2. Forward-Looking Statement

4. To Reach Our Goal

5. Signs of Progress

7. Financial Philosophy

8. Capital Structure Targets

9. Key Focus Areas

10. Capturing Willamette Synergies

11. Operating Income as Reported

13. Net Cash Flow from Operations

15. Goal: To Be a Global Leader

17. Agenda

18. Chief Operating Officer Role

19. Capital Spending

20. Capital Spending (cont.)

21. Changes in Capital Spending

25. Timberlands Portfolio

26. Timberlands Harvest

27. Timberlands Cash Flow

29. Saw Timber Self-Sufficiency

30. Portfolio Management

31. Unit Value Increases as Tree
Ages

33. Current Status

34. Summary

36. Profitable Regardless of the
Market

37. Couple Best Manufacturing to
Fee Timber

38. Couple Best Manufacturing to
Fee Timber

39. Asset Rationalization

42. Leverage World-Class
Technology

43. Leverage World-Class
Technology

45. Leverage World-Class
Technology

46. Leverage World-Class
Technology

47. Build on a Strong Market
Presence

48. Build on a Strong Market
Presence

49. Build on a Strong Market
Presence

50. Build on a Strong Market
Presence

53. Top 10 Market Pulp Producers
Worldwide

54. Forest Regions and Mill
Locations

55. Weyerhaeuser Has a Larger
Share of More Stable N.A. Pulp
Markets

56. Product Mix Heavily Weighted
Toward Fluff Production
Compared to the Industry

57. Weyerhaeuser Market Pulp
Products

58. Uncoated Freesheet (UCFS)
Mills

59. N.A. UCFS Capacity and Share

60. N.A. USFS 2003 Paper Machine
Width and Age

61. Capacity Rationalization

62. UCFS Competitive Advantage

63. Gaining Synergies

64. Uncoated Freesheet Segments

65. Summary

67. Containerboard Packaging &
Recycling U.S. Leader in
Industry

68. Containerboard Packaging
Overview

69. Containerboard

71. U.S. Containerboard Market
Position

72. Packaging

74. U.S. Box Market Position

75. Recycling

78. Optimize Mills to Drive Costs
Down

79. Reduce Costs

81. System Weighted Average Cash
Operating Costs

82. Low Capital Requirements

83. Paper Machine Age Class

84. Packaging is a Low-Cost System

85. The Future

86. Grow the Packaging Business

87. Retail Trends

88. Retailers

91. Develop Retail

92. Summary

94. Weyerhaeuser Real Estate
Company

95. Weyerhaeuser Real Estate and
Related Activities

96. Real Estate Performance Has
Improved

97. WRECO 2002 Rankings

98. Who We Are

104. National Housing Market
Expected to Remain Strong

105. Large Builders Continue to Gain
Market Share

107. Summary

109. Weyerhaeuser Today