Weyerhaeuser (WY) 8-K Weyerhaeuser Reports Fourth Quarter, Full Year Results

Weyerhaeuser Company																Exhibit 99.2
Q4.2014 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Operations
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Dec 31, 2013			Dec 31, 2014			Dec 31, 2013
Net Sales	$	1,736		$	1,964		$	1,915		$	1,788		$	1,768		$	7,403		$	7,254
Cost of products sold	1,361			1,499			1,504			1,399			1,412			5,763			5,716
Gross margin	375			465			411			389			356			1,640			1,538
Selling expenses	28			27			28			29			29			112			125
General and administrative expenses	88			88			73			89			105			338			404
Research and development expenses	7			7			5			8			10			27			33
Charges for restructuring, closures and impairments	19			8			10			7			370			44			377
Other operating income, net	(75		)	(65		)	(23		)	(38		)	(3		)	(201		)	(35		)
Operating income	308			400			318			294			(155		)	1,320			634
Interest income and other	9			11			7			10			16			37			55
Interest expense, net of capitalized interest	(83		)	(83		)	(88		)	(90		)	(113		)	(344		)	(369		)
Earnings from continuing operations before income taxes	234			328			237			214			(252		)	1,013			320
Income taxes	(50		)	(59		)	(39		)	(37		)	270			(185		)	171
Earnings from continuing operations	184			269			198			177			18			828			491
Earnings from discontinued operations, net of income taxes	10			22			966			—			36			998			72
Net earnings	194			291			1,164			177			54			1,826			563
Dividends on preference shares	(11		)	(11		)	(11		)	(11		)	(11		)	(44		)	(23		)
Net earnings attributable to Weyerhaeuser common shareholders	$	183		$	280		$	1,153		$	166		$	43		$	1,782		$	540
Per Share Information
	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Dec 31, 2013			Dec 31, 2014			Dec 31, 2013
Earnings per share attributable to Weyerhaeuser common shareholders, basic:
Continuing operations	$	0.29		$	0.44		$	0.35		$	0.32		$	0.01		$	1.41		$	0.82
Discontinued operations	0.02			0.04			1.82			—			0.06			1.79			0.13
Net earnings per share	$	0.31		$	0.48		$	2.17		$	0.32		$	0.07		$	3.20		$	0.95
Earnings per share attributable to Weyerhaeuser common shareholders, diluted:
Continuing operations	$	0.29		$	0.43		$	0.35		$	0.31		$	0.01		$	1.40		$	0.82
Discontinued operations	0.02			0.04			1.80			—			0.06			1.78			0.13
Net earnings per share	$	0.31		$	0.47		$	2.15		$	0.31		$	0.07		$	3.18		$	0.95
Dividends paid per common share	$	0.22		$	0.22		$	0.29		$	0.29		$	0.22		$	1.02		$	0.81
Weighted average shares outstanding (in thousands):
Basic	584,915			586,061			531,913			524,838			583,610			556,705			566,329
Diluted	589,312			589,766			536,012			529,411			588,616			560,899			571,239
Common shares outstanding at end of period (in thousands)	584,961			586,698			525,485			524,474			583,548			524,474			583,548
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Dec 31, 2013			Dec 31, 2014			Dec 31, 2013
Net earnings	$	194		$	291		$	1,164		$	177		$	54		$	1,826		$	563
Earnings from discontinued operations, net of income taxes	(10		)	(22		)	(966		)	—			(36		)	(998		)	(72		)
Interest income and other	(9		)	(11		)	(7		)	(10		)	(16		)	(37		)	(55		)
Interest expense, net of capitalized interest	83			83			88			90			113			344			369
Income taxes	50			59			39			37			(270		)	185			(171		)
Operating income	308			400			318			294			(155		)	1,320			634
Depreciation, depletion and amortization	123			122			123			125			125			493			458
Non-operating pension and postretirement costs (credits)	(10		)	(11		)	(12		)	(12		)	9			(45		)	40
Special items	(49		)	(39		)	(15		)	(31		)	366			(134		)	366
Adjusted EBITDA*	$	372		$	472		$	414		$	376		$	345		$	1,634		$	1,498
* Non-GAAP measure - see page 8 for definition.

