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2	Forward-looking Statement This 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. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition. The company will not update these forward-looking statements after the date of this news release. Some forward-looking statements discuss the company’s plans, strategies and intentions. They use words such as “expects,” “may,” “will,” “believes,” “should,” “approximately,” “anticipates,” “estimates,” and “plans.” In addition, these words may use the positive or negative or other variations of those terms. This release contains forward-looking statements regarding the company’s expectations during the fourth quarter of 2008 regarding: the company’s markets, earnings and performance of the company’s business segments, continued declines in homebuilding starts, lower timberland harvest levels, decreasing pricing and volumes for the company’s wood products, lower pulp prices, lower average sales price realizations for home sales and related matters. The major risks, uncertainties and assumptions that affect the company’s businesses and may cause actual results to differ from these forward-looking statements, include, but are not limited to: The effect of general economic conditions, including housing starts, the level of interest rates and employment rates; Market demand for the company’s products, which may be tied to the relative strength of various U.S. business segments and economic conditions; 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; Energy prices; Raw material prices; Chemical prices; 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 also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan. It also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Euro and the Canadian dollar. Restrictions on international trade or tariffs imposed on imports also may affect the company.
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4	2008 Q3 Consolidated Results
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8	Segment Highlights — Timberlands 3rd Quarter Highlights Higher oil and gas revenues Increase in sales of non-strategic timberlands Lower domestic log prices Seasonal decline in fee harvest volumes Included losses related to international operations of approximately $6 million
9	Segment Highlights — Wood Products 3rd Quarter Highlights Average price realizations for lumber, OSB and engineered lumber products improved Manufacturing and SG&A costs declined Lower shipment volumes for all primary products Included charges of $37 million for asset impairments and income of $13 million for a reduction in the hardboard siding claims reserve
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11	Segment Highlights — Cellulose Fibers 3rd Quarter Highlights Fewer annual maintenance outages resulted in lower maintenance costs and improved productivity Average pulp price realizations increased Higher chemical and freight costs
12	Segment Highlights — Containerboard, Packaging & Recycling 3rd Quarter Highlights Weyerhaeuser sold its Containerboard, Packaging & Recycling operations to International Paper on August 4 3rd quarter results reflect the segment’s operations for the month of July Weyerhaeuser recognized a pre-tax gain on sale of $1.17 billion in the 3rd quarter This gain is offset by a $869 million tax liability, resulting in a $303 million after-tax gain on sale of operations The high overall tax rate on the sale results from the write-off of approximately $1.25 billion in goodwill, which is not deductible for income tax purposes
13	Segment Highlights — Real Estate 3rd Quarter Highlights Asset impairments and investment-related charges were $235 million 3rd quarter included an $87 million loss on an acreage sale and $12 million of income from a commercial partnership investment Loss from homebuilding operations was slightly lower due to the mix of homes closed and lower selling expenses
14	2008 4Q Outlook
15	Financial Update
16	Appendix
17	2008 Q3 Earnings Summary
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