3 | 05/19/2011 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. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding the 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 the presentation. 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 a variation of those terms. This presentation contains forward-looking statements regarding the Company’s expectations regarding second quarter 2011, including housing market conditions; market challenges for our Timberlands, Wood Products and Real Estate segments; higher selling prices for western logs; higher harvest volumes in Timberlands, partially offset by higher fuel expenses and seasonally higher road and silviculture costs, with increasing global fee harvest volume and percentage of saw timber over time; decreased sales realizations in lumber and OSB, improved operating rates and cost reductions in our Wood Products segment, partially offset by increased log costs; higher price realizations, partially offset by increased scheduled maintenance costs in the Cellulose Fibers segment, with growing demand for fluff pulp over time; and a seasonal increase in home sale closings and lower margins and average sales prices in our single-family homebuilding operations. 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: • 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 the Company’s products, which is related to the strength of the various business segments and economic conditions; • performance of the Company’s manufacturing operations, including maintenance requirements; • raw material prices; • energy and transportation costs; • successful execution of internal performance plans including restructurings and cost reduction initiatives; • level of competition from domestic and foreign producers; • the effect of the Japanese disaster on demand for company products; • the effect of weather and the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters; • federal tax policies; • the effect of forestry, land use, environmental and other governmental regulations; • legal proceedings; • the effect of timing of retirements and changes in the market price of our common stock on charges for share-based compensation; • changes in accounting principles; • performance of pension fund investments and derivatives; and • the other factors described under “Risk Factors” in the Company’s annual report on Form 10-K. The Company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan and China. It also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Canadian dollar, Euro and Yen. Restrictions on international trade or tariffs imposed on imports also may affect the Company. | 
