          2005     2004     2005     2004
  Timberlands:
     Logs                                  $188     $197     $196     $221
     Other products                          65       51       76      105
                                            253      248      272      326
  Wood Products:
     Softwood lumber                        889    1,089      811      901
     Plywood                                184      237      172      208
     Veneer                                   9       11       12       10
     Composite panels                       122      138      123      122
     OSB                                    267      341      303      255
     Hardwood lumber                         95       89       99       86
     Engineered I-Joists                    202      189      181      177
     Engineered Solid Section               244      203      221      189
     Logs                                     6       32        5       32
     Other products                         326      315      290      280
                                          2,344    2,644    2,217    2,260
  Cellulose Fiber and White Papers:
     Pulp                                   381      381      370      380
     Paper                                  604      583      603      570
     Coated groundwood                       45       39       46       44
     Liquid packaging board                  50       53       54       53
     Other products                          16       15       12       16
                                          1,096    1,071    1,085    1,063

  Containerboard, Packaging and
   Recycling:
     Containerboard                          86       94       91      113
     Packaging                              929      916      914      897
     Recycling                               87       87       81       89
     Bags                                    20       20       20       23
     Other products                          47       43       46       46
                                          1,169    1,160    1,152    1,168

  Real Estate and Related Assets            596      591    1,016      911

  Corporate and Other                       146      135      154      158

  Less sales of discontinued operations     (22)    (193)     (28)    (201)

                                         $5,582   $5,656   $5,868   $5,685

  Contribution (charge) to earnings:           Q3                Q4
     (in millions)                     Sept. 25, Sept. 26, Dec. 25, Dec. 26,
                                           2005     2004     2005     2004
  Timberlands (1)(2)                       $191     $450     $183     $217
  Wood Products (3)(4)(5)(6)                124      362       26       72
  Cellulose Fiber and White Papers (7)       (2)      80     (477)      35
  Containerboard, Packaging and
   Recycling (8)(9)                          36       82     (188)      81
  Real Estate and Related Assets (10)       145      155      250      217
  Corporate and Other  (11)(12)(13)         101      (45)      33      (83)
                                           $595   $1,084    $(173)    $539

  Net sales and revenues (in millions):                 Year ended
                                                 Dec. 25,          Dec. 26,
                                                   2005              2004
  Timberlands:
      Logs                                          $761              $822
      Other products                                 286               280
                                                   1,047             1,102
  Wood Products:
      Softwood lumber                              3,624             3,915
      Plywood                                        735               929
      Veneer                                          44                44
      Composite panels                               497               501
      OSB                                          1,164             1,390
      Hardwood lumber                                390               365
      Engineered I-Joists                            756               678
      Engineered Solid Section                       896               734
      Logs                                            62               125
      Other products                               1,227             1,162
                                                   9,395             9,843
  Cellulose Fiber and White Papers:
      Pulp                                         1,482             1,471
      Paper                                        2,417             2,226
      Coated groundwood                              180               156
      Liquid packaging board                         203               208
      Other products                                  54                54
                                                   4,336             4,115

  Containerboard, Packaging and
   Recycling:
      Containerboard                                 395               368
      Packaging                                    3,710             3,584
      Recycling                                      352               347
      Bags                                            83                80
      Other products                                 167               156
                                                   4,707             4,535

  Real Estate and Related Assets                   2,915             2,495

  Corporate and Other                                600               575

  Less sales of discontinued operations             (371)             (734)

                                                 $22,629           $21,931

  Contribution (charge) to earnings:                     Year ended
      (in millions)                               Dec. 25,          Dec. 26,
                                                    2005              2004
  Timberlands (1)(2)                                $784            $1,027
  Wood Products (3)(4)(5)(6)                         485             1,055
  Cellulose Fiber and White Papers (7)              (444)              104
  Containerboard, Packaging and
   Recycling (8)(9)                                   (5)              249
  Real Estate and Related Assets (10)                734               610
  Corporate and Other (11)(12)(13)                   216              (271)
                                                  $1,770            $2,774

   (1) The 2004 third quarter includes a $271 million gain on the sale of
   timberlands in Georgia and a $5 million gain from a tenure reallocation
   agreement with the British Columbia government.