Page 1 of 9

Weyerhaeuser Company
Q4.2014 Analyst Package
Preliminary results, subject to audit
Consolidated Balance Sheet
in millions	March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014		December 31, 2013
ASSETS
Current assets:
Cash and cash equivalents	$	777	$	845	$	1,620	$	1,580	$	830
Receivables, less allowances	543		590		583		525		518
Receivables for taxes	34		37		23		25		101
Inventories	626		596		578		595		542
Prepaid expenses	101		106		97		80		117
Deferred tax assets	186		128		111		228		130
Current assets of discontinued operations	48		988		—		—		88
Total current assets	2,315		3,290		3,012		3,033		2,326
Property and equipment, net	2,596		2,599		2,534		2,623		2,689
Construction in progress	140		157		215		131		112
Timber and timberlands at cost, less depletion charged to disposals	6,574		6,571		6,546		6,530		6,580
Investments in and advances to equity affiliates	189		188		186		188		190
Goodwill	40		40		40		40		42
Deferred tax assets	1		—		—		8		5
Other assets	354		419		292		289		324
Restricted financial investments held by variable interest entities	615		615		615		615		615
Noncurrent assets of discontinued operations	1,762		1,827		—		—		1,694
Total assets	$	14,586	$	15,706	$	13,440	$	13,457	$	14,577
LIABILITIES AND EQUITY
Current liabilities:
Notes payable	$	2	$	—	$	—	$	—	$	2
Accounts payable	365		335		351		331		343
Accrued liabilities	582		597		606		587		629
Current liabilities of discontinued operations	123		137		—		—		154
Total current liabilities	1,072		1,069		957		918		1,128
Long-term debt	4,891		4,891		4,891		4,891		4,891
Long-term debt (nonrecourse to the company) held by variable interest entities	511		511		511		511		511
Deferred income taxes	387		410		338		206		285
Deferred pension and other postretirement benefits	471		422		569		1,319		516
Other liabilities	334		334		318		308		382
Noncurrent liabilities of discontinued operations	35		926		—		—		32
Total liabilities	7,701		8,563		7,584		8,153		7,745
Equity:
Total Weyerhaeuser shareholders' interest	6,852		7,092		5,856		5,304		6,795
Noncontrolling interests	3		2		—		—		3
Noncontrolling interests in discontinued operations	30		49		—		—		34
Total equity	6,885		7,143		5,856		5,304		6,832
Total liabilities and equity	$	14,586	$	15,706	$	13,440	$	13,457	$	14,577

