FEDERAL WAY, WA - Weyerhaeuser Company (NYSE: WY) today reported third quarter net earnings to common shareholders of $1,153 million, or $2.15 per diluted share, on net sales from continuing operations of $1.9 billion. This compares with net earnings of $157 million, or 27 cents per diluted share, on net sales from continuing operations of $1.9 billion for the same period last year.

Third quarter earnings include $966 million from discontinued operations related to the divestiture of Weyerhaeuser Real Estate Company and $9 million from special items. Excluding these items, the company reported net earnings of $178 million, or 33 cents per diluted share for the third quarter. This compares with net earnings from continuing operations before special items of $136 million for the same period last year and $234 million for second quarter 2014.

"We increased our quarterly dividend by 32 percent and repurchased $130 million of common shares in the third quarter, demonstrating our strong commitment to returning cash to shareholders," said Doyle Simons, president and chief executive officer. "Our relentless focus on operational excellence resulted in another very good quarter for earnings and cash flow generation, as we continue to drive sustainable performance improvements in each of our businesses."

WEYERHAEUSER FINANCIAL HIGHLIGHTS

2014

2014

2013

(millions, except per share data)

2Q 

3Q 

3Q 

Net sales from continuing operations

$1,964

$1,915

$1,857

Net earnings attributable to Weyerhaeuser common shareholders(1)

$280

$1,153

$157

Weighted average shares outstanding, diluted(2)

590

536

587

Earnings per diluted share

$0.47

$2.15

$0.27

Earnings per diluted share from continuing operations

$0.43

$0.35

$0.23

Net earnings from continuing operations before special items(3)

$234

$178

$136

Earnings per diluted share from continuing operations before special items

$0.40

$0.33

$0.23

Net change in cash and cash equivalents(4)

$68

$775

($966)

Cash and cash equivalents at end of period(5)

$845

$1,620

$1,392

(1) Includes net earnings from discontinued operations.

(2) Weyerhaeuser's weighted average common shares outstanding decreased during the third quarter of 2014 due to retirement of approximately 59 million shares tendered under the exchange offer associated with the divestiture of Weyerhaeuser Real Estate Company and repurchase of approximately 4 million common shares. At the end of the third quarter the company had approximately 525 million common shares outstanding.

(3) Special items for the second and third quarters of 2014 include gains on a postretirement plan amendment and restructuring charges related to the company's SG&A cost reduction initiative.

(4) Net change in cash and equivalents excludes discontinued operations for all quarters. Third quarter 2014 includes $707 million related to the divestiture of Weyerhaeuser Real Estate Company.

(5) Cash and cash equivalents excludes discontinued operations for all quarters. Third quarter 2013 includes cash and cash equivalents designated for the purchase of Longview Timber LLC and the repayment of their acquired debt.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)

2Q 2014

3Q 2014

Change

Net sales

$397

$364

($33)

Contribution to pre-tax earnings

$170

$136

($34)

3Q 2014 Performance - Sales volumes and realizations for Western logs declined due to seasonally softer  domestic market conditions and reduced Chinese demand. In the South, log sales volumes increased and realizations improved slightly.

Earnings from disposition of non-strategic timberlands decreased by $5 million compared with the second quarter.

4Q 2014 Outlook - Weyerhaeuser anticipates lower earnings from the Timberlands segment in the fourth quarter, primarily due to reduced earnings from disposition of non-strategic timberlands. In the West, the company expects improved log realizations and increased road maintenance costs. In the South, Weyerhaeuser anticipates higher silviculture costs.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)

2Q 2014

3Q 2014

Change

Net sales

$1,077

$1,048

($29)

Contribution to pre-tax earnings

$102

$105

$3

3Q 2014 Performance - Average realizations for lumber and engineered wood products increased, and Western log costs declined. These improvements were largely offset by lower realizations for oriented strand board.