   (2) The first quarter of 2005 includes $3 million of charges related to
   the closure of facilities.  The third quarter of 2005 includes a $5
   million loss related to hurricane damage.  The fourth quarter of 2005
   includes charges of $3 million related to the closure of facilities and
   $6 million for losses associated with hurricane damage.

   (3) The first, second, third and fourth quarters of 2005 include charges
   of $22 million, $27 million, $19 million and $16 million, respectively,
   or $84 million year-to-date, for countervailing and anti-dumping duties
   and related costs. The first, second, third and fourth quarters of 2004
   include charges of $26 million, $34 million, $31 million and $27 million,
   respectively, or $118 million year-to-date, for countervailing and anti-
   dumping duties and related costs.

   (4) The second quarter of 2005 includes an $18 million charge related to
   alder litigation.  The third quarter of 2005 includes $9 million of
   income related to the reduction of reserves for alder litigation and an
   insurance settlement related to product liability claims.  The first
   quarter of 2004 includes a $49 million charge for the settlement of
   lawsuits involving the market for Pacific Northwest alder logs. The
   second quarter of 2004 includes a $16 million charge resulting from an
   adverse judgment in a lawsuit involving the market for Pacific Northwest
   alder logs. The third quarter of 2004 includes a $20 million gain due to
   the reduction of the reserve for hardboard siding claims.

   (5) The second quarter of 2005 includes a $6 million gain related to a
   tenure reallocation agreement with the British Columbia government.  The
   third quarter of 2004 includes a $20 million gain from a tenure
   reallocation agreement with the British Columbia government.

   (6) The first, second, third and fourth quarters of 2005 include charges
   of $1 million, $1 million, $6 million and $91 million, respectively,
   associated with the closure of facilities.  The first quarter of 2004
   includes a credit of $2 million for the reversal of closure costs accrued
   in prior years and a $33 million gain on the sale of an oriented strand
   board mill in Slave Lake, Alberta. The second quarter of 2004 includes a
   $5 million net loss on the sale of facilities. The third quarter of 2004
   includes a $2 million net gain on the sale or closure of facilities.  The
   fourth quarter of 2004 includes charges of $3 million for the closure of
   facilities and a gain of $36 million on the sale of facilities.

   (7) The third and fourth quarters of 2005 include net charges of $22
   million and $427 million, respectively, related to facility closures.
   The second quarter of 2004 includes a $2 million asset impairment charge
   related to assets held for sale.

   (8) The first and fourth quarters of 2005 include charges of $12 million
   and $38 million, respectively, associated with the settlement of
   linerboard antitrust lawsuits.  The third quarter of 2005 includes a $1
   million loss related to hurricane damage.

   (9) The first, second, third and fourth quarters of 2005 include charges
   of $4 million, $2 million, $1 million and $130 million, respectively, for
   the closure of facilities. The first quarter of 2004 includes closure
   costs of $3 million.  The second quarter of 2004 includes a net gain of
   $1 million on the sales of a facility and a joint venture investment.
   The third quarter of 2004 includes closure costs of $12 million,
   including a pension termination charge of $9 million related to a closure
   that occurred in a previous year.  The fourth quarter of 2004 includes a
   credit of $3 million for the reversal of closure costs accrued in prior
   years.

   (10) The first, second, third and fourth quarters of 2005 include net
   gains (losses) on land and lot sales of $57 million, $21 million, ($1)
   and $2 million, respectively.  The fourth quarter of 2005 also includes a
   $33 million charge for the impairment of unimproved land. The first
   quarter of 2004 includes a $22 million gain on a land sale. The third
   quarter of 2004 includes a gain of $18 million on the sale of a multi-
   family site.  The fourth quarter of 2004 includes a $24 million net gain
   on land and lot sales.

   (11) The second quarter of 2005 includes a $64 million pretax gain on the
   sale of the company's operations in coastal British Columbia and $57
   million of income related to the recognition of a deferred gain from
   previous timberlands sales. The third quarter of 2005 includes a $115
   million gain on the sale of an investment in a joint venture. The fourth
   quarter of 2005 includes a $57 million gain on the sale of the company's
   French composites operations and $43 million of income for the cumulative
   effect of a change to begin capitalizing Weyerhaeuser interest to assets
   of Weyerhaeuser Real Estate Company. The fourth quarter of 2004 includes
   a $7 million gain for the settlement of an insurance claim relating to
   the Cemwood litigation.

