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A Tale of Two Industries

Challenges Facing The Paper Industry

Good afternoon, ladies and gentlemen. I will spare you the usual PowerPoint presentation today. In stead, I will use my time to focus on the business dynamics that are reshaping Weyerhaeuser and our industry. In my remarks I will make some forward-looking statements and I refer you to our SEC filings for a summary of the risks that may affect such statements.

The title of my remarks - "A Tale of Two Industries" - might recall for you the opening words of Charles Dickens' novel A Tale of Two Cites: "It was the best of times, it was the worst of times..."

Dickens was comparing London with pre-revolutionary Paris in the 18th Century. My remarks today address market segments of the forest products industry in the early 21st Century. Although Dickens depended on books to reach generations of avid readers, the paper on which his novels are published is not now experiencing the 'best of times.'

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