4Q 2014 Outlook - Weyerhaeuser expects earnings from the Wood Products segment in the fourth quarter to be significantly lower than the third quarter, and comparable to fourth quarter 2013. The company anticipates weaker realizations in lumber and oriented strand board, and seasonally lower sales volumes across all product lines.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)

2Q 2014

3Q 2014

Change

Net sales

$490

$503

$13

Contribution to pre-tax earnings

$91

$59

($32)

3Q 2014 Performance - Maintenance costs increased as expected due to an extended planned outage at the company's liquid packaging board facility and additional maintenance outage days within the pulp mill system. These costs were partially offset by higher average price realizations for pulp and liquid packaging board and improved sales volumes.

4Q 2014 Outlook - Weyerhaeuser expects significantly higher earnings from the Cellulose Fibers segment in the fourth quarter due to reduced maintenance expense.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control nearly 7 million acres of timberlands, primarily in the U.S., and manage another 14 million acres under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood and cellulose fibers products. Our company is a real estate investment trust. In 2013, our continuing operations generated $7.3 billion in sales and employed approximately 13,000 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

Weyerhaeuser Company

Exhibit 99.2

Q3.2014 Analyst Package

Preliminary results, subject to audit

Consolidated Statement of Operations

in millions

Q2

Q3

Year-to-date

June 30, 2014

September 30,
2014

September 30,
2013

September 30,
2014

September 30,
2013

Net Sales

$ 1,964

$  1,915

$  1,857

$  5,615

$  5,486

Cost of products sold

1,499

1,504

1,479

4,364

4,304

Gross margin

465

411

378

1,251

1,182

Selling expenses

27

28

32

83

96

General and administrative expenses

88

73

98

249

299

Research and development expenses

7

5

8

19

23

Charges for restructuring, closures and impairments

8

10

1

37

7

Other operating income, net

(65)

(23)

(4)

(163)

(32)

Operating income

400

318

243

1,026

789

Interest income and other

11

7

21

27

39

Interest expense, net of capitalized interest

(83)

(88)

(94)

(254)

(256)

Earnings from continuing operations before income taxes

328

237

170

799

572

Income taxes

(59)

(39)

(24)

(148)

(99)

Earnings from continuing operations

269

198

146

651

473

Earnings from discontinued operations, net of income taxes

22

966

21

998

36

Net earnings

291

1,164

167

1,649

509

Dividends on preference shares

(11)

(11)

(10)

(33)

(12)

Net earnings attributable to Weyerhaeuser common shareholders

$     280

$  1,153

$      157

$  1,616

$      497

Per Share Information

Q2

Q3

Year-to-date

June 30, 2014

September 30, 2014

September 30, 2013

September 30, 2014

September 30, 2013

Earnings per share attributable to Weyerhaeuser common shareholders, basic:

Continuing operations

$     0.44

$      0.35

$      0.23

$      1.09

$      0.83

Discontinued operations

0.04

1.82

0.04

1.76

0.06

Net earnings per share

$     0.48

$      2.17

$      0.27

$      2.85

$      0.89

Earnings per share attributable to Weyerhaeuser common shareholders, diluted:

Continuing operations

$     0.43

$      0.35

$      0.23

$      1.08

$      0.82

Discontinued operations

0.04

1.80

0.04

1.75

0.06

Net earnings per share

$     0.47

$      2.15

$      0.27

$      2.83

$      0.88

Dividends paid per common share

$     0.22

$      0.29

$      0.22

$      0.73

$      0.59

Weighted average shares outstanding (in thousands):

Basic

586,061

531,913

582,828

567,436

560,505

Diluted

589,766

536,012

587,179

571,503

565,383

Common shares outstanding at end of period (in thousands)

586,698

525,485

582,578

525,485

582,578

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*

in millions

Q2

Q3

Year-to-date

June 30,
2014

September 30, 2014

September 30, 2013

September 30, 2014

September 30, 2013

Net earnings

$      291

$    1,164

$       167

$    1,649

$       509

Earnings from discontinued operations, net of income taxes

(22)

