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2	Forward-looking Statement This presentation 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 2008; homebuilding starts in the second quarter of 2008, higher costs for energy and silvaculture, additional expenses for storm salvage operations, increased annual maintenance downtime in company facilities, demand and pricing for the company’s wood products in the second quarter 2008, earnings and performance of the company’s business segments during the second quarter 2008, box prices and shipments, , seasonal increases in OCC and fiber costs in the second quarter 2008 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 and cost reduction initiatives; 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, windstorms, hurricanes, 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.
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4	2008 Q1 Consolidated Results
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8	Segment Highlights — Timberlands 1st Quarter Highlights Export and domestic log prices were modestly lower in the West Fiber log prices in the South increased slightly Earnings from sales of non-strategic timberlands were lower
9	Segment Highlights — Wood Products 1st Quarter Highlights Average price realizations for lumber, OSB and engineered wood products declined Log costs were lower and sales and distribution costs declined Incurred charges of $56 million for facility closures and asset impairments and $18 million for litigation reserves
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11	Segment Highlights — Cellulose Fibers 1st Quarter Highlights Average price realizations for both pulp and liquid packaging board increased Scheduled maintenance outage costs increased Chemical, energy and fiber costs increased Pulp shipments declined due to the expiration of a brokerage agreement with Domtar
12	Segment Highlights — Containerboard, Packaging & Recycling 1st Quarter Highlights Packaging price realizations increased, but shipment volumes were seasonally lower Fiber costs increased for both chips and OCC Transportation and energy costs increased due to higher fuel prices and seasonally higher energy usage Depreciation of assets ceased on March 15^th resulting in an $11 million benefit
13	Average 3rd-Party Realizations — Containerboard and Packaging
14	Segment Highlights — Real Estate 1st Quarter Highlights Gains from land sales decreased $80 million Earnings from single-family homebuilding declined due to lower margins and closings Asset impairment charges totaled $33 million for homebuilding and $19 million related to investment activities of Weyerhaeuser Realty Investors
15	2008 2Q Outlook
16	Appendix
17	2008 Q1 Earnings Summary
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