Weyerhaeuser : WY at Raymond James March 1, 2021 Conference

Weyerhaeuser

Raymond James 42nd Annual Institutional Investors Conference

FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES

This presentation contains statements and depictions that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, with respect to: future goals and prospects; business strategies; factors affecting market supply of lumber; key initiatives; levels of demand and market drivers for our products, including expected growth in U.S. housing demand and repair and remodel activity, as well as expected Western housing starts; market dynamics; HBU acres and our 2021 Adjusted EBITDA outlook and buyer demand for our Real Estate and Energy and Natural Resources business; our new cash dividend framework, base dividend sustainability, payment of supplemental cash dividends and return of cash as a percentage of Adjusted Funds Available for Distribution (Adjusted FAD); capital structure, credit ratings, future debt maturities and use of revolving line of credit; our outlook for 2021 capital expenditures across the company; plans to upgrade and maximize the value of our timberland portfolio; our ambitions set forth in "3 by 30" sustainability goals; and 2021 operational excellence targets. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may be identified by our use of certain words in such statements, including without limitation words such as "anticipate," "believe," "committed," "continue," "continued," "could," "forecast," "growing," "estimate," "outlook," "goal," "will," "plan," "expect," "sustainable," "maintain," "target," "would" and similar words and terms and phrases using such terms and words. Depictions or illustrations that constitute forward-looking statements may be identified by graphs, charts or other illustrations indicating expected or predicted occurrences of events, trends, conditions, performance or achievements at a future date or during future time periods. We may refer to assumptions, goals or targets, or we may reference expected performance through, or events to occur by or at, a future date, and such references may also constitute forward-looking statements. Forward-looking statements are based on our current expectations and assumptions. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that are difficult to predict and often are beyond the company's control. These and other factors could cause one or more of our expectations to be unmet, one or more of our assumptions to be materially inaccurate or actual results to differ materially from those expressed or implied in our forward-looking statements, or all of the foregoing. Such uncertainties and other factors include, without limitation: the effect of general economic conditions, including employment rates, interest rate levels, housing starts, general availability of financing for home mortgages and the relative strength of the U.S. dollar; the effects of COVID-19 and other viral or disease outbreaks and their potential impacts on our business, results of operations, cash flows, financial condition and future prospects; market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions; changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan, and the Canadian dollar, and the relative value of the euro to the yen; restrictions on international trade and tariffs imposed on imports or exports; the availability and cost of shipping and transportation; economic activity in Asia, especially Japan and China; performance of our manufacturing operations, including maintenance and capital requirements; potential disruptions in our manufacturing operations; the level of competition from domestic and foreign producers; our operational excellence initiatives; the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements; raw material availability and prices; the effect of weather; changes in global or regional climate conditions and governmental response to such changes; the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters, including the 2020 fire outbreaks in the Pacific Northwest; energy prices; transportation and labor availability and costs; federal tax policies; the effect of forestry, land use, environmental and other governmental regulations; legal proceedings; performance of pension fund investments and related derivatives; the effect of timing of employee retirements and changes in the market price of our common stock on charges for share-based compensation; the accuracy of our estimates of costs and expenses related to contingent liabilities and charges related to casualty losses; changes in accounting principles; and other risks and uncertainties identified in our 2020 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC. It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements. Nothing on our website is intended to be included or incorporated by reference into, or made a part of, this presentation. Also included in this presentation are certain non-GAAP financial measures, which management believes complement the financial information presented in accordance with U.S. GAAP. Management believes such non-GAAP measures may be useful to investors. Our non-GAAP financial measures may not be comparable to similarly named or captioned non-GAAP financial measures of other companies. A reconciliation of each presented non-GAAP measure to its most directly comparable GAAP measure is provided in the

appendices to this presentation.​

2

WEYERHAEUSER INVESTMENT THESIS

POSITIONED FOR SUPERIOR LONG-TERM VALUE CREATION

STRONG HOUSING SECTOR FUNDAMENTALS

Best U.S. Housing Backdrop in a Decade

•  Renewed preference for larger, single-family homes

•  Ongoing work-from-home flexibility enables migration to affordable locations

•  Demographic trends support growing Millennial homeownership

•  Mortgage rates near record lows

•  Very limited existing re-sale inventory

•  Aging housing stock

•  Rising home equity

Weyerhaeuser is uniquely positioned to capitalize on U.S. housing strength and create value for shareholders

