Company and market overview.

1. 0
WEYERHAEUSER
Driving value through performance
0
Arkansas Forestry Association | September 24

2. 1
FORWARD-LOOKING STATEMENTS
AND NON-GAAP FINANCIAL MEASURES
• This presentation contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995, including, without limitation, with respect to future prospects, business strategies, benefits and impacts of the Longview
Timber LLC acquisition and the transaction involving Weyerhaeuser Real Estate Company and TRI Pointe Homes, Inc. (including cost
savings and operational and other synergies), revenues, earnings, cash flow, taxes, funds from operations and funds available for
distribution, pricing, production, supply, dividend levels, share repurchases, business priorities, performance, cost reductions and other
strategic initiatives, demand drivers and levels, growth, capital structure, credit ratings, capital expenditures, cash position, debt levels,
and harvests and export markets. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or
current facts. We may use words such as “anticipate,” “believe,” “could,” “forecast,” “estimate,” “outlook,” “goal,” “will,” “plan,” “expect,”
“target,” “would” and similar terms and phrases, or we may refer to assumptions, to identify forward-looking statements. Forward-looking
statements are made based on management’s current expectations and assumptions concerning future events. These are inherently
subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and often beyond the
company’s control. Many factors could cause actual results to differ materially from those expressed or implied in these forward-looking
statements, including, without limitation, the effect of general economic conditions, including employment rates, housing starts, interest
rate levels, availability of financing for home mortgages, strength of the U.S. dollar, market demand for our products, which is related to
the strength of the various U.S. business segments and U.S. and international economic conditions, domestic and foreign competition, the
successful execution of our internal performance plans, including restructurings and cost reduction initiatives, raw material prices, energy
prices, the effect of weather, the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters,
transportation availability and costs, federal tax policies, the effect of forestry, land use, environmental and other governmental
regulations, legal proceedings, performance of pension fund investments and related derivatives, the effect of timing of retirements and
changes in market price of our common stock on charges for share-based compensation, changes in accounting principles, and the other
risk factors described in filings we make with the SEC, including in our annual report on Form 10-K for the year ended December 31, 2013
and our quarterly reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. There is no guarantee that any of the
anticipated events or results will occur or, if they occur, what effect they will have on the company’s operations or financial condition. The
forward-looking statements contained herein apply only as of the date of this presentation and we do not undertake any obligation to
update these forward-looking statements. Nothing on our website is included or incorporated by reference herein.
• Included in this presentation are certain non-GAAP financial measures which management believes complement the financial information
presented in accordance with U.S. generally accepted accounting principles. Management believes such measures are useful to
investors. Our non-GAAP financial measures may not be comparable to similarly titled captions of other companies due to potential
inconsistencies in the metrics of calculation. For a reconciliation of non-GAAP measures to GAAP measures see the appendices to this
presentation.

3. 2
WEYERHAEUSER: Who We Are
~7
MILLION ACRES OF
FORSEST
100
%
SFI
CERTIFIED
FORESTS
13,000
PEOPLE 320 MILLION
SEEDLINGS
PLANTED IN THE LAST FIVE YEARS
114
YEARS OLD
$7.3
BILLION
IN SALES (2013)

4. 3

5. 4
DRIVING VALUE
LEVERS
 Portfolio
 Performance: Operational Excellence
 Capital Allocation
Growing a Truly Great Company

6. 5
PORTFOLIO

7. 6
FOCUSED PORTFOLIO
BEFORE AFTER
Cellulose
Fibers
Wood
Products
Timberlands
Longview
Timberlands
(Acquired)
Total Assets $11.1B
528 MM common shares
Pro Forma 2014 Q2*
Timberlands
Cellulose
Fibers
WRECO
(Divested)
Wood
Products
Total Assets $10.4B
542 MM common shares
Year End 2012
*Pro forma as if WRECO divesture had been completed at June 30, 2014. Pro forma common shares exclude 13.8 million mandatory convertible
preference shares, which convert to common shares on July 1, 2016.