Page 2 of 9

Weyerhaeuser Company
Q4.2014 Analyst Package
Preliminary results, subject to audit
Consolidated Statement of Cash Flows
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Dec 31, 2013			Dec 31, 2014			Dec 31, 2013
Cash flows from operations:
Net earnings	$	194		$	291		$	1,164		$	177		$	54		$	1,826		$	563
Noncash charges (credits) to income:
Depreciation, depletion and amortization	126			126			123			125			129			500			472
Deferred income taxes, net	36			89			45			35			(102		)	205			(29		)
Pension and other postretirement benefits	(47		)	(44		)	(13		)	(48		)	22			(152		)	101
Share-based compensation expense	9			11			9			11			8			40			42
Charges for impairment of assets	—			1			—			1			367			2			372
Net gains on dispositions of assets and operations	(25		)	(21		)	(1,002		)	(2		)	(16		)	(1,050		)	(58		)
Foreign exchange transaction (gains) losses	14			(12		)	13			12			1			27			7
Change in:
Receivables less allowances	(1		)	(47		)	20			57			85			29			(27		)
Receivable for taxes	67			(3		)	13			(1		)	(70		)	76			(6		)
Inventories	(88		)	34			8			(20		)	(13		)	(66		)	(13		)
Real estate and land	(72		)	(35		)	(26		)	—			13			(133		)	(166		)
Prepaid expenses	3			(3		)	6			11			(10		)	17			(26		)
Accounts payable and accrued liabilities	(80		)	(17		)	21			(22		)	(96		)	(98		)	(51		)
Deposits on land positions and other assets	12			(4		)	7			—			(7		)	15			(18		)
Pension and postretirement contributions	(33		)	(30		)	(22		)	(16		)	(33		)	(101		)	(137		)
Other	(6		)	(14		)	(13		)	(16		)	16			(49		)	(22		)
Net cash from operations	109			322			353			304			348			1,088			1,004
Cash flows from investing activities:
Property and equipment	(51		)	(83		)	(105		)	(115		)	(110		)	(354		)	(261		)
Timberlands reforestation	(14		)	(11		)	(7		)	(9		)	(4		)	(41		)	(32		)
Acquisition of Longview Timber LLC, net of cash acquired	—			—			—			—			—			—			(1,581		)
Net proceeds from Real Estate Divestiture, net of cash divested	—			—			707			—			—			707			—
Proceeds from sale of assets	19			1			4			4			5			28			20
Net proceeds of investments held by special purpose entities	—			—			—			—			—			—			22
Other	—			—			25			(4		)	(2		)	21			3
Cash from investing activities	(46		)	(93		)	624			(124		)	(111		)	361			(1,829		)
Cash flows from financing activities:
Net proceeds from issuance of common shares	—			—			—			—			—			—			897
Net proceeds from issuance of preference shares	—			—			—			—			—			—			669
Net proceeds from issuance of debt	—			—			—			—			550			—			1,044
Net proceeds from issuance of Weyerhaeuser Real Estate Company (WRECO) debt	—			887			—			—			—			887			—
Deposit of WRECO debt proceeds into escrow	—			(887		)	—			—			—			(887		)	—
Cash dividends on common shares	(129		)	(128		)	(154		)	(152		)	(128		)	(563		)	(458		)
Cash dividends on preference shares	—			(11		)	(11		)	(22		)	(23		)	(44		)	(23		)
Change in book overdrafts	(6		)	—			(11		)	—			(1		)	(17		)	7
Payments on debt	—			—			—			—			(1,227		)	—			(1,567		)
Exercises of stock options	15			39			30			35			21			119			162
Repurchase of common stock	—			—			(123		)	(80		)	—			(203		)	—
Other	2			(1		)	4			(1		)	9			4			31
Cash from financing activities	(118		)	(101		)	(265		)	(220		)	(799		)	(704		)	762
Net change in cash and cash equivalents	(55		)	128			712			(40		)	(562		)	745			(63		)
Cash and cash equivalents at beginning of period	835			780			908			1,620			1,397			835			898
Cash and cash equivalents at end of period	$	780		$	908		$	1,620		$	1,580		$	835		$	1,580		$	835
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	101		$	52		$	100		$	66		$	91		$	319		$	366
Income taxes	$	(50	)	$	5		$	5		$	3		$	12		$	(37	)	$	8
Noncash investing and financing activity:
Acquisition of Longview Timber LLC, debt assumed	$	—		$	—		$	—		$	—		$	—		$	—		$	1,070
Common shares tendered in WRECO divestiture	$	—		$	—		$	1,954		$	—		$	—		$	1,954		$	—

