The board of directors of Weyerhaeuser Company Limited today declared a dividend of U.S. 60 cents per share on the exchangeable shares of the corporation payable August 28, 2006 to shareholders of record at the close of business August 4, 2006. This is an increase of 20 percent from the second quarter dividend of 50 cents per share.

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"Due to the company's ability to generate strong free cash flow, Weyerhaeuser has the financial capability to increase its regular quarterly dividend, as well as repurchase shares and continue to invest in certain businesses to enhance its leadership position in the industry," said Steven R. Rogel, chairman, president and chief executive officer. "This dividend increase delivers on the board's commitment to return capital to shareholders, and it underscores the board's confidence in Weyerhaeuser's prospects for long-term growth and profitability. Independent of the dividend increase, we continue to execute our business strategies, including actively evaluating alternatives for our fine paper business."

The dividend shall be paid in the Canadian dollar equivalent at the noon spot exchange rate on June 15, 2006, of 1.1177. The Canadian dollar equivalent amount is 67 cents.

Weyerhaeuser Company (NYSE: WY), one of the world's largest integrated forest products companies, was incorporated in 1900. In 2005, sales were $27.4 billion ($22.5 billion US). 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 http://www.weyerhaeuser.com/.

   For more information contact:
   Media - Frank Mendizabal 253-924-3357
   Analysts - Kathryn McAuley, (253) 924-2058

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SOURCE: Weyerhaeuser Company Limited

CONTACT: Media - Frank Mendizabal, +1-253-924-3357, or Analysts -
Kathryn McAuley, +1-253-924-2058, both of Weyerhaeuser Company

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