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WEYERHAEUSERDriving value through performance

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Arkansas Forestry Association | September 24

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FORWARD-LOOKING STATEMENTSAND 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.

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WEYERHAEUSER: Who We Are

~7MILLION ACRES OF

FORESTS

13,000PEOPLE 320 MILLION

SEEDLINGSPLANTED IN THE LAST FIVE YEARS

100%SFI

CERTIFIEDFORESTS

114YEARS OLD

$7.3BILLION IN SALES (2013)

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5

DRIVING VALUE

LEVERS

Portfolio

Performance: Operational Excellence

Capital Allocation

Growing a Truly Great Company

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PORTFOLIO

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FOCUSED PORTFOLIO

*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.

Total Assets $11.1B 528 MM common shares

Pro Forma 2014 Q2*

Timberlands

CelluloseFibers

Wood Products

Timberlands

CelluloseFibers

Wood Products

WRECO(Divested)

BEFORE AFTER

Total Assets $10.4B542 MM common shares

Year End 2012

LongviewTimberlands(Acquired)

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PORTFOLIOSupports a growing and sustainable dividend

TIMBERLANDSStrong, productive asset base

COMPLEMENTARY MANUFACTURING OPERATIONSEnhance timberlands cash flow

Well-positioned businesses with improving cost structures

Wood Products: Strong upside from US housing

Cellulose Fibers: Strong cash flow and growing demand from global markets

2011 2012 2013 2014 (LTM)

(100)

200

500

800

1,100

1,400

1,700

Timberlands Wood Products Cellulose Fibers

$ M

illio

ns

EBITDA*

Supporting a Growing and Sustainable Dividend

*Adjusted EBITDA, LTM as of 2014 Q2. Unallocated items not included. See appendix for reconciliation to GAAP amounts.

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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

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PERFORMANCE

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TIMBERLANDS

2012 2016 - 2018(Outlook)

0

200

400

600

800

BASE BASE

TIMBERLANDS EBITDA*

2014 Anticipated ProgressOperational 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 MMLongview

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.

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Current Benchmark0

50

100

WOOD PRODUCTS: Lumber

OPERATIONAL EXCELLENCE**Controllable Manufacturing Cost

Closing the Gap= $100 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.

2014 Anticipated Progress: $30-40 MM

STRATEGIC INITIATIVES

Reduce controllable manufacturing costs to achieve industry-leading cost structure

Maintain value-added product mix

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WOOD PRODUCTS: OSB

Current Benchmark50

75

100

$50 MM

% R

elia

bili

ty

**Note: Reliability benchmark is mill Best in Class. Current is based on Q3 2013 YTD data.

Improve Product Mix

Current Goal0

25

50

75

$10 MM%

Val

ue

Ad

ded

Pro

du

ct

OPERATIONAL EXCELLENCE**

Improve Reliability

2014 Anticipated Progress = $5-10 MM

STRATEGIC INITIATIVES

Drive down controllable costs by improving reliability

Grow higher-margin products

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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

2011 2012 2013 2014 YTD0%

5%

10%

15%ELP EBITDA MARGIN*

2011 2012 2013 2014 YTD-8%

-4%

0%DISTRIBUTION EBITDA MARGIN*

2014 Target = $30-40 MM improvement in each business versus 2013

2014 Anticipated Progress Both businesses on track to achieve

$30-40 MM improvement

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CELLULOSE FIBERS

OPERATIONAL EXCELLENCE**Reduce Controllable Cost

Current Goal625

675

725

$/

Ton

$100 MM

**Cost of Goods Sold, excluding inflation. Current is based on Q3 2013 YTD data.

2014 Anticipated Progress = $25-30 MM

STRATEGIC INITIATIVES

Reduce cost

Grow with global customers

Innovate high-margin products

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CAPITAL ALLOCATION

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2011 Q1 2012 Q4 2013 Q2 2013 Q3 2014 Q3

$0.15 $0.17

$0.20$0.22

$0.29

CAPITAL ALLOCATION

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

Maintain appropriate capital structure

+13%

+18%+10%

+32%

+40%increase in

capital investment in 2014 compared

with 2013 levels

Quarterly Dividend Per Share

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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

DierksLumber Mill

EmersonVeneer Facility

Sales Office in

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MARKET TRENDS

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HOUSING RECOVERS TO TREND

1899

1904

1909

1914

1919

1924

1929

1934

1939

1944

1949

1954

1959

1964

1969

1974

1979

1984

1989

1994

1999

2004

2009

2014

0.0

0.5

1.0

1.5

2.0

2.5

*RISI

*John Burns

*Global Insight

Total U.S. Housing Starts(Seasonally Adjusted Annual Rate)

Source: Census

*Forecast

The Harvard Joint Center for Housing Studies forecasts

trend (2015 and beyond) housing starts ranging between

1.6 and 1.9 million units

Million Units

Quarterly

Approximately 1.5 million starts expected

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LOG PRICES: Positive Outlook West has strengthened, with more upside expected South recovery still ahead

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 20170

100

200

300

400

500

600

DELIVERED LOG PRICESOUTHERN AVERAGE PINE SAWLOG

$/MBF

Annual

Forecast*

Source: Log Lines, *FEA, RISI

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 20170

100

200

300

400

500

600

700

800

900

DELIVERED LOG PRICE

$/MBF

Annual

Forecast*

Source: Log Lines, *FEA, RISI

DOUGLAS FIR #2

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WOOD PRODUCTSStrong Growth for Lumber, OSB & Engineered Wood

DEMAND DRIVERS• New residential construction

• Repair & remodel, industrial & export

2000 2002 2004 2006 2008 2010 2012 2014 2016 20180

10

20

30

Billion Square Feet

Annual

Forecast*

2000 2002 2004 2006 2008 2010 2012 2014 2016 20180

200

400

600

800

1000

1200

1400

Million Linear Feet

Annual

Forecast*

Source: *FEA

35

45

55

65

75

85

1995 1998 2001 2004 2007 2010 2013 2016

NORTH AMERICAN LUMBER DEMAND

Annual

NORTH AMERICAN I-JOIST DEMAND

NORTH AMERICAN OSB DEMAND

Billion Board Feet

Forecast*

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FLUFF DEMAND GROWTHEmerging Economies

2003 2008 2012 20170

1

2

3

4

5

6

7

Fluff Market Pulp Consumption by Region

Million Tons

AnnualSource: Starr, Weyerhaeuser CF Business

Rest ofWorld

Rest of Asia

Japan

Europe

N.A.

Forecast*

Growing demand of 3.5% a year Southern pine ideal for fluff pulp; globally competitive cost position

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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

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QUESTIONS?