   (12) The fourth quarter of 2005 includes charges of $15 million related
   to the impairment of an investment in an equity affiliate and a $5
   million charge related to the closure of facilities. The fourth quarter
   of 2004 includes charges of $29 million for the impairment of assets in
   the company's French composites operations, $24 million recognized in
   connection with a change in the method of estimating workers'
   compensation liabilities and $23 million for the net book value of
   technology donated to a university.

   (13) The first, second, third and fourth quarters of 2005 include net
   foreign exchange gains (losses) of $13 million, ($12) million, $38
   million and ($20) million, respectively, for a year-to-date net gain of
   $19 million.  The first, second, third and fourth quarters of 2004
   include net foreign exchange gains (losses) of ($10) million, ($6)
   million, $16 million and $26 million, respectivley, for a $26 million net
   gain year-to-date.  These gains and losses result primarily from
   fluctuations in Canadian and New Zealand exchange rates.


  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION  (unaudited)

  Third party sales volumes:                   Q1                 Q2
                                       March 27, March 28, June 26, June 27,
                                          2005     2004     2005     2004
  Timberlands (thousands):
     Logs - cunits                          864    1,044      863      954

  Wood Products (millions):
     Softwood lumber - board feet         2,057    2,054    2,355    2,393
     Plywood  - square feet (3/8")          537      642      600      668
     Veneer - square feet (3/8")             60       55       59       60
     Composite panels - square feet
      (3/4")                                299      301      317      324
     Oriented strand board - square
      feet (3/8")                           908      981    1,041    1,143
     Hardwood lumber - board feet           102      103      114      117
     Engineered I-Joists - LF               108      108      138      132
     Engineered Solid Section - CF            9        8       10       10
     Logs - cunits (in thousands)           187      170      177      279

  Cellulose Fiber and White Papers
   (thousands):
     Pulp - air-dry metric tons             629      624      587      642
     Paper - tons                           736      741      742      718
     Coated groundwood - tons                58       59       62       61
     Liquid packaging board  - tons          60       66       65       72
     Paper converting - tons                475      467      494      459

  Containerboard, Packaging and
   Recycling (thousands):
     Containerboard - tons                  295      250      259      221
     Packaging - MSF                     17,354   18,146   18,600   18,917
     Recycling - tons                       692      678      695      701
     Kraft bags and sacks - tons             23       24       22       23

  Real Estate and Related Assets:
     Single-family homes sold             1,378    1,506    1,525    1,564
     Single-family homes closed           1,189    1,065    1,279    1,216
     Single-family homes sold but not
      closed at end of period             2,561    2,702    2,807    3,050

  Third party sales volumes:                   Q3                Q4
                                       Sept. 25, Sept. 26, Dec. 25, Dec. 26,
                                          2005     2004     2005     2004
  Timberlands (thousands):
     Logs - cunits                          886      904      939    1,018

  Wood Products (millions):
     Softwood lumber - board feet         2,179    2,299    2,059    2,144
     Plywood  - square feet (3/8")          558      672      485      647
     Veneer - square feet (3/8")             51       55       61       55
     Composite panels - square feet
      (3/4")                                308      315      305      294
     Oriented strand board - square
      feet (3/8")                         1,008    1,078      991    1,011
     Hardwood lumber - board feet           105      102      106       95
     Engineered I-Joists - LF               125      133      113      123
     Engineered Solid Section - CF           10       10        9        9
     Logs - cunits (in thousands)            41      237       46      248

  Cellulose Fiber and White Papers
   (thousands):
     Pulp - air-dry metric tons             653      633      633      659
     Paper - tons                           757      737      761      680
     Coated groundwood - tons                56       60       56       63
     Liquid packaging board  - tons          64       69       69       69
     Paper converting - tons                494      470      501      443