5

6

WHO WE ARE

A Tax-Efficient Timber REIT with Three Industry-Leading Businesses

WHAT WE DO

Create and Capture Superior Value at Every Step

Premium land sales capture every acre's highest value

Proprietary seedlings yield superior growth, wood quality and survival characteristicsDiverse customer mix that fully values our quality, scale, reliability and sustainable practicesCustomized planting deploys the best genetic material for each acre on our land baseLow-cost producer to ensure top margin for lumber, panels and engineered woodTargeted silviculture generates superior volume and value in each geographyOptimal raw materials are cost effectively sourced internally and externally to maximize mill marginsHealthy forests are diverse, productive, and grown sustainably to financial maturityDelivered log model captures maximum value from each tree using data-driven optimizationSuperior efficiency and logistics capabilities for low-cost and reliable operationsSteady royalty and lease income maximizes the value of surface and subsurface assets

8

HOW WE DO IT

Our Sustainability Strategy

For more information, see our fullESG Presentation, view ouralignment with key ESG frameworks, and visitwww.wy.com/sustainability.

9

Environmental Stewardship

Social Responsibility and Corporate Governance

TIMBERLANDS

•  Unrivaled portfolio that cannot be replicated

  •  Diversified holdings at scale

    •  Unmatched timber-growing expertise

      •  Superior supply chain

        •  Enduring value across market cycles

          •  Enhancing portfolio over time

OUR TIMBERLANDS PORTFOLIO

Unmatched Quality, Scale and Diversification

High value Douglas fir

•  Premium land west of the Cascade mountains

•  Sawlogs are approximately 90% of harvest

•  Unique Japan export presence

Premium Southern yellow pine

•  Superior quality pine plantation

•  Balanced mix of grade and fiber logs

•  Scale operations in every major region

Diverse hardwoods and softwoods

•  Premium hardwood sawlogs

•  Maximizing value with over 50 product grades

(1) See appendix for reconciliation to GAAP amounts and definition of Adjusted EBITDA. Other is excluded. Approximate total acres as of December 31, 2020.

BY REGION (2020)

TIMBERLANDS CUSTOMERS

Capture Full Value Through a Diverse Customer Mix

We flex supply to meet dynamic customer demands and capture market opportunities

UNIQUE JAPAN BUSINESS

• • Multi-decade relationships supplying steady post & beam housing market

• • Western timberlands ownership provides premium logs at unrivaled scale

• • Largest log export facility in North America creates substantial supply chain advantage and efficiencies

OTHER EXPORT MARKETS

• • Direct-to-customer strategy facilitates consistent demand

• • Flexibility to quickly respond to shifts in global wood demand

• • Future growth opportunities

Percentages based on 2020 full year Timberlands export sales.

TIMBERLANDS

Enduring Value Across Market Cycles

NCREIF TIMBERLAND INDEX

INDEXTO1987U.S.SOUTH=100

600

500

400

300

200

100

0

INDEXED MARKET VALUE PER ACRE, BY REGION



1987

1990

1993

1996

1999

NorthwestSouth

Source: National Council of Real Estate Investment Fiduciaries (NCREIF) Timberland Index. Changes in index composition may affect average market values (e.g. NCREIF Northwest expanded to include Idaho in 2013).

2002

2005

2008

2011

2014

2017

2020

TIMBERLANDS PORTFOLIO MANAGEMENT

Disciplined and Opportunistic

ENHANCING AND OPTIMIZING TIMBERLAND HOLDINGS

7.5

Millionsofacres

6.0

4.5

3.0

1.5

0.0

2012

2013

2014

2015

2016

2017

2018

2019

2020

$1.6 BILLION OF PROCEEDS(1)

FROM STRATEGIC DIVESTITURES SINCE 2017

(1) Divestitures include Montana (2020), Michigan (2019), Uruguay (2017) and Twin Creeks (2017). Twin Creeks proceeds include sale of acres to and redemption of interest in the joint venture.