Page 3 of 9

Weyerhaeuser Company													Total Company Statistics
Q4.2014 Analyst Package
Preliminary results, subject to audit
Special Items Included in Net Earnings
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Dec 31, 2013			Dec 31, 2014			Dec 31, 2013
Net earnings attributable to Weyerhaeuser common shareholders	$	183		$	280		$	1,153		$	166		$	43		$	1,782		$	540
Restructuring, impairments and other charges	13			5			6			4			247			28			247
Gain on sale of non-strategic asset	(14		)	—			—			—			—			(14		)	—
Gain on postretirement plan amendment	(29		)	(29		)	(15		)	(25		)	—			(98		)	—
Loss on early extinguishment of debt	—			—			—			—			25			—			25
Tax adjustments	—			—			—			—			(168		)	—			(168		)
Net earnings attributable to Weyerhaeuser common shareholders before special items	153			256			1,144			145			147			1,698			644
Earnings from discontinued operations, net of income taxes	(10		)	(22		)	(966		)	—			(36		)	(998		)	(72		)
Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items	$	143		$	234		$	178		$	145		$	111		$	700		$	572
	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Dec 31, 2013			Dec 31, 2014			Dec 31, 2013
Net earnings per diluted share attributable to Weyerhaeuser common shareholders	$	0.31		$	0.47		$	2.15		$	0.31		$	0.07		$	3.18		$	0.95
Restructuring, impairments and other charges	0.02			0.01			0.01			0.01			0.42			0.05			0.42
Gain on sale of non-strategic asset	(0.02		)	—			—			—			—			(0.02		)	—
Gain on postretirement plan amendment	(0.05		)	(0.04		)	(0.03		)	(0.05		)	—			(0.18		)	—
Loss on early extinguishment of debt	—			—			—			—			0.05			—			0.05
Tax adjustments	—			—			—			—			(0.29		)	—			(0.30		)
Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items	0.26			0.44			2.13			0.27			0.25			3.03			1.12
Earnings from discontinued operations, net of income taxes	(0.02		)	(0.04		)	(1.80		)	—			(0.06		)	(1.78		)	(0.13		)
Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items	$	0.24		$	0.40		$	0.33		$	0.27		$	0.19		$	1.25		$	0.99
Selected Total Company Items
in millions	Q1			Q2			Q3			Q4						Year-to-date
	Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Dec 31, 2013			Dec 31, 2014			Dec 31, 2013
Depreciation, depletion and amortization:
Cost of products sold	$	117		$	117		$	117		$	119		$	120		$	470		$	435
Selling, general and administrative expenses	6			5			6			6			5			23			23
Total depreciation, depletion and amortization	$	123		$	122		$	123		$	125		$	125		$	493		$	458
Pension and postretirement costs:
Pension and postretirement costs allocated to business segments	$	10		$	12		$	11		$	12		$	14		$	45		$	56
Pension and postretirement costs (credits) not allocated	(10		)	(11		)	(12		)	(12		)	9			(45		)	40
Total company pension and postretirement costs	$	—		$	1		$	(1	)	$	—		$	23		$	—		$	96
Total decrease (increase) in working capital(1)	$	(170	)	$	49		$	106		$	6		$	(17	)	$	(9	)	$	(52	)
Cash spent for capital expenditures	$	(63	)	$	(92	)	$	(112	)	$	(124	)	$	(113	)	$	(391	)	$	(283	)
(1) Working capital does not include cash balances.

Page 4 of 9

Weyerhaeuser Company														Timberlands Segment
Q4.2014 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Sales to unaffiliated customers		$	377		$	397		$	364		$	359		$	364		$	1,497		$	1,343
Intersegment sales		238			186			218			225			215			867			799
Total net sales		615			583			582			584			579			2,364			2,142
Cost of products sold		431			399			432			424			425			1,686			1,592
Gross margin		184			184			150			160			154			678			550
Selling expenses		2			2			2			1			2			7			10
General and administrative expenses		26			23			23			25			26			97			103
Research and development expenses		4			3			4			5			6			16			19
Charges for restructuring, closures and impairments		—			—			1			—			—			1			2
Other operating income, net		(12		)	(14		)	(16		)	(14		)	(13		)	(56		)	(50		)
Operating income		164			170			136			143			133			613			466
Interest income and other		—			—			—			—			1			—			4
Net contribution to earnings		$	164		$	170		$	136		$	143		$	134		$	613		$	470
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Operating income		$	164		$	170		$	136		$	143		$	133		$	613		$	466
Depreciation, depletion and amortization		52			51			51			53			51			207			166
Adjusted EBITDA*		$	216		$	221		$	187		$	196		$	184		$	820		$	632
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Total decrease (increase) in working capital(1)		$	(29	)	$	(15	)	$	25		$	8		$	(7	)	$	(11	)	$	(7	)
Cash spent for capital expenditures		$	(19	)	$	(18	)	$	(19	)	$	(18	)	$	(21	)	$	(74	)	$	(73	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Third Party Net Sales (millions)	Logs:
	West	$	257		$	261		$	227		$	227		$	230		$	972		$	828
	South	62			60			69			66			64			257			256
	Canada	6			1			5			10			4			22			19
	Total logs	325			322			301			303			298			1,251			1,103
	Chip sales	3			2			4			3			2			12			9
	Timberlands exchanges	4			28			17			3			21			52			65
	Higher and better use land sales	3			7			4			5			9			19			19
	Minerals, oil and gas	7			8			10			7			6			32			32
	Products from international operations	24			26			22			24			22			96			90
	Other products	11			4			6			14			6			35			25
	Total	$	377		$	397		$	364		$	359		$	364		$	1,497		$	1,343
Logs Third Party Sales Realizations (per cubic meter)	West	$	114.46		$	109.13		$	102.23		$	106.73		$	104.91		$	108.19		$	107.36
	South	$	44.88		$	45.16		$	45.30		$	45.56		$	43.72		$	45.23		$	43.49
	Canada	$	35.30		$	38.04		$	37.75		$	38.82		$	38.68		$	37.58		$	37.71
	International	$	16.99		$	16.27		$	19.95		$	18.64		$	23.05		$	18.06		$	24.22
Logs Third Party Sales Volumes (cubic meters, thousands)	West	2,246			2,390			2,223			2,121			2,185			8,980			7,708
	South	1,385			1,339			1,500			1,454			1,468			5,678			5,888
	Canada	156			30			152			254			128			592			511
	International	147			139			170			148			112			604			357
	Total	3,934			3,898			4,045			3,977			3,893			15,854			14,464
Logs Fee Harvest Volumes (cubic meters, thousands)	West	2,875			2,888			2,656			2,754			2,686			11,173			8,907
	South	2,866			2,715			2,950			3,145			3,007			11,676			11,596
	International	249			249			232			260			243			990			818
	Total	5,990			5,852			5,838			6,159			5,936			23,839			21,321