(966)

(21)

(998)

(36)

Interest income and other

(11)

(7)

(21)

(27)

(39)

Interest expense, net of capitalized interest

83

88

94

254

256

Income taxes

59

39

24

148

99

Operating income

400

318

243

1,026

789

Depreciation, depletion and amortization

122

123

116

368

333

Non-operating pension and postretirement costs (credits)

(11)

(12)

11

(33)

31

Special items

(39)

(15)

(103)

Adjusted EBITDA*

$     472

$      414

$      370

$  1,258

$  1,153

* Non-GAAP measure - see page 8 for definition.

Weyerhaeuser Company

Q3.2014 Analyst Package

Preliminary results, subject to audit

Consolidated Balance Sheet

in millions

June 30,
2014

September 30,
2014

December 31,
2013

ASSETS

Current assets:

Cash and cash equivalents

$        845

$            1,620

$              830

Receivables, less allowances

590

583

518

Receivables for taxes

37

23

101

Inventories

596

578

542

Prepaid expenses

106

97

117

Deferred tax assets

128

111

130

Current assets of discontinued operations

988

88

Total current assets

3,290

3,012

2,326

Property and equipment, net

2,599

2,534

2,689

Construction in progress

157

215

112

Timber and timberlands at cost, less depletion charged to disposals

6,571

6,546

6,580

Investments in and advances to equity affiliates

188

186

190

Goodwill

40

40

42

Deferred tax assets

5

Other assets

419

292

324

Restricted financial investments held by variable interest entities

615

615

615

Noncurrent assets of discontinued operations

1,827

1,694

Total assets

$ 15,706

$        13,440

$       14,577

LIABILITIES AND EQUITY

Current liabilities:

Notes payable

$          —

$                 —

$                  2

Accounts payable

335

351

343

Accrued liabilities

597

606

629

Current liabilities of discontinued operations

137

154

Total current liabilities

1,069

957

1,128

Long-term debt

4,891

4,891

4,891

Long-term debt (nonrecourse to the company) held by variable interest entities

511

511

511

Deferred income taxes

410

338

285

Deferred pension and other postretirement benefits

422

569

516

Other liabilities

334

318

382

Noncurrent liabilities of discontinued operations

926

32

Total liabilities

8,563

7,584

7,745

Equity:

Total Weyerhaeuser shareholders' interest

7,092

5,856

6,795

Noncontrolling interests

2

3

Noncontrolling interests in discontinued operations

49

34

Total equity

7,143

5,856

6,832

Total liabilities and equity

$ 15,706

$        13,440

$       14,577

Weyerhaeuser Company

Q3.2014 Analyst Package

Preliminary results, subject to audit

Consolidated Statement of Cash Flows

in millions

Q2

Q3

Year-to-date

June 30,
2014

September 30,
2014

September 30,
2013

September 30,
2014

September 30,
2013

Cash flows from operations:

Net earnings

$    291

$          1,164

$             167

$          1,649

$             509

Noncash charges (credits) to income:

Depreciation, depletion and amortization

126

123

120

375

343

Deferred income taxes, net

89

45

24

170

73

Pension and other postretirement benefits

(44)

(13)

27

(104)

79

Share-based compensation expense

11

9

12

29

34

Charges for impairment of assets

1

2

1

5

Net gains on dispositions of assets and operations

(21)

(1,002)

(21)

(1,048)

(42)

Foreign exchange transaction (gains) losses

(12)

13

(2)

15

6

Change in:

Receivables less allowances

(47)

20

8

(28)

(112)

Receivable for taxes

(3)

13

12

77

64

Inventories

34

8

36

(46)

Real estate and land

(35)

(26)

(58)

(133)

(179)

Prepaid expenses

(3)

6

(2)

6

(16)

Accounts payable and accrued liabilities

(17)