•  Continue to strategically optimize and upgrade portfolio

•  Strong deal sourcing, diligence and execution expertise

•  Maximize portfolio value and returns

REAL ESTATE, ENERGY & NATURAL RESOURCES

•  Continually evaluate every acre

  •  Deliver a significant premium to timber value

    •  Capture the full value of surface and subsurface assets

•  Focus on emerging natural climate solutions

  •  Generate consistent and reliable cash flow

REAL ESTATE

Unlock Higher and Better Use (HBU) Value

ENERGY & NATURAL RESOURCES

Maximize the Value of Surface and Subsurface Rights

EBITDA Generated From Lease and Royalty Payments

(1) See appendix for reconciliation to GAAP amounts. Percentages are approximate based on 2020 full year results.

REAL ESTATE, ENERGY & NATURAL RESOURCES

Consistent, Reliable Cash Generation

ADJUSTED EBITDA(1)

2016

2017

(1) See appendix for reconciliation to GAAP amounts.

2018

Real Estate

2019

2020

Energy & Natural Resources

The quantity of real estate HBU property was reduced by divestitures of the company's Michigan and Montana timberlands in 2019 and 2020, respectively.

$255

2021 Outlook

•  Shifting societal preferences driving robust demand for rural recreational properties

•  Continued strong demand from recreational and investment buyers

WOOD PRODUCTS

•  Unmatched scale, brand and reputation

  •  Diversified mix of high-quality products

    •  Diverse customer mix and demand drivers

      •  Relentless focus on industry-leading cost structure

•  Superior returns through the cycle: "Black at the bottom"

WOOD PRODUCTS PORTFOLIO

Industry-Leading Scale, Diversification and Quality

2nd largest producer in North America

• • 19 lumber mills

• • 5.2 BBF capacity

4th largest producer in North America

• • 6 oriented strand board mills

• • 3.1 BSF capacity

#1 engineered wood capacity in North America

• • 6 engineered wood mills (42 MMCF capacity)

• • 3 veneer/plywood mills (610 MMSF capacity)

• • 1 medium density fiber mill (265 MMSF capacity)

Located in the largest homebuilding markets

• • 18 distribution centers

(1) See appendix for reconciliation to GAAP amounts. Other is excluded.

Statistics for full year 2020. Source: Competitor reports, public filings, APA. Production capacity for engineered wood represents total solid section press capacity. Weyerhaeuser engineered solid section facilities also may produce engineered I-joists to meet market demand. In 2020, approximately 25 percent of Weyerhaeuser's total press production was converted into I-joists.

WOOD PRODUCTS

Diverse Demand Drivers and Customer Mix

Customers value our quality, scale, reliability and sustainable practices

Percentages are approximate based on 2020 full year Wood Products net sales.

WOOD PRODUCTS

Achieved "Black at the Bottom"

(1) See appendix for reconciliation to GAAP amounts. 25

OPERATIONAL EXCELLENCE

Delivering Superior Execution and Ongoing Improvement

TIMBERLANDS

Harvest & Haul • Silviculture • Marketing • Merchandising

WOOD PRODUCTS

Controllable Cost • Recovery •

Reliability • Product Mix

Cross-Business

OpX

DRIVING SUPERIOR RELATIVE PERFORMANCE

Our OpX Scorecard

Source for competitor data: public SEC filings, National Council of Real Estate Investment Fiduciaries (NCREIF). Results include only North American operations.

• (1) See appendix for reconciliation to GAAP amounts.

• (2) 2020 EBITDA for Weyerhaeuser Southern Timberlands reflects announced 10 percent reduction in 2020 fee harvest volumes. Timberlands peers include NCREIF, PotlatchDeltic and Rayonier. To improve comparability with peer disclosures, amounts shown for Weyerhaeuser include Timberlands EBITDA and non-timber income currently reported in the company's Energy & Natural Resources business.

  We are "Black at the Bottom"

• (3) Wood Products peers include BlueLinx, Boise Cascade, Canfor, Interfor, Louisiana Pacific, Norbord and West Fraser. Some peer results reflect 2020 Q3 LTM data, as 2020 full-year results are not yet available.

• (4) 2017-2020 lumber margins include expenses for softwood lumber countervailing and anti-dumping duties for all companies shown.

