The board of directors of Weyerhaeuser Company Limited (TSX: WYL) on Oct. 19, declared a dividend of U.S. 60 cents per share on the exchangeable shares of the corporation payable Dec. 4, 2006, to shareholders of record at the close of business Nov. 10, 2006.

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The dividend shall be paid in the Canadian dollar equivalent at the noon spot exchange rate on Oct. 19, 2006, of 1.1318 the Canadian dollar equivalent amount is CDN 68 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 ($22.7 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 www.weyerhaeuser.com.

Contact: Media, Bruce Amundson, +1-253-924-3047, or Analysts, Kathryn McAuley, +1-253-924-2058, both of Weyerhaeuser.

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SOURCE: Weyerhaeuser Company

CONTACT: Media, Bruce Amundson, +1-253-924-3047, or Analysts, Kathryn
McAuley, +1-253-924-2058, both of Weyerhaeuser

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