Page 5 of 9

Weyerhaeuser Company														Wood Products Segment
Q4.2014 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Sales to unaffiliated customers		$	898		$	1,077		$	1,048		$	947		$	926		$	3,970		$	4,009
Intersegment sales		19			21			20			20			16			80			71
Total net sales		917			1,098			1,068			967			942			4,050			4,080
Cost of products sold		791			939			910			855			826			3,495			3,385
Gross margin		126			159			158			112			116			555			695
Selling expenses		25			23			22			24			24			94			98
General and administrative expenses		37			30			31			32			32			130			141
Research and development expenses		1			2			—			1			2			4			6
Charges for restructuring, closures and impairments		—			2			—			—			11			2			13
Other operating income, net		(1		)	—			—			(1		)	(1		)	(2		)	(4		)
Operating income		64			102			105			56			48			327			441
Interest income and other		—			—			—			—			—			—			—
Net contribution to earnings		$	64		$	102		$	105		$	56		$	48		$	327		$	441
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Operating income		$	64		$	102		$	105		$	56		$	48		$	327		$	441
Depreciation, depletion and amortization		29			30			30			30			30			119			123
Special items		—			—			—			—			10			—			10
Adjusted EBITDA*		$	93		$	132		$	135		$	86		$	88		$	446		$	574
* Non-GAAP measure - see page 8 for definition.
Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)
		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Charges for restructuring, closures and impairments		$	—		$	—		$	—		$	—		$	(10	)	$	—		$	(10	)
Selected Segment Items
		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Total decrease (increase) in working capital(1)		$	(137	)	$	29		$	41		$	29		$	40		$	(38	)	$	(5	)
Cash spent for capital expenditures		$	(18	)	$	(38	)	$	(56	)	$	(78	)	$	(61	)	$	(190	)	$	(113	)
(1) Working capital does not include cash balances.
Segment Statistics
in millions, except for third-party sales realizations		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Structural Lumber (board feet)	Third party net sales	$	427		$	515		$	500		$	459		$	440		$	1,901		$	1,873
	Third party sales realizations	$	432		$	427		$	431		$	415		$	413		$	426		$	422
	Third party sales volumes(1)	989			1,206			1,162			1,106			1,066			4,463			4,436
	Production volumes	1,009			1,081			1,049			1,013			970			4,152			4,084
	Outside purchase volumes	78			82			91			94			83			345			354
Engineered Solid Section (cubic feet)	Third party net sales	$	90		$	114		$	104		$	94		$	90		$	402		$	353
	Third party sales realizations	$	1,959		$	1,976		$	2,031		$	2,060		$	2,006		$	2,005		$	1,936
	Third party sales volumes(1)	4.6			5.8			5.1			4.5			4.5			20.0			18.2
	Production volumes	4.9			5.7			5.2			4.6			4.2			20.4			18.0
	Outside purchase volumes	1.8			0.5			—			—			0.2			2.3			1.8
Engineered I-joists (lineal feet)	Third party net sales	$	59		$	81		$	74		$	63		$	63		$	277		$	247
	Third party sales realizations	$	1,454		$	1,470		$	1,540		$	1,549		$	1,485		$	1,502		$	1,393
	Third party sales volumes(1)	40			55			49			40			42			184			177
	Production volumes	44			55			50			33			38			182			168
	Outside purchase volumes	1			3			1			2			2			7			8
Oriented Strand Board (square feet 3/8')	Third party net sales	$	148		$	159		$	157		$	146		$	161		$	610		$	809
	Third party sales realizations	$	230		$	226		$	215		$	206		$	237		$	219		$	292
	Third party sales volumes(1)	641			706			732			709			678			2,788			2,772
	Production volumes	657			681			717			694			673			2,749			2,723
	Outside purchase volumes	53			51			52			61			54			217			227
Softwood Plywood (square feet 3/8')	Third party net sales	$	30		$	35		$	42		$	36		$	29		$	143		$	144
	Third party sales realizations	$	332		$	348		$	381		$	384		$	339		$	362		$	358
	Third party sales volumes(1)	90			102			110			93			87			395			402
	Production volumes	59			60			72			61			55			252			241
	Outside purchase volumes	33			36			31			42			40			142			155
(1) Sales volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