DISCIPLINED CAPITAL ALLOCATION

Balanced and Sustainable Philosophy - Three Key Priorities

$380 MILLION

of cash returned to shareholders

in 2020

$280 MILLION

of disciplined capex

in 2020

$900 MILLION

of gross debt reduction

in 2020

RETURNING CASH TO SHAREHOLDERS

Implemented "Base Plus Variable Supplemental" Dividend Framework

CORE ALLOCATION

Quarterly cash base dividend of $0.17 per share

• ▪ Sustainable across a full range of market conditions

• ▪ Supported by cash flow from Timberlands and Real Estate & ENR

• ▪ Positioned to grow over time

Flexible tools to achieve total return of 75-80% of annual Adjusted FAD

• ▪ Expect primary tool will be variable supplemental cash dividend

• ▪ Generally paid annually based on prior year cash flow, expect first payment in first quarter 2022

• ▪ May also utilize opportunistic share repurchase

New dividend framework will return significant and appropriate cash through the cycle

RETURNING CASH TO SHAREHOLDERS

Dividend Framework is Sustainable Over the Business Cycle

ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION (1)

Our cash flow supports the base dividend, even in adverse markets

(1) See appendix for reconciliation to GAAP amounts and definitions of Adjusted EBITDA and Adjusted FAD.

RETURNING CASH TO SHAREHOLDERS

Demonstrated Commitment

DISCIPLINED INVESTMENTS

Sustain and Enhance Our Operations

Capital expenditures for 2016 exclude discontinued operations.

MAINTAIN AN APPROPRIATE CAPITAL STRUCTURE

Solid Balance Sheet and Financial Flexibility

(1) Last twelve months Adjusted EBITDA for each quarter presented. See appendix for reconciliation to GAAP amounts.

FAVORABLE FUNDAMENTALS ACROSS OUR MARKETS

Driven By Continued Demand for U.S. Housing

Increasing demand from residential construction activity

Favorable industry operating rates

B.C. mill closures reduced industry capacity

Pricing in record territory

Mass timber and CLT gaining momentum

Increasing demand from residential construction activity

High industry operating rates

Pricing in record territoryRising domestic wood products production

WY Oregon fire salvage proceeding well, with little downgrade in log quality and pricing

Favorable Japanese demand

Improved Chinese log demand, with European and Australian supply challengesImproving sawlog demand

Fiber log demand generally stable

Log pricing flat, expect sawlog prices will rise slowly over time

Emerging log export opportunity

OUR WORKING FORESTS ARE PART OF THE CLIMATE SOLUTION

An Endlessly Renewable Resource that Absorbs and Stores Carbon

WOOD IS THE ULTIMATE

Green-Building Material

•  Stores carbon

•  Endlessly renewable

•  Lower GHG emissions than concrete & steel

WEYERHAEUSER INVESTMENT THESIS

EXPECT LONG-TERM GROWTH IN U.S. HOUSING

• • Growing preference for larger, single-family homes, supported by ongoing work-from-home flexibility

• • Historically low mortgage rates, and record low inventories for existing home sales

• • Building material constraints, and labor and lot availability could dampen near-term housing trajectory

U.S. HOUSING STARTS

SEASONALLY ADJUSTED ANNUAL RATE

2.5

2.0

Millionsofunits

1.5

1.0

0.5

0.0

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2021 2020

YTD

Source: U.S. Census Bureau YTD as of Jan. 2021

ANNUAL

LEVEL OF CONSTRUCTION REMAINS BELOW HOUSING NEED

• • Growing housing "deficit" as current pace of building activity is not sufficient to meet demand

• • Favorable demographics with millennials entering prime homebuying years

U.S. POPULATION BY AGE

Millions

25

20

15

10

5

0

0-5 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84

Source: U.S Census Bureau

ANNUAL U.S. HOUSING NEED

MILLIONS OF UNITS

85+

Source: Freddie Mac, 2018

STRONG REPAIR & REMODEL ACTIVITY

• • Stay-at-home behavior has driven surge in do-it-yourself and professional home improvement

• • Expect continued favorable repair & remodel sales volumes

• • Housing stock continues to age, with median age greater than 40 years

• • Rising home equity

U.S. HOUSING STOCK

U.S. RETAIL BUILDING MATERIALS SALES

MEDIAN AGE OF OWNER-OCCUPIED HOMES

TOTAL SPENDING

YearsofAge

YEAR

$Billions

450 400 350 300 250 200 150 100 50 0

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

ANNUAL

Source: U.S. Census Bureau 2019 American Housing Survey, FEA

Source: U.S. Census Bureau

LUMBER DEMAND AND FUNDAMENTALS ARE FAVORABLE

• • Strong new residential construction activity and solid home improvement demand

• • Favorable industry operating rates

• • Pricing in record territory

• • Rising focus on sustainability may drive higher non-residential usage over time

NORTH AMERICAN LUMBER CONSUMPTION

BY END USE, 2020

Source: FEA

FRAMING LUMBER COMPOSITE

LUMBER PRICING

$/MBF

QUARTERLY

Source: Random Lengths Q1 QTD as of 2/19/2021

WEYERHAEUSER'S AVERAGE LUMBER SALES

REALIZATIONS

Approximate change

AS OF FEBRUARY 19, 2021(1)

(1) Changes in average realizations typically lag changes in industry benchmark pricing due to length of order files.