21

77

(76)

45

Deposits on land positions and other assets

(4)

7

(1)

15

(11)

Pension and postretirement contributions

(30)

(22)

(35)

(85)

(104)

Other

(14)

(13)

(23)

(33)

(38)

Net cash from operations

322

353

343

784

656

Cash flows from investing activities:

Property and equipment

(83)

(105)

(69)

(239)

(151)

Timberlands reforestation

(11)

(7)

(7)

(32)

(28)

Acquisition of Longview Timber LLC, net of cash acquired

(1,581)

(1,581)

Net proceeds from Real Estate Divestiture, net of cash divested

707

707

Proceeds from sale of assets

1

4

1

24

15

Net proceeds of investments held by special purpose entities

22

Other

25

9

25

5

Cash from investing activities

(93)

624

(1,647)

485

(1,718)

Cash flows from financing activities:

Net proceeds from issuance of common shares

116

897

Net proceeds from issuance of preference shares

669

Net proceeds from issuance of debt

494

494

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

(128)

(154)

(128)

(411)

(330)

Cash dividends on preference shares

(11)

(11)

(22)

Change in book overdrafts

(11)

1

(17)

8

Payments on debt

(163)

(340)

Exercises of stock options

39

30

9

84

141

Repurchase of common stock

(123)

(123)

Other

(1)

4

10

5

22

Cash from financing activities

(101)

(265)

339

(484)

1,561

Net change in cash and cash equivalents

128

712

(965)

785

499

Cash and cash equivalents at beginning of period

780

908

2,362

835

898

Cash and cash equivalents at end of period

$    908

$          1,620

$          1,397

$          1,620

$          1,397

Cash paid (received) during the year for:

Interest, net of amount capitalized

$      52

$             100

$             109

$             253

$             275

Income taxes

$        5

$                 5

$                 2

$             (40)

$               (4)

Noncash investing and financing activity:

Acquisition of Longview Timber LLC, debt assumed

$      —

$               —

$          1,070

$               —

$          1,070

Common shares tendered in WRECO divestiture

$      —

$          1,954

$               —

$          1,954

$               —

Weyerhaeuser Company

Total Company Statistics

Q3.2014 Analyst Package

Preliminary results, subject to audit

Special Items Included in Net Earnings

in millions

Q2

Q3

Year-to-date

June 30,
2014

September 30,
2014

September 30,
2013

September 30,
2014

September 30,
2013

Net earnings attributable to Weyerhaeuser common shareholders

$  280

$        1,153

$            157

$        1,616

$            497

Restructuring, impairments and other charges

5

6

24

Gain on sale of non-strategic asset

(14)

Gain on postretirement plan amendment

(29)

(15)

(73)

Net earnings attributable to Weyerhaeuser common shareholders before special items

256

1,144

157

1,553

497

Earnings from discontinued operations, net of income taxes

(22)

(966)

(21)

(998)

(36)

Net earnings from continuing operations attributable to Weyerhaeuser common shareholders before special items

$  234

$            178

$            136

$            555

$            461

Q2

Q3

Year-to-date

June 30, 2014

September 30, 2014

September 30, 2013

September 30, 2014

September 30, 2013

Net earnings per diluted share attributable to Weyerhaeuser common shareholders

$ 0.47

$           2.15

$           0.27

$           2.83

$           0.88

Restructuring, impairments and other charges

0.01

0.01

0.04

Gain on sale of non-strategic asset

(0.02)

Gain on postretirement plan amendment

(0.04)

(0.03)

(0.13)

Net earnings per diluted share attributable to Weyerhaeuser common shareholders before special items

0.44

2.13

0.27

2.72

0.88

Earnings from discontinued operations, net of income taxes

(0.04)

(1.80)

(0.04)

(1.75)

(0.06)

Net earnings from continuing operations per diluted share attributable to Weyerhaeuser common shareholders before special items