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Weyerhaeuser Company														Cellulose Fibers Segment
Q4.2014 Analyst Package
Preliminary results, subject to audit
Segment Statement of Operations
in millions		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Total net sales		$	461		$	490		$	503		$	482		$	478		$	1,936		$	1,902
Cost of products sold		390			381			427			379			397			1,577			1,621
Gross margin		71			109			76			103			81			359			281
Selling expenses		4			4			3			4			3			15			17
General and administrative expenses		20			20			18			18			17			76			79
Research and development expenses		2			2			1			2			2			7			8
Other operating income, net		(9		)	(8		)	(6		)	(8		)	(2		)	(31		)	(20		)
Operating income		54			91			60			87			61			292			197
Interest income and other		—			—			(1		)	—			4			(1		)	3
Net contribution to earnings		$	54		$	91		$	59		$	87		$	65		$	291		$	200
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Operating income		$	54		$	91		$	60		$	87		$	61		$	292		$	197
Depreciation, depletion and amortization		38			39			39			39			40			155			156
Adjusted EBITDA*		$	92		$	130		$	99		$	126		$	101		$	447		$	353
* Non-GAAP measure - see page 8 for definition.
Selected Segment Items
		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Total decrease (increase) in working capital(1)		$	31		$	(37	)	$	39		$	(47	)	$	(12	)	$	(14	)	$	12
Cash spent for capital expenditures		$	(26	)	$	(35	)	$	(36	)	$	(26	)	$	(30	)	$	(123	)	$	(92	)
(1) Working capital does not include cash balances.
Segment Statistics
		Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Pulp (air-dry metric tons)	Third party net sales (millions)	$	363		$	383		$	408		$	405		$	390		$	1,559		$	1,501
	Third party sales realizations	$	825		$	845		$	858		$	886		$	818		$	854		$	804
	Third party sales volumes (thousands)	440			454			474			458			477			1,826			1,866
	Production volumes (thousands)	459			467			465			468			450			1,859			1,815
Liquid Packaging Board (tons)	Third party net sales (millions)	$	80		$	87		$	80		$	63		$	72		$	310		$	326
	Third party sales realizations	$	1,122		$	1,165		$	1,185		$	1,028		$	1,029		$	1,129		$	1,068
	Third party sales volumes (thousands)	71			75			68			60			70			274			305
	Production volumes (thousands)	78			79			57			78			85			292			307