LUMBER

B.C. Mill Closures Have Reduced Industry Capacity

• • Log supply declining in British Columbia due to fires, pine beetle and lower allowable cut

• • Canadian lumber exports to the U.S. remain subject to duties

• • Canadian share of lumber market has decreased

• • U.S. Southern lumber production gaining share

NORTH AMERICAN LUMBER PRODUCTION

ANNUAL CHANGE IN LUMBER PRODUCTION

BY REGION, 2020

BY REGION

British

0.9

0.4

Billionboardfeet

(0.1)

(0.6)

(1.1)

(1.6)

(2.1)

(2.6)

British Columbia

Other CanadaOther U.S.

U.S. WestU.S. South

Source: FEA

Total North American softwood lumber production 58 BBF in 2020

Source: WWPA YTD as of Nov. 2020

OSB MARKET FUNDAMENTALS ARE POSITIVE

• • Strong demand from new residential construction activity

• • High industry operating rates

• • Pricing in record territory

WEYERHAEUSER'S AVERAGE OSB SALES

REALIZATIONS

Approximate change

AS OF FEBRUARY 19, 2021(1)

Source: FEA

NORTH AMERICAN OSB CONSUMPTION

BY END USE, 2020

ORIENTED STRAND BOARD PRICING

7/16" NORTH CENTRAL

800

$/MSF

700

600

500

400

300

200

100

0

2005

2007

Source: Random Lengths Q1 QTD as of 2/19/2021

2009

2011

2013

QUARTERLY

(1) WY reports OSB realizations in MSF 3/8". Changes in average realizations typically lag changes in industry benchmark pricing due to length of order files.

2015

2017

2019

2021

WESTERN LOGS

Favorable Domestic and Export Demand

• • Largest driver of demand is growing U.S. housing activity

• • Solid Japanese demand for premium logs

• • Improved Chinese demand with European and Australian supply challenges

• • Able to rapidly flex volume in response to changing markets

WESTERN SAWLOG PRICING

$/MBF

WY transacts Western logs primarily in MBF but reports in ton equivalents. A $5/ton change in WY realizations is approximately $40 million of annual EBITDA.

ANNUAL

Source: Log Lines, Weyerhaeuser YTD as of Jan.

0.7

0.6

0.5

Millions

U.S. WESTERN HOUSING STARTS

SEASONALLY ADJUSTED ANNUAL RATE

0.4

0.3

0.2

0.1

0

2010

2016

2011

Source: Bureau of Census YTD as of Jan. 2021

2012

2013

2014

ANNUAL

2015

2017

2018

2019

2020

2021 YTD

0.8

Millions

2013

JAPAN HOUSING STARTS

0.7

0.6

WOOD-BASED

0.5

0.4

0.3

0.2

0.1

0.0

2010

2011

2012

2014

2015

2016

2017

2018

2019

2020

Source: JAWIC

ANNUAL

CHINA SOFTWOOD LOG IMPORTS

50

Million cubic meters

40

30

20

10

-

2018 2019 2020

2010

2011

2012

2013

2014

2015

2016

2017

ANNUAL

Source: China Gov't Statistics. Customs Code Numbers: 4403-2000 Logs, coniferous. 47

SOUTHERN LOGS

Improving Sawlog Demand Will Drive Long-Term Price Improvement

• • Sawlog demand increasing as mill operating rates rise

• • WY fiber log demand stable

• • WY's timberlands are well positioned to benefit from rising lumber production and capacity across the South

• • Additional upside opportunity from Southern log exports

$/GREENTON

Source: Timber Mart-South

ANNUAL

MMBF

Source: Forisk, Company Reports

1,200

900

600

300

0

FL

SAWMILL CAPACITY ADDITIONS

ANNOUNCED BY STATE

AL

Source: Forisk, Company Reports

LAVAARTXGAMS

WELL-LADDERED DEBT PROFILE

Minimal Maturities Until 2023

$ in millions

DEBT MATURITY PROFILE(1)

$1,250

2021

2022

2023

2024

2025

2026

(1) $860 million WestRock note maturing 2023 includes extension option.

