New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 1

Earnings Release1st Quarter — 2007

Weyerhaeuser CompanyMay 4, 2007

Earnings Release1st Quarter — 2007

Weyerhaeuser CompanyMay 4, 2007

DTP/3065 2006 Q4.ppt • 02/09/07 • 1

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 2

Forward-looking StatementThis 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 second quarter 2007; expected earnings and performance of the company’s business segments during the second quarter 2007, demand and pricing for the company’s products in the second quarter 2007, fee timber harvests in the South and West, nonstrategic timberland sales, decreased manufacturing costs and maintenance downtime in the Cellulose Fiber segment during the second quarter of 2007, OCC and fiber costs in the second quarter 2007; increased manufacturing costs, annual maintenance outages, increased productivity and cost reductions in the Containerboard, Packaging and Recycling segment during the second quarter 2007; capital expenditures, timing of debt paydown 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 including unexpected maintenance requirements; 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, pest infestation and other natural disasters; Transportation costs; Legal proceedings; The effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation; 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. 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.

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 3

Statements Relating to Non-GAAP Financial Measures

During the course of this presentation, certain non-U.S. GAAP financial information will be presented. A reconciliation of those numbers to U.S. GAAP financial measures is included in this presentation which is available on the company’s website at www.weyerhaeuser.com

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 4

2007 Q1 Earnings Summary

1. A reconciliation to GAAP is set forth below and at www.Weyerhaeuser.com.2. Income taxes in 2006 Q2 included a one-time tax benefit of $48MM. Income taxes in 2007 Q1 included a $74MM tax benefit on the Canadian portion of

the net gain recognized on the distribution of the fine paper business and related assets.

Chart 1

2006 2007

Operating Earnings before Special Items 1. Q1 Q2 Q3 Q4 Q1

Timberlands $198 $224 $178 $168 $175

Wood Products 117 132 (46) (186) (108)

Cellulose Fibers (5) 23 66 56 22

Fine Paper (10) (9) 72 61 22

Containerboard, Packaging & Recycling 26 92 100 75 69

Real Estate & Related Assets 155 123 149 312 58

Corporate and Other (102) (40) (33) (48) (49)

Total Op. Earnings before Special Items $379 $545 $486 $438 $189

Special Items (729) (35) (9) 414 619

Total Operating Earnings ($350) $510 $477 $852 $808

Interest Expense, net (136) (132) (128) (135) (118)

Income Taxes 2. (90) (81) (124) (210) 65

Net Income (loss) ($576) $297 $225 $507 $755

Diluted EPS $(2.34) $1.19 $0.91 $2.12 $3.22

Diluted EPS before Special Items $0.64 $1.09 $0.95 $0.92 $0.20

$ Millions except EPS

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 5

$0.64

$1.09$0.95 $0.92

$0.20

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

$1.50

$1.75

$2.00

Q1 Q2 Q3 Q4 Q1

Diluted EPS Before Special Items

A reconciliation to GAAP EPS is available at www.weyerhaeuser.com

2006 2007

Chart 2

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 6

Earnings per Share Reconciliation

Chart 3

2006 2007

Q1 Q2 Q3 Q4 Q1

Diluted EPS before Special Items $0.64 $1.09 $0.95 $0.92 $0.20

Charges for Closure of Facilities (0.04) (0.12) (0.15) (0.02)

Gain on Sale of Assets 0.13 0.18 3.22

Litigation Charges / Reserve Adjustment 0.06 0.27

Asset / Goodwill Impairments (3.03) (0.09) (0.05) (0.18)

Recognize Tax Law Changes / One-time Tax Benefits 0.19

WRECO Insurance Recovery / Partnership Income 0.05

Charges for Restructuring of Containerboard (0.05)

Acquisition of Research and Development (0.02)

CVD / AD Refunds 0.95

Diluted EPS (GAAP) $(2.34) $1.19 $0.91 $2.12 $3.22

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 7

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

2006 Q4 Timberlands WoodProducts

CelluloseFibers

Fine Paper Container-board

Packaging &Recycling

Real Estate& Related

Corp. &Other

2007 Q1

Changes in Earnings per Share by Segment 2006 Q4 vs. 2007 Q1 $ per Share Before Special Items1

1A reconciliation before Special Items to GAAP can be found on Chart 3 and at www.Weyerhaeuser.com2Q4 includes 14 weeks of results vs .13 weeks in Q1, with the exception of Fine Paper which had 9 weeks of results in Q1

0.92 (0.10)

(0.72)

(0.12)

(0.01)

0.20

Before SpecialItems

Chart 4

(0.01)

0.02

2

Before SpecialItems

0.22

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 8

161170

205

255

287

346335

371

406407

100

150

200

250

300

350

400

450

500

Q1 Q2 Q3 Q4 Q1

Average Mill Net 3rd-Party Realizations —OSB and Lumber / Engineered Lumber

$/Thousand

208020902148

22282235

14291440148114731480

1200

1400

1600

1800

2000

2200

2400

2600

Q1 Q2 Q3 Q4 Q1

OSB and Lumber Engineered Lumber $/Unit

OSB ($/M 3/8”)

Lumber ($/MBF)

TJI’s ($/MLF)

Solid Section ($/CCF)

2006 20062007 2007

Chart 5

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 9

Average Mill Net 3rd-Party Realizations —Cellulose Fiber

Chart 6

681

654648

621

605

580

600

620

640

660

680

700

Q1 Q2 Q3 Q4 Q1

$/ADMTCellulose Fiber

2006 2007

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 10

49.65

52.28

54.1453.88

53.52

46

47

48

49

50

51

52

53

54

55

56

57

Q1 Q2 Q3 Q4 Q1

461

389

443

455

469

325

350

375

400

425

450

475

500

Q1 Q2 Q3 Q4 Q1

Average Mill Net 3rd-Party Realizations —Containerboard and Packaging

$/TonContainerboard Packaging (Box)

$/MSF

Chart 7

2006 2007 2006 2007

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 11

Weyerhaeuser Real Estate

Chart 8

2005 2006 2007

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Sales Traffic (in thousands) 64 90 90 63 72 62 53 45 61

Net New Orders 1,378 1,525 1,608 1,174 1,472 1,325 906 838 1,684

Cancellation Rate (%) 15% 12% 17% 22% 19% 26% 36% 36% 16%

Average Home Closing Price ($ Thousands) $450 $468 $461 $506 $485 $491 $512 $526 $480

Key Indicators

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 12

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

$1.50

2006 Q4 Volume Price/Mix Mfg. Cost Real Estate &Related

Other 2007 Q1

Key Changes in Earnings per Share2006 Q4 vs. 2007 Q1

$ per Share Before Special Items1

Before SpecialItems

0.92

0.20

Before SpecialItems

Chart 9

2

(0.07)

0.11

(0.05)

(0.72)

0.01

1A reconciliation before Special Items to GAAP can be found on Chart 3 and at www.Weyerhaeuser.com2Q4 includes 14 weeks of results vs. 13 weeks in Q1, with the exception of Fine Paper which had 9 weeks of results in Q1

New York City

DTP/3065 2007 Q1.ppt • 05/04/07 • 13DTP/3065 2006 Q4.ppt • 02/09/07 • 13