  Containerboard, Packaging and
   Recycling (thousands):
     Containerboard - tons                  238      245      254      285
     Packaging - MSF                     18,560   18,287   19,117   17,535
     Recycling - tons                       665      645      676      670
     Kraft bags and sacks - tons             22       23       22       25

  Real Estate and Related Assets:
     Single-family homes sold             1,608    1,313    1,174      992
     Single-family homes closed           1,257    1,345    1,922    1,638
     Single-family homes sold but not
      closed at end of period             3,158    3,018    2,410    2,372

  Third party sales volumes:                            Year ended
                                                 Dec. 25,          Dec. 26,
                                                   2005              2004
  Timberlands (thousands):
      Logs - cunits                                3,552             3,920

  Wood Products (millions):
      Softwood lumber - board feet                 8,650             8,890
      Plywood  - square feet (3/8")                2,180             2,629
      Veneer - square feet (3/8")                    231               225
      Composite panels - square feet
       (3/4")                                      1,229             1,234
      Oriented strand board - square
       feet (3/8")                                 3,948             4,213
      Hardwood lumber - board feet                   427               417
      Engineered I-Joists - LF                       484               496
      Engineered Solid Section - CF                   38                37
      Logs - cunits (in thousands)                   451               934

  Cellulose Fiber and White Papers
   (thousands):
      Pulp - air-dry metric tons                   2,502             2,558
      Paper - tons                                 2,996             2,876
      Coated groundwood - tons                       232               243
      Liquid packaging board  - tons                 258               276
      Paper converting - tons                      1,964             1,839

  Containerboard, Packaging and
   Recycling (thousands):
      Containerboard - tons                        1,046             1,001
      Packaging - MSF                             73,631            72,885
      Recycling - tons                             2,728             2,694
      Kraft bags and sacks - tons                     89                95

  Real Estate and Related Assets:
      Single-family homes sold                     5,685             5,375
      Single-family homes closed                   5,647             5,264
      Single-family homes sold but not
       closed at end of period                     2,410             2,372

  Total production volumes:                    Q1                 Q2
                                       March 27, March 28, June 26, June 27,
                                           2005     2004     2005     2004
  Timberlands (thousands):
     Fee Depletion  - cunits              2,248    2,265    2,231    2,404

  Wood Products (millions):
     Softwood lumber - board feet         1,821    1,760    1,869    1,881
     Plywood - square feet (3/8")           303      422      302      405
     Veneer - square feet (3/8") (1)        517      585      529      609
     Composite panels - square feet
      (3/4")                                267      268      282      281
     Oriented strand board - square
      feet (3/8")                         1,007    1,031    1,019    1,056
     Hardwood lumber - board feet            92       89       96       96
     Engineered I-Joists - LF               133      110      132      124
     Engineered Solid Section - CF           11        9       10       11

  Cellulose Fiber and White Papers
   (thousands):
     Pulp - air-dry metric tons             621      619      614      636
     Paper - tons (2)                       763      743      752      736
     Coated groundwood - tons                55       55       59       61
     Liquid packaging board  - tons          60       61       64       67
     Paper converting - tons                475      460      487      442

  Containerboard, Packaging and
   Recycling (thousands):
     Containerboard - tons (3)            1,503    1,503    1,581    1,598
     Packaging - MSF                     18,628   19,493   19,915   20,208
     Recycling - tons (4)                 1,624    1,607    1,673    1,707
     Kraft bags and sacks - tons             23       24       22       23

  Total production volumes:                    Q3                Q4
                                       Sept. 25, Sept. 26, Dec. 25, Dec. 26,
                                           2005     2004     2005     2004
  Timberlands (thousands):
     Fee Depletion  - cunits              2,098    2,189    2,153    2,155

  Wood Products (millions):
     Softwood lumber - board feet         1,651    1,819    1,645    1,727
     Plywood - square feet (3/8")           296      405      254      396
     Veneer - square feet (3/8") (1)        486      592      447      600
     Composite panels - square feet
      (3/4")                                268      272      263      245
     Oriented strand board - square
      feet (3/8")                         1,017    1,022    1,035      972
     Hardwood lumber - board feet            91       84       85       80
     Engineered I-Joists - LF               108      136      110      134
     Engineered Solid Section - CF           10       11       10       10