2027

2028

2029

2030

Revolving credit facility was undrawn as of December 31, 2020. This credit facility has a capacity of $1.5 billion and expires in January 2025.

•  $5.5 billion of long-term debt currently outstanding

  • • 96% fixed rate

  • • Weighted average maturity of 7.5 years

  • • Weighted average interest rate of 6%

•  Redeemed $825 million of 2023 bonds in 2020 Q3-Q4

•  Remaining 2021 bonds to be repaid at maturity

  2031

  2032

  2033

•  Revolver used for working capital management as needed

ENVIRONMENTAL, SOCIAL & GOVERNANCE

External Recognition

LISTINGS ON ESG INDICES

WE ARE TIMBER-GROWING EXPERTS

Deeply Committed to Environmental Stewardship

OUR TIMBER SUPPLY-CHAIN EXPERTISE IS UNRIVALED

We Capture Maximum Value At Each Step

OPTIMIZED TRANSPORTATION

We offer dependable, year-round supply with world-class logistics and efficient harvest & haul

OUR WOOD PRODUCTS SUPPLY CHAIN IS EFFICIENT

We Drive Out Cost and Maximize Value From Raw Materials to End Use

ADJUSTED EBITDA RECONCILIATION

Total Company

$ Millions	2017	2018	2019	2020
Adjusted EBITDA1	$2,080	$2,032	$1,276	$2,201
Depletion, depreciation & amortization	(521)	(486)	(510)	(472)
Basis of real estate sold	(81)	(124)	(116)	(141)
Unallocated pension service costs	(4)	-	-	-
Special items included in operating income	(343)	(28)	1	122
Operating Income (GAAP)	$1,131	$1,394	$651	$1,710
Non-operating pension and other post-employment benefit costs	(62)	(272)	(516)	(290)
Interest income and other	40	60	30	5
Net Contribution to Earnings	$1,109	$1,182	$165	$1,425
Interest expense, net	(393)	(375)	(378)	(443)
Income taxes	(134)	(59)	137	(185)
Net Earnings (Loss) (GAAP)2	$582	$748	$(76)	$797

• 1. 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 adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjusted EBITDA excludes results from joint ventures. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

• 2. Net earnings for 2017, 2018, 2019 and 2020 include net charges of $52 million, $122 million, $354 million and $285 million, respectively, of after-tax non-operating special items which are reported in non-operating pension and other post-employment benefit costs, interest income and other, interest expense, net, and income taxes.

