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Weyerhaeuser Holdings Limited Redeems Exchangeable Shares
Federal Way, Washington, USA, 27 February 2008 — Weyerhaeuser Company Limited (TSX: WYL), an indirect subsidiary of Weyerhaeuser Company (NYSE: WY), today announced that it is exercising its right to redeem the exchangeable shares issued when Weyerhaeuser acquired MacMillan Bloedel Ltd. in November 1999.

Those holding the exchangeable shares on 29 April 2008 will receive shares of Weyerhaeuser common stock on a one-for-one basis. Holders of the exchangeable shares have had the same rights as other holders of Weyerhaeuser common stock, but now will hold Weyerhaeuser common shares directly.

Terms of the acquisition permitted the redemption of the exchangeable shares after 31 December 2007.

A cover letter, along with the Notice of Redemption, the Notice of Exercise of Redemption Call Right, and the Purchase and Transmittal Form will be mailed today to registered holders of exchangeable shares. CIBC Mellon Trust Company, as the depositary, will facilitate the redemption.

Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2007, sales were USD 16.3 billion. It has offices or operations in 13 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution, and sale of forest products; and real estate construction, development, and related activities. Additional information about Weyerhaeuser's businesses, products, and practices is available at http://www.weyerhaeuser.com.


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