8. 7
PORTFOLIO
Supports a growing and sustainable dividend
 TIMBERLANDS
Strong, productive asset base
 COMPLEMENTARY
MANUFACTURING OPERATIONS
Enhance timberlands cash flow
 Well-positioned businesses with
improving cost structures
 Wood Products:
Strong upside from US housing
 Cellulose Fibers:
Supporting a Growing and Sustainable Dividend
1,700
1,400
1,100
800
500
200
Strong cash flow and growing
demand from global markets (100)
EBITDA*
2011 2012 2013 2014
(LTM)
$ Millions
Timberlands Wood Products Cellulose Fibers
*Adjusted EBITDA, LTM as of 2014 Q2. Unallocated items not included. See appendix for reconciliation to GAAP amounts.

9. 8
PORTFOLIO: OPERATIONS
TIMBERLANDS
 ~7 MM acres in U.S.
WOOD PRODUCTS
 Lumber: 18 mills
 OSB*: 6 mills
 ELP*: 9 facilities
 Distribution: 21 sites
CELLULOSE
FIBERS
 5 pulp mills
 2 converting
facilities
 1 liquid packaging
board facility
*ELP = Engineered Lumber Products, OSB = Oriented Strand Board

10. 9
PERFORMANCE

11. 10
TIMBERLANDS
800
600
400
200
0
TIMBERLANDS EBITDA*
BASE BASE
2012 2016 - 2018
(Outlook)
2014 Anticipated Progress
Operational Excellence = $15-20 MM
Longview Timber synergies = over $20 MM
STRATEGIC INITIATIVES
 Maximize cash
flow through
Operational
Excellence
improvements
 Capture full value
of the Longview
Timber acquisition
Operational
Excellence:
$50-70 MM
Longview
Timber, incl.:
$20 MM synergy
*Adjusted EBITDA, LTM as of 2014 Q2. See appendix for reconciliation to
GAAP amounts. **WY results include Longview Timber beginning 2014 LTM.

12. 11
WOOD PRODUCTS: Lumber
100
50
0
OPERATIONAL EXCELLENCE**
Controllable Manufacturing Cost
Closing the Gap
= $100 MM
Current Benchmark
2014 Anticipated Progress: $30-40 MM
**Note: Benchmark is mill Best in Class; Mfg cost = Cost Net of Logs,
excluding depreciation and inflation. Current is based on Q3 2013 YTD data.
STRATEGIC INITIATIVES
 Reduce controllable
manufacturing
costs to achieve
industry-leading
cost structure
 Maintain value-added
product mix

13. 12
WOOD PRODUCTS: OSB
OPERATIONAL EXCELLENCE**
100
75
50
Improve Reliability
$50 MM
Current Benchmark
% Reliability
Improve Product Mix
75
50
25
0
$10 MM
Current Goal
% Value Added Product
2014 Anticipated Progress = $5-10 MM
**Note: Reliability benchmark is mill Best in Class.
Current is based on Q3 2013 YTD data.
STRATEGIC INITIATIVES
 Drive down
controllable costs
by improving
reliability
 Grow higher-margin
products

14. 13
WOOD PRODUCTS: ELP & Distribution
TURNAROUND INITIATIVES
Engineered Lumber
Products
 Capture value of
products and services
 Improve manufacturing
cost and productivity
Distribution
 Reduce warehouse,
delivery, sales costs
 Increase product
margins
15%
10%
5%
0%
ELP EBITDA MARGIN*
2011 2012 2013 2014 YTD
0%
-4%
-8%
2014 Target = $30-40 MM improvement
in each business versus 2013
DISTRIBUTION EBITDA MARGIN*
2011 2012 2013 2014 YTD
2014 Anticipated Progress
Both businesses on track to achieve
$30-40 MM improvement

