The Nelson Forests Joint Venture today announced its intent to sell its New Zealand assets.

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

The assets are jointly owned by Nelson Forest Products Company, a subsidiary of Weyerhaeuser Company, and RII New Zealand Forests I, Inc., a timber investment fund advised by Global Forest Partners LP. The operations of the Joint Venture are managed by Weyerhaeuser New Zealand, Inc. The assets include approximately 67,000 productive hectares of plantation forests in the Nelson/Marlborough region and the Kaituna sawmill at Renwick, which has a log input capacity on a single shift of 80,000 cubic meters annually.

"New Zealand is an important component of a diversified international timberland investment portfolio," said Michael Edgar, Director of Asia Pacific Investments, Global Forest Partners LP. "The decision by the specific investor clients of GFP in the Nelson Forests Joint Venture to realize the value of their investment after a holding period of over 14 years does not represent a change by GFP in its view of New Zealand as an attractive forestry investment location. In fact, the vast majority of our global funds and separate accounts include at least one New Zealand investment within their portfolio."

"With the current Joint Venture agreement set to expire later this year, we reviewed our options and determined to seek a buyer for these assets," said Gary Drobnack, vice president of Weyerhaeuser Forest Products International. "The Joint Venture will continue to focus on meeting customer needs during the sale process and will work with the buyer to ensure smooth transition. It is also important to note that the employees and contractors working for the Joint Venture have made significant contributions to the success of the Joint Venture and will be an asset to any potential buyer." The Joint Venture also announced that it has engaged Cameron Partners to assist in the sale process.

   For More Information, Contact:

   New Zealand (general):   Michael Edgar
        Global Forest Partners LP
        Telephone:  64-0-358-7355
        Mobile:  64-21-920-337

   New Zealand (Weyerhaeuser specific):    Lees Seymour
        Weyerhaeuser New Zealand Inc.
        Telephone:  64-3-543-8115
        Mobile: 64-274-882-409

   United States: Bruce Amundson
        Weyerhaeuser Corporate Headquarters
        Telephone:  1-253-924-3047

Photo: http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-a
http://www.newscom.com/cgi-bin/prnh/20040116/WYLOGO-b
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SOURCE: Weyerhaeuser Company

CONTACT: New Zealand (general), Michael Edgar of Global Forest Partners
LP, +64-0-358-7355, or mobile, +64-21-920-337; or New Zealand (Weyerhaeuser
specific), Lees Seymour of Weyerhaeuser New Zealand Inc., +64-3-543-8115, or
mobile, +64-274-882-409; or United States, Bruce Amundson of Weyerhaeuser
Corporate Headquarters, +1-253-924-3047

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