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Weyerhaeuser Company													Unallocated Items
Q4.2014 Analyst Package
Preliminary results, subject to audit
Unallocated items are gains or charges not related to or allocated to an individual operating segment. They include a portion of items such as: share-based compensation, pension and postretirement costs, foreign exchange transaction gains and losses associated with outstanding borrowings and the elimination of intersegment profit in inventory and the LIFO reserve.
Contribution to Earnings
in millions	Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Unallocated corporate function expenses	$	(7	)	$	(7	)	$	(3	)	$	(7	)	$	(12	)	$	(24	)	$	(38	)
Unallocated share-based compensation	3			(6		)	1			(7		)	(5		)	(9		)	(8		)
Unallocated pension & postretirement credits (costs)	55			56			35			50			(9		)	196			(40		)
Foreign exchange gains (losses)	(15		)	13			(14		)	(11		)	(1		)	(27		)	(7		)
Elimination of intersegment profit in inventory and LIFO	(19		)	(1		)	12			(2		)	6			(10		)	15
Other	9			(18		)	(14		)	(15		)	(376		)	(38		)	(392		)
Operating income (loss)	26			37			17			8			(397		)	88			(470		)
Interest income and other	9			11			8			10			11			38			48
Net contribution to earnings from continuing operations(1)	$	35		$	48		$	25		$	18		$	(386	)	$	126		$	(422	)
(1) We have reclassified certain results from the prior periods to present the results of operations discontinued in 2014 separately. Our reclassifications had no effect on net earnings or Weyerhaeuser shareholders’ interest.
Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*
in millions	Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Operating income (loss)	$	26		$	37		$	17		$	8		$	(397	)	$	88		$	(470	)
Depreciation, depletion and amortization	4			2			3			3			4			12			13
Non-operating pension and postretirement costs (credits)	(10		)	(11		)	(12		)	(12		)	9			(45		)	40
Special items	(49		)	(39		)	(15		)	(31		)	356			(134		)	356
Adjusted EBITDA*	$	(29	)	$	(11	)	$	(7	)	$	(32	)	$	(28	)	$	(79	)	$	(61	)
* Non-GAAP measure - see below for definition.
Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)
	Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Gain on postretirement plan amendment	$	45		$	45		$	23		$	38		$	—		$	151		$	—
Restructuring, impairments and other charges	(18		)	(6		)	(8		)	(7		)	(356		)	(39		)	(356		)
Gain on sale of non-strategic asset	22			—			—			—			—			22			—
Total	$	49		$	39		$	15		$	31		$	(356	)	$	134		$	(356	)
Unallocated Selected Items
	Q1.2014			Q2.2014			Q3.2014			Q4.2014			Q4.2013			YTD.2014			YTD.2013
Total decrease (increase) in working capital(1)	$	(35	)	$	72		$	1		$	16		$	(38	)	$	54		$	(52	)
Cash spent for capital expenditures	$	—		$	(1	)	$	(1	)	$	(2	)	$	(1	)	$	(4	)	$	(5	)
(1) Working capital does not include cash balances.
*Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income from continuing operations adjusted for depreciation, depletion, amortization, pension and postretirement costs not allocated to business segments (primarily interest cost, expected return on plan assets, amortization of actuarial loss and amortization of prior service cost/credit), special items and discontinued operations. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.

Page 8 of 9

Weyerhaeuser Company												Discontinued Operations
Q4.2014 Analyst Package
Preliminary results, subject to audit
Discontinued operations relate to WRECO, which was combined with TRI Pointe Homes, Inc. through a Reverse Morris Trust transaction on July 7, 2014. It was previously reported under the Real Estate segment and Unallocated Items.
Discontinued Operations Statement of Operations
in millions	Q1.2014			Q2.2014			Q3.2014			Q4.2014		Q4.2013			YTD.2014			YTD.2013
Total net sales	$	248		$	317		$	8		$	—	$	488		$	573		$	1,275
Income (loss) from operations	$	16		$	27		$	(1	)	$	—	$	58		$	42		$	114
Income taxes	(6		)	(5		)	(5		)	—		(22		)	(16		)	(42		)
Net earnings (loss) from operations	10			22			(6		)	—		36			26			72
Net gain on divestiture	—			—			972			—		—			972			—
Net earnings from discontinued operations	$	10		$	22		$	966		$	—	$	36		$	998		$	72

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