2008 Q1 Earnings Summary
($0.24)
($0.70)
(148)
95
(108)
(135)
(156)
21
(23)
(22)
97
0
56
(203)
$116
Q1
2008
0
0
0
22
  Fine Paper
$0.42
$0.55
$0.48
$0.20
Diluted EPS before Special Items 3.
($0.30)
$0.47
$0.15
$3.07
Diluted EPS
($63)
$101
$32
$720
Net Income (loss)
52
(57)
(17)
83
   Income Taxes 2.
(104)
(102)
(150)
(118)
    Interest Expense, net 1.
($11)
$260
$199
$755
Total Contribution to Earnings
(222)
(24)
(68)
566
    Special Items
$211
$284
$267
$189
Total Contribution to Earnings before Special Items
(38)
(38)
(14)
(49)
  Corporate and Other
143
83
76
58
  Real Estate
103
100
88
69
  Containerboard, Packaging & Recycling 5.
80
81
48
22
  Cellulose Fibers
(210)
(109)
(73)
(108)
  Wood Products
$133
$167
$142
$175
  Timberlands
Q4
Q3
Q2
Q1
Revised 4.
Contribution to Earnings before Special Items
2007
$ Millions except EPS
Chart 13
1. Interest expense included $42MM loss in 2007 Q2 on early extinguishment of debt.
2. Income taxes in 2007 Q1 included a $92MM tax benefit on the Canadian portion of the net gain recognized on the distribution of the fine paper business and related assets (Domtar Transaction).  Income taxes in 2007 Q4 include a $13MM net tax benefit from changes in the Canadian federal tax rate and Mexican tax law.
3. A reconciliation to GAAP is set forth on Chart 14 and at www.weyerhaeuser.com
4. 2007 Q1 results have been revised to include a $35MM after-tax adjustment to the net gain on the Domtar Transaction.
5 .Containerboard, Packaging & Recycling is discontinued operations as of March 15, 2008.  A presentation of continuing and discontinued operations is set forth at www.weyerhaeuser.com
3065 2007 Q4.ppt  • 2/08/2008•  17