Federal Way, Washington, USA, 15 June 2006 -- /PRNewswire/ -- The board of directors of Weyerhaeuser Company Limited today declared a dividend of U.S. 60 cents per share on the exchangeable shares of the corporation, payable 28 August 2006, to shareholders of record at the close of business 04 August 2006. This is an increase of 20% from the second quarter dividend of 50 cents per share.

"Due to the company's ability to generate strong free cash flow, Weyerhaeuser has the financial capability to increase its regular quarterly dividend, as well as repurchase shares and continue to invest in certain businesses to enhance its leadership position in the industry," said Steven R. Rogel, chairman, president, and chief executive officer. "This dividend increase delivers on the board's commitment to return capital to shareholders, and it underscores the board's confidence in Weyerhaeuser's prospects for long-term growth and profitability. Independent of the dividend increase, we continue to execute our business strategies, including actively evaluating alternatives for our fine paper business."

The dividend shall be paid in the Canadian dollar equivalent at the noon spot exchange rate on 15 June 2006, of 1.1177. The Canadian dollar equivalent amount is 67 cents.

Weyerhaeuser Company (NYSE:WY), one of the world's largest integrated forest products companies, was incorporated in 1900. In 2005, sales were USD 22.5 billion. It has offices or operations in 18 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. Weyerhaeuser Company Limited, a wholly owned subsidiary, has Exchangeable Shares listed on the Toronto Stock Exchange under the symbol WYL. Additional information about Weyerhaeuser's businesses, products, and practices is available at http://www.weyerhaeuser.com/.