Weyerhaeuser Announces Payment of the Special Dividend

Weyerhaeuser Company (NYSE: WY) today announced payment of the
previously announced $5.6 billion special dividend. The dividend
consisted of approximately 324 million shares of common stock and $560
million in cash.

The special dividend is payable to shareholders of record as of July 22
in connection with the company's previously announced intent to convert
to a real estate investment trust (REIT). Based on the shares
outstanding on July 22, the dividend value per share is $26.46341416.
The shareholders who elected to receive the special dividend in cash
will receive $4.03285264 per share in cash and 1.44340808 per share in
stock. Those receiving the dividend in stock will receive 1.70292240 per
share in stock.

After paying the dividend, the company will have approximately 536
million common shares outstanding.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world′s largest forest products
companies, began operations in 1900. We grow and harvest trees, build
homes and make a range of forest products essential to everyday lives.
We manage our timberland on a sustainable basis in compliance with
internationally recognized forestry standards. At the end of 2009, we
employed approximately 14,900 employees in 10 countries. We have
customers worldwide and generated $5.5 billion in sales in 2009. Our
stock trades on the New York Stock exchange under the symbol WY.
Additional information about us is available at http://www.weyerhaeuser.com.

Weyerhaeuser Company

Media

Bruce Amundson, 253-924-3047

or

Analysts

Kathryn
McAuley, 253-924-2058