  Cellulose Fiber and White Papers
   (thousands):
     Pulp - air-dry metric tons             663      652      604      639
     Paper - tons (2)                       765      766      780      761
     Coated groundwood - tons                60       62       60       62
     Liquid packaging board  - tons          69       71       71       67
     Paper converting - tons                483      471      505      465

  Containerboard, Packaging and
   Recycling (thousands):
     Containerboard - tons (3)            1,597    1,604    1,587    1,586
     Packaging - MSF                     19,416   19,473   20,130   18,648
     Recycling - tons (4)                 1,716    1,703    1,730    1,701
     Kraft bags and sacks - tons             21       23       22       24

  Total production volumes:                             Year ended
                                                 Dec. 25,          Dec. 26,
                                                   2005              2004
  Timberlands (thousands):
      Fee Depletion  - cunits                      8,730             9,013

  Wood Products (millions):
      Softwood lumber - board feet                 6,986             7,187
      Plywood - square feet (3/8")                 1,155             1,628
      Veneer - square feet (3/8") (1)              1,979             2,386
      Composite panels - square feet
       (3/4")                                      1,080             1,066
      Oriented strand board - square
       feet (3/8")                                 4,078             4,081
      Hardwood lumber - board feet                   364               349
      Engineered I-Joists - LF                       483               504
      Engineered Solid Section - CF                   41                42

  Cellulose Fiber and White Papers
   (thousands):
      Pulp - air-dry metric tons                   2,502             2,546
      Paper - tons (2)                             3,060             3,006
      Coated groundwood - tons                       234               240
      Liquid packaging board  - tons                 264               266
      Paper converting - tons                      1,950             1,838

  Containerboard, Packaging and
   Recycling (thousands):
      Containerboard - tons (3)                    6,268             6,291
      Packaging - MSF                             78,089            77,822
      Recycling - tons (4)                         6,743             6,718
      Kraft bags and sacks - tons                     88                94

   (1) Veneer production represents lathe production and includes volumes
   that are further processed into plywood and engineered lumber products by
   company mills.

   (2) Paper production includes unprocessed rolls and converted paper
   volumes.

   (3) Containerboard production represents machine production and includes
   volumes that are further processed into packaging and kraft bags and
   sacks by company facilities.

   (4) Recycling production includes volumes processed in Weyerhaeuser
   recycling facilities that are consumed by company facilities and brokered
   volumes.


  WEYERHAEUSER COMPANY
  STATISTICAL INFORMATION

  CONDENSED CONSOLIDATED BALANCE SHEET (unaudited)
              (in millions)
                              March 27, June 26, Sept. 25, Dec. 25, Dec. 26,
  Assets                          2005     2005     2005     2005     2004

  Weyerhaeuser
     Current assets:
       Cash and short-term
        investments                $402   $1,704     $885     $818   $1,044
       Receivables, less
        allowances                1,816    1,987    1,948    1,727    1,534
       Inventories                2,109    2,004    1,977    1,917    1,876
       Prepaid expenses             633      611      580      414      588
       Assets of discontinued
        operations                1,166       41       38       --    1,183
             Total current
              assets              6,126    6,347    5,428    4,876    6,225
     Property and equipment      11,439   11,170   11,089   10,510   11,661
     Construction in progress       323      451      544      533      268
     Timber and timberlands at
      cost, less depletion
      charged to disposals        3,712    3,709    3,691    3,705    3,733
     Investments in and
      advances to equity
      affiliates                    491      495      496      486      489
     Goodwill                     2,997    2,977    2,988    2,982    2,996
     Deferred pension and other
      assets                      1,197    1,249    1,309    1,314    1,201
     Restricted assets held by
      special purpose entitites     914      916      914      916      909
                                 27,199   27,314   26,459   25,322   27,482

  Real Estate and Related
   Assets
     Cash and short-term
      investments                     5       11        4      286      153
     Receivables, less
      allowances                     60       57       49       42       43
     Real estate and land for
      sale and development        2,083    2,333    2,288    2,222    1,947
     Other assets                   323      278      357      357      329
                                  2,471    2,679    2,698    2,907    2,472