$ 0.40

$           0.33

$           0.23

$           0.97

$           0.82

Selected Total Company Items

in millions

Q2

Q3

Year-to-date

June 30, 2014

September 30, 2014

September 30, 2013

September 30, 2014

September 30, 2013

Depreciation, depletion and amortization:

Cost of products sold

$    117

$             117

$             110

$             351

$             315

Selling, general and administrative expenses

5

6

6

17

18

Total depreciation, depletion and amortization

$    122

$             123

$             116

$             368

$             333

Pension and postretirement costs:

Pension and postretirement costs allocated to business segments

$      12

$               11

$               15

$               33

$               42

Pension and postretirement costs (credits) not allocated

(11)

(12)

11

(33)

31

Total company pension and postretirement costs

$        1

$               (1)

$               26

$               —

$               73

Total decrease (increase) in working capital(1)

$      49

$             106

$             138

$             (15)

$             (35)

Cash spent for capital expenditures

$    (92)

$           (112)

$             (71)

$           (267)

$           (170)

(1)Working capital does not include cash balances.

Weyerhaeuser Company

Timberlands Segment

Q3.2014 Analyst Package

Preliminary results, subject to audit

Segment Statement of Operations

in millions

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Sales to unaffiliated customers

$      397

$      364

$      353

$    1,138

$       979

Intersegment sales

186

218

194

642

584

Total net sales

583

582

547

1,780

1,563

Cost of products sold

399

432

407

1,262

1,167

Gross margin

184

150

140

518

396

Selling expenses

2

2

3

6

8

General and administrative expenses

23

23

27

72

77

Research and development expenses

3

4

4

11

13

Charges for restructuring, closures and impairments

1

1

2

Other operating income, net

(14)

(16)

(11)

(42)

(37)

Operating income

170

136

117

470

333

Interest income and other

1

3

Net contribution to earnings

$     170

$     136

$     118

$     470

$     336

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*

in millions

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Operating income

$     170

$     136

$     117

$     470

$     333

Depreciation, depletion and amortization

51

51

45

154

115

Adjusted EBITDA*

$     221

$     187

$     162

$     624

$     448

* Non-GAAP measure - see page 8 for definition.

Selected Segment Items

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Total decrease (increase) in working capital(1)

$      (15)

$        25

$        31

$       (19)

$        —

Cash spent for capital expenditures

$      (18)

$      (19)

$      (16)

$       (56)

$       (52)

(1)Working capital does not include cash balances.

Segment Statistics

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Third Party 
Net Sales 
(millions)

Logs:

West

$      261

$      227

$      213

$       745

$       598

South

60

69

66

191

192

Canada

1

5

6

12

15

Total logs

322

301

285

948

805

Chip sales

2

4

2

9

7

Timberlands exchanges

28

17

28

49

44

Higher and better use land sales

7

4

2

14

10

Minerals, oil and gas

8

10

9

25

26

Products from international operations

26

22

24

72

68

Other products

4

6

3

21

19

Total

$      397

$      364

$      353

$    1,138

$       979

Logs
Third Party Sales
Realizations
(per cubic meter)

West

$ 109.13

$ 102.23

$ 104.73

$  108.64

$  108.33

South

$   45.16

$   45.30

$   43.32

$    45.12

$    43.42

Canada

$   38.04

$   37.75

$   38.77

$    36.65

$    37.38

International

$   16.27

$   19.95

$   25.07

$    17.88

$    24.75

Logs
Third Party Sales
Volumes
(cubic meters, thousands)

West

2,390

2,223

2,037

6,859

5,523

South

1,339

1,500

1,514

4,224

4,420

Canada

30

152

141

338

383

International

139

170

100

456

245

Total

3,898

4,045

3,792

11,877

10,571

Logs
Fee Harvest Volumes
(cubic meters, thousands)