15. 14
CELLULOSE FIBERS
OPERATIONAL EXCELLENCE**
Reduce Controllable Cost
725
675
625
Current Goal
$/ Ton
$100 MM
2014 Anticipated Progress = $25-30 MM
**Cost of Goods Sold, excluding inflation. Current is based on Q3 2013 YTD data.
STRATEGIC INITIATIVES
 Reduce cost
 Grow with global
customers
 Innovate high-margin
products

16. 15
CAPITAL ALLOCATION

17. 16
CAPITAL ALLOCATION
+13%
$0.15 $0.17
$0.20
$0.22
$0.29
2011 Q1 2012 Q4 2013 Q2 2013 Q3 2014 Q3
PRIORITIES:
Return cash to shareholders
 Grow dividend
 Share repurchase
($700 million)
Invest in our businesses
 Disciplined approach:
cost reduction, improved EBITDA
 Grow through acquisition:
targeted, value-creating
Quarterly Dividend Per Share
Maintain appropriate capital structure
+18%
+10%
+32%
+40%
increase in
capital investment
in 2014 compared
with 2013 levels

18. 17
WEYERHAEUSER IN ARKANSAS
Current Operations
 Timberlands: 566,000 acres
 Dierks Lumber: 310MM board feet
 Emerson Veneer: 210MM Sq. ft.
 Sales Office
Capital Investment @ Dierks
 Significant investment
to rebuild facility
 Large, low-cost, modern mill
Earned the right to capital,
supported by improving
market fundamentals
Dierks
Lumber Mill
Sales Office in
Emerson
Veneer Facility

19. 18
MARKET TRENDS

20. 19
HOUSING RECOVERS TO TREND
 Approximately 1.5 million starts expected
2.5
2.0
1.5
1.0
0.5
0.0
Total U.S. Housing Starts
(Seasonally Adjusted Annual Rate)
*RISI
*John Burns
*Global Insight
*Forecast
The Harvard Joint Center
for Housing Studies forecasts
trend (2015 and beyond)
housing starts ranging between
1.6 and 1.9 million units
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Source: Census
Million Units
Quarterly

21. $/MBF
20
LOG PRICES: Positive Outlook
 West has strengthened, with more upside expected
 South recovery still ahead
SOUTHERN AVERAGE PINE SAWLOG
$/MBF
600
500
400
300
200
100
0
DELIVERED LOG PRICE
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
Annual
Forecast*
Source: Log Lines, *FEA, RISI
900
800
700
600
500
400
300
200
100
0
DELIVERED LOG PRICE
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
Annual
Forecast*
Source: Log Lines, *FEA, RISI
DOUGLAS FIR #2

22. 85
75
65
55
45
21
WOOD PRODUCTS
Strong Growth for Lumber, OSB & Engineered Wood
DEMAND DRIVERS
• New residential construction
• Repair & remodel, industrial & export
Billion Square Feet
30
20
10
0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Annual
Forecast*
Million Linear Feet
1400
1200
1000
800
600
400
200
0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Annual
Forecast*
NORTH AMERICAN
LUMBER DEMAND
Source: *FEA
35
1995 1998 2001 2004 2007 2010 2013 2016
Annual
NORTH AMERICAN
I-JOIST DEMAND
NORTH AMERICAN
OSB DEMAND
Billion Board Feet
Forecast*

23. 22
FLUFF DEMAND GROWTH
Emerging Economies
 Growing demand of 3.5% a year
 Southern pine ideal for fluff pulp; globally competitive cost position
7
6
5
4
3
2
1
0
Fluff Market Pulp Consumption by Region
Forecast*
2003 2008 2012 2017
Million Tons
Source: Starr, Weyerhaeuser CF Business Annual
Rest of
World
Rest of
Asia
Japan
Europe
N.A.

24. 23
SUMMARY
 We are a focused forest products company
 Timberlands | Wood Products | Cellulose Fibers
 We are driving value with the levers we control
 Portfolio | Performance | Capital Allocation
 Market fundamentals for the industry improving
Growing a Truly Great Company

25. 24
QUESTIONS?