NET DEBT TO ADJUSTED EBITDA RECONCILIATION

Total Company

$ Millions	2016 Q3 Q4	Q1 2017 Q2 Q3 Q4	Q1 2018 Q2 Q3 Q4	Q1 2019 Q2 Q3 Q4	Q1 2020 Q2 Q3 Q4
Net Debt to Adjusted EBITDA (LTM) 1,2,3	5.3	3.7	3.6	3.3	2.9	2.5	2.5	2.2	2.5	3.0	3.3	3.9	4.7	4.9	4.5	4.1	2.9	2.3
Total debt	$8,310	$6,610	$6,606	$6,604	$5,995	$5,992	$5,928	$5,924	$5,921	$6,344	$6,401	$6,293	$6,590	$6,377	$7,426	$6,299	$5,974	$5,475
Less: Cash and cash equivalents	769	676	455	701	497	824	598	901	348	334	259	212	153	139	1,458	643	787	495
Net Debt	$7,541	$5,934	$6,151	$5,903	$5,498	$5,168	$5,330	$5,023	$5,573	$6,010	$6,142	$6,081	$6,437	$6,238	$5,968	$5,656	$5,187	$4,980
Adjusted EBITDA (LTM) 1,2,3	$1,427	$1,583	$1,701	$1,794	$1,929	$2,080	$2,170	$2,301	$2,237	$2,032	$1,853	$1,559	$1,362	$1,276	$1,324	$1,367	$1,804	$2,201
Depletion, depreciation & amortization	(457)	(512)	(541)	(537)	(531)	(521)	(508)	(498)	(488)	(486)	(489)	(494)	(507)	(510)	(510)	(503)	(483)	(472)
Basis of real estate sold	(54)	(109)	(106)	(103)	(108)	(81)	(79)	(91)	(113)	(124)	(160)	(171)	(149)	(116)	(130)	(131)	(147)	(141)
Unallocated pension service costs	(1)	(5)	(5)	(5)	(4)	(4)	(2)	(2)	(1)	-	-	-	-	-	-	-	-	-
Special items in operating income	(129)	(135)	(73)	(264)	(457)	(343)	(339)	(149)	58	(28)	(40)	(20)	33	1	33	41	(92)	122
Operating Income (LTM) (GAAP) 1	$786	$822	$976	$885	$829	$1,131	$1,242	$1,561	$1,693	$1,394	$1,164	$874	$739	$651	$717	$774	$1,082	$1,710
Equity earnings (loss) from joint ventures	21	22	17	10	2	1	1	1	-	-	-	-	-	-	-	-	-	-
Non-operating pension and other post-employment benefit costs	41	48	12	(6)	(35)	(62)	(64)	(69)	(70)	(272)	(718)	(715)	(713)	(516)	(55)	(55)	(49)	(290)
Interest income and other	43	43	43	42	38	39	42	44	46	60	58	53	46	30	21	17	13	5
Net Contribution to Earnings (LTM) 1	$891	$935	$1,048	$931	$834	$1,109	$1,221	$1,537	$1,669	$1,182	$504	$212	$72	$165	$683	$736	$1,046	$1,425
Interest expense, net of capitalized interest	(410)	(431)	(435)	(421)	(405)	(393)	(387)	(379)	(374)	(375)	(389)	(388)	(386)	(378)	(356)	(368)	(388)	(443)
Income taxes	(42)	(89)	(102)	(105)	(56)	(134)	(140)	(171)	(183)	(59)	75	177	159	137	36	(61)	(167)	(185)
Net Earnings (Loss) from Continuing Operations (LTM) 1	$439	$415	$511	$405	$373	$582	$694	$987	$1,112	$748	$190	$1	($155)	($76)	$363	$307	$491	$797
Earnings from discontinued operations, net of income taxes	107	612	592	554	489	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Earnings (Loss) (LTM) (GAAP) 1	$546	$1,027	$1,103	$959	$862	$582	$694	$987	$1,112	$748	$190	$1	($155)	($76)	$363	$307	$491	$797
Dividends on preference shares	(33)	(22)	(11)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Earnings (Loss) to Common Shareholders (LTM) (GAAP) 1	$513	$1,005	$1,092	$959	$862	$582	$694	$987	$1,112	$748	$190	$1	($155)	($76)	$363	$307	$491	$797

• 1. LTM = last twelve months.

• 2. Net debt to Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Net debt to Adjusted EBITDA, as we define it, is long-term debt and borrowings on line of credit, net of cash and cash equivalents divided by the last twelve months of Adjusted EBITDA.

• 3. 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 adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjusted EBITDA excludes results from joint ventures. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.

ADJUSTED EBITDA RECONCILIATION

Timberlands

$ Millions	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Western Timberlands and Energy & Natural Resources (ENR)	$283	$263	$380	$579	$470	$449	$520	$544	$332	$354
Less: EBITDA attributable to Western ENR1	4	5	7	8	11	6	12	12	14	14
Western Timberlands	279	258	373	571	459	443	508	532	318	340
Southern Timberlands and ENR	290	339	372	457	472	469	428	398	410	319
Less: EBITDA attributable to Southern ENR1	64	41	44	47	42	43	45	47	58	45
Southern Timberlands	226	298	328	410	430	426	383	351	352	274
Northern Timberlands	29	28	32	47	41	26	23	19	15	4
Other Timberlands	(15)	(8)	46	2	7	6	22	-	(5)	(8)
Adjusted EBITDA including Legacy Plum Creek operations1,2	$519	$576	$779	$1,030	$937	$901	$936	$902	$680	$610
Less: EBITDA attributable to Plum Creek3	175	203	235	291	260	36	-	-	-	-
Weyerhaeuser Timberlands Adjusted EBITDA1	$344	$373	$544	$739	$678	$865	$936	$902	$680	$610
Depletion, Depreciation & Amortization	(138)	(143)	(168)	(207)	(208)	(366)	(356)	(319)	(301)	(257)
Special Items	-	-	-	-	-	-	(48)	-	(32)	102
Operating Income (GAAP)	$206	$230	$376	$532	$470	$499	$532	$583	$347	$455
Interest Income and Other	4	3	4	-	-	-	-	-	-	-
Loss Attributable to Non-Controlling Interest	-	1	-	-	-	-	-	-	-	-
Net Contribution to Earnings	$210	$234	$380	$532	$470	$499	$532	$583	$347	$455

• 1. 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 adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjusted EBITDA excludes results from joint ventures. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.