West

2,888

2,656

2,305

8,419

6,221

South

2,715

2,950

2,928

8,531

8,589

International

249

232

211

730

575

Total

5,852

5,838

5,444

17,680

15,385

Weyerhaeuser Company

Wood Products Segment

Q3.2014 Analyst Package

Preliminary results, subject to audit

Segment Statement of Operations  

in millions

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Sales to unaffiliated customers

$      1,077

$      1,048

$      1,030

$      3,023

$      3,083

Intersegment sales

21

20

19

60

55

Total net sales

1,098

1,068

1,049

3,083

3,138

Cost of products sold

939

910

905

2,640

2,559

Gross margin

159

158

144

443

579

Selling expenses

23

22

24

70

74

General and administrative expenses

30

31

37

98

109

Research and development expenses

2

2

3

4

Charges for restructuring, closures and impairments

2

1

2

2

Other operating costs (income), net

1

(1)

(3)

Operating income

102

105

79

271

393

Interest income and other

Net contribution to earnings

$        102

$        105

$          79

$        271

$        393

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*

in millions

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Operating income

$        102

$        105

$          79

$        271

$        393

Depreciation, depletion and amortization

30

30

31

89

93

Adjusted EBITDA*

$        132

$        135

$        110

$        360

$        486

* Non-GAAP measure - see page 8 for definition.

Selected Segment Items

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Total decrease (increase) in working capital(1)

$           29

$           41

$           74

$         (67)

$         (45)

Cash spent for capital expenditures

$         (38)

$         (56)

$         (26)

$       (112)

$         (52)

(1)Working capital does not include cash balances.

Segment Statistics

in millions, except for third-party sales realizations

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Structural Lumber
(board feet)

Third party net sales

$         515

$         500

$         480

$      1,442

$      1,433

Third party sales realizations

$         427

$         431

$         404

$         430

$         425

Third party sales volumes(1)

1,206

1,162

1,189

3,357

3,370

Production volumes

1,081

1,049

1,040

3,139

3,114

Outside purchase volumes

82

91

92

251

271

Engineered Solid
Section
(cubic feet)

Third party net sales

$         114

$         104

$           97

$         308

$         263

Third party sales realizations

$      1,976

$      2,031

$      1,963

$      1,989

$      1,913

Third party sales volumes(1)

5.8

5.1

4.9

15.5

13.7

Production volumes

5.7

5.2

4.6

15.8

13.8

Outside purchase volumes

0.5

0.3

2.3

1.6

Engineered
I-joists
(lineal feet)

Third party net sales

$           81

$           74

$           68

$         214

$         184

Third party sales realizations

$      1,470

$      1,540

$      1,428

$      1,489

$      1,364

Third party sales volumes(1)

55

49

48

144

135

Production volumes

55

50

44

149

130

Outside purchase volumes

3

1

2

5

6

Oriented Strand
Board
(square feet 3/8')

Third party net sales

$         159

$         157

$         188

$         464

$         648

Third party sales realizations

$         226

$         215

$         246

$         223

$         309

Third party sales volumes(1)

706

732

762

2,079

2,094

Production volumes

681

717

725

2,055

2,050

Outside purchase volumes

51

52

49

156

173

Softwood Plywood
(square feet 3/8')

Third party net sales

$           35

$           42

$           38

$         107

$         115

Third party sales realizations

$         348

$         381

$         344

$         355

$         364

Third party sales volumes(1)

102

110

108

302

315

Production volumes

60

72

62

191

186

Outside purchase volumes

36

31

40

100

115

(1)Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

Weyerhaeuser Company

Cellulose Fibers Segment

Q3.2014 Analyst Package

Preliminary results, subject to audit

Segment Statement of Operations

in millions

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Total net sales

$            490

$            503

$            474

$        1,454

$        1,424

Cost of products sold

381

427

406

1,198

1,224

Gross margin

109

76

68

256

200

Selling expenses

4

3

5

11

14

General and administrative expenses

20

18

21

58

62

Research and development expenses

2

1

2

5

6

Other operating income, net

(8)

(6)

(6)

(23)

(18)

Operating income

91

60

46

205

136

Interest income and other

(1)

1

(1)

(1)

Net contribution to earnings

$              91

$              59

$              47

$            204

$            135

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization*

in millions

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Operating income

$              91

$              60

$              46

$            205

$            136

Depreciation, depletion and amortization

39

39

38

116

116

Adjusted EBITDA*

$            130

$              99

$              84

$            321

$            252

* Non-GAAP measure - see page 8 for definition.