     Total assets               $29,670  $29,993  $29,157  $28,229  $29,954

  Liabilities and Shareholders'
   Interest

  Weyerhaeuser
     Current liabilities:
       Notes payable and
        commercial paper             $2       $2       $3       $3       $3
       Current maturities of
        long-term debt               95      225      182      189      488
       Accounts payable           1,122    1,198    1,144    1,241    1,130
       Accrued liabilities        1,311    1,654    1,560    1,622    1,431
       Liabilities of
        discontinued operations     301       30       27       --      292
             Total current
              liabilities         2,831    3,109    2,916    3,055    3,344
     Long-term debt               9,263    8,926    8,010    7,604    9,277
     Deferred income taxes        4,355    4,320    4,396    4,035    4,351
     Deferred pension, other
      postretirement benefits
       and other liabilities      1,492    1,558    1,583    1,591    1,497
     Liabilities (nonrecourse
      to Weyerhaeuser) held by
       special purpose entities     820      784      783      764      815
                                 18,761   18,697   17,688   17,049   19,284
  Real Estate and Related
   Assets
     Notes payable and
      commercial paper                2        5        3        7        2
     Long-term debt                 869      854      852      851      867
     Other liabilities              533      588      488      522      546
                                  1,404    1,447    1,343    1,380    1,415
     Total liabilities           20,165   20,144   19,031   18,429   20,699

  Shareholders' interest          9,505    9,849   10,126    9,800    9,255

     Total liabilities and
      shareholders' interest    $29,670  $29,993  $29,157  $28,229  $29,954


  STATEMENT OF CASH FLOWS                     Q1                 Q2
  SELECTED INFORMATION (unaudited)     March 27, March 28, June 26, June 27,
     (in millions)                         2005     2004      2005     2004
  (Weyerhaeuser only, excludes Real
   Estate & Related Assets)

     Net cash from operations             $(203)    $(89)     $713     $787
     Cash paid for property and
      equipment                            (117)     (79)     (196)     (80)
     Cash paid for timberlands
      reforestation                         (12)     (12)       (6)      (6)
     Cash received from issuances of
      debt                                   --       --         1       --
     Revolving credit facilities,
      notes and commercial paper
      borrowings, net                        19       67        23      (80)
     Payments on debt                      (404)     (60)     (206)    (813)
     Proceeds from equity offering           --       --        --      954
     Proceeds from the sale of
      operations                             --       --     1,107       --

  STATEMENT OF CASH FLOWS                      Q3                Q4
  SELECTED INFORMATION (unaudited)     Sept. 25, Sept. 26, Dec. 25, Dec. 26,
      (in millions)                        2005     2004     2005     2004
  (Weyerhaeuser only, excludes Real
   Estate & Related Assets)

      Net cash from operations             $441     $592     $669     $745
      Cash paid for property and
       equipment                           (220)     (93)    (310)    (222)
      Cash paid for timberlands
       reforestation                         (6)      (5)      (8)      (7)
      Cash received from issuances of
       debt                                  --       --       --        1
      Revolving credit facilities,
       notes and commercial paper
       borrowings, net                      (40)      (6)     170       35
      Payments on debt                     (965)    (253)    (603)    (742)
      Proceeds from equity offering          --       --       --       --
      Proceeds from the sale of
       operations                            --       --      102       --

  STATEMENT OF CASH FLOWS                                Year ended
  SELECTED INFORMATION (unaudited)                Dec. 25,         Dec. 26,
      (in millions)                                 2005             2004
  (Weyerhaeuser only, excludes Real
   Estate & Related Assets)

      Net cash from operations                    $1,620            $2,035
      Cash paid for property and
       equipment                                    (843)             (474)
      Cash paid for timberlands
       reforestation                                 (32)              (30)
      Cash received from issuances of
       debt                                            1                 1
      Revolving credit facilities,
       notes and commercial paper
       borrowings, net                               172                16
      Payments on debt                            (2,178)           (1,868)
      Proceeds from equity offering                   --               954
      Proceeds from the sale of
       operations                                  1,209                --
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, Bruce Amundson, +1-253-924-3047, or analysts,
Kathryn McAuley, +1-253-924-2058, both of Weyerhaeuser Company

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

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