• 2. Results exclude Real Estate, Energy & Natural Resources, which was reported as part of legacy Weyerhaeuser's Timberlands segment. West includes Plum Creek Washington and Oregon operations. South includes Plum Creek Southern Resources. North includes Plum Creek Northern Resources less Washington and Oregon. Results from Longview Timber are included in Other for 2013 and in Western Timberlands for 2014 and forward. Other also includes results from international operations and certain administrative charges.

• 3. Results represent Plum Creek Timberlands EBITDA from October 1, 2011 through February 18, 2016.

ADJUSTED EBITDA RECONCILIATION

Wood Products

$ Millions	2011	2012	2013	2014	2015	20161	2017	2018	2019	2020
Lumber	($7)	$130	$317	$319	$212	$289	$459	$459	$183	$799
OSB	(4)	143	247	46	41	183	359	329	59	466
EWP	6	17	45	79	114	145	173	177	207	188
Distribution	(37)	(29)	(33)	2	10	25	38	32	33	86
Other	(1)	(15)	(2)	-	(5)	(1)	(12)	(10)	(6)	(12)
Adjusted EBITDA2	($43)	$246	$574	$446	$372	$641	$1,017	$987	$476	$1,527
Depletion, Depreciation & Amortization	(151)	(133)	(123)	(119)	(106)	(129)	(145)	(149)	(191)	(195)
Special Items	(52)	6	(10)	-	(8)	-	(303)	-	68	8
Operating Income (GAAP)	($246)	$119	$441	$327	$258	$512	$569	$838	$353	$1,340
Interest Income and Other	3	1	-	-	-	-	-	-	-	-
Net Contribution to Earnings	($243)	$120	$441	$327	$258	$512	$569	$838	$353	$1,340

• 1. Amounts presented reflect the results of operations acquired in our merger with Plum Creek Timber, Inc. beginning on the merger date of February 19, 2016.

• 2. 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 adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjusted EBITDA excludes results from joint ventures. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.

ADJUSTED EBITDA RECONCILIATION

Real Estate, Energy & Natural Resources

$ Millions	2016	2017	2018	2019	2020
Real Estate	$142	$178	$196	$193	$176
Energy & Natural Resources	47	63	68	81	65
Adjusted EBITDA1	$189	$241	$264	$274	$241
Depletion, Depreciation & Amortization	(13)	(15)	(14)	(14)	(14)
Basis of Real Estate Sold	(109)	(81)	(124)	(116)	(141)
Special Items in Operating Income	(14)	-	-	-	-
Operating Income (GAAP)	$53	$145	$126	$144	$86
Interest Income and Other	2	1	1	-	-
Net Contribution to Earnings	$55	$146	$127	$144	$86

1. 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 adjusted for depreciation, depletion, amortization, basis of real estate sold, unallocated pension service costs and special items. Adjusted EBITDA excludes results from joint ventures. Adjusted EBITDA should not be considered in isolation from and is not intended to represent an alternative to our GAAP results.

ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION (FAD) RECONCILIATION

$ Millions	2017	2018	2019	2020
Net Cash from Operations	$1,201	$1,112	$966	$1,529
Capital Expenditures (excluding discontinued operations)	(419)	(427)	(384)	(281)
Funds Available for Distribution1	$782	$685	$582	$1,248
Cash for product remediation payments (from product remediation insurance recoveries)	192	96	(68)	(8)
Cash tax payments attributable to Cellulose Fibers divestiture	75	-	-	-
Cash contribution to our U.S. qualified pension plan	-	300	-	-
Adjusted Funds Available for Distribution2	$1,049	$1,081	$514	$1,240

• 1. Funds available for distribution (FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. FAD, as we define it, is net cash from operations adjusted for capital expenditures. FAD measures cash generated during the period (net of capital expenditures) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

• 2. Adjusted funds available for distribution (Adjusted FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and significant non-recurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.