Selected Segment Items

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Total decrease (increase) in working capital(1)

$             (37)

$               39

$               19

$               33

$               24

Cash spent for capital expenditures

$             (35)

$             (36)

$             (28)

$             (97)

$             (62)

(1)Working capital does not include cash balances.

Segment Statistics

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Pulp
(air-dry metric tons)

Third party net sales (millions)

$             383

$             408

$             371

$          1,154

$          1,111

Third party sales realizations

$             845

$             858

$             805

$             843

$             799

Third party sales volumes (thousands)

454

474

460

1,368

1,389

Production volumes (thousands)

467

465

457

1,391

1,365

Liquid
Packaging
Board
(tons)

Third party net sales (millions)

$               87

$               80

$               83

$             247

$             254

Third party sales realizations

$          1,165

$          1,185

$          1,082

$          1,157

$          1,080

Third party sales volumes (thousands)

75

68

76

214

235

Production volumes (thousands)

79

57

67

214

222

Weyerhaeuser Company

Unallocated Items

Q3.2014 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

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Unallocated corporate function expenses

$             (7)

$             (3)

$             (8)

$           (17)

$           (26)

Unallocated share-based compensation

(6)

1

(1)

(2)

(3)

Unallocated pension & postretirement credits (costs)

56

35

(11)

146

(31)

Foreign exchange gains (losses)

13

(14)

2

(16)

(6)

Elimination of intersegment profit in inventory and LIFO

(1)

12

25

(8)

9

Other

(18)

(14)

(5)

(23)

(16)

Operating income (loss)

37

17

2

80

(73)

Interest income and other

11

8

18

28

37

Net contribution to earnings from continuing operations(1)

$            48

$            25

$            20

$          108

$          (36)

(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

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Operating income (loss)

$            37

$            17

$              2

$            80

$          (73)

Depreciation, depletion and amortization

2

3

2

9

9

Non-operating pension and postretirement costs (credits)

(11)

(12)

11

(33)

31

Special items

(39)

(15)

(103)

Adjusted EBITDA*

$          (11)

$             (7)

$            15

$          (47)

$          (33)

* Non-GAAP measure - see below for definition.

Unallocated Special Items Included in Net Contribution to Earnings (Pre-Tax)

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Gain on postretirement plan amendment

$             45

$             23

$             —

$           113

$             —

Restructuring, impairments and other charges

(6)

(8)

(32)

Gain on sale of non-strategic asset

22

Total

$            39

$            15

$            —

$          103

$            —

Unallocated Selected Items

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Total decrease (increase) in working capital(1)

$             72

$               1

$             14

$             38

$           (14)

Cash spent for capital expenditures

$             (1)

$             (1)

$             (1)

$             (2)

$             (4)

(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.

Weyerhaeuser Company

Discontinued Operations

Q3.2014 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

Q2.2014

Q3.2014

Q3.2013

YTD.2014

YTD.2013

Total net sales

$              317

$                   8

$              324

$              573

$              787

Income (loss) from operations

$                 27

$                  (1)

$                 33

$                 42

$                 56

Income taxes

(5)

(5)

(12)

(16)

(20)

Net earnings (loss) from operations

22

(6)

21

26

36

Net gain on divestiture

972

972

Net earnings from discontinued operations

$                22

$              966

$                21

$              998

$                36

Source: Weyerhaeuser Company

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