Slide 1: Special Dividend Conference Call
WEYERHAEUSER COMPANY July 12, 2010 Exhibit 99.2 Special Dividend Conference Call
Slide 2: Reasons to Own Weyerhaeuser
Reasons to Own Weyerhaeuser Most attractive timberland in the world Leader in adding and extracting value from timberlands Uniquely positioned to benefit from the recovery Focused on returning value to shareholders REIT structure best supports strategic direction
Slide 3: Benefits of REIT Conversion
Benefits of REIT Conversion Tax efficiency of REIT structure positions Weyerhaeuser to increase timberland earnings Qualified earnings distributed to shareholders not taxed at corporate level Most dividends to shareholders taxed at capital gains rate Eligible to elect REIT status for fiscal 2010, fo
Slide 4: Special Dividend
Special Dividend Board declared special dividend of $5.6 billion Cash portion of special dividend to be capped at 10%, or $560 million Shareholders can elect to receive the distribution in cash or stock Cash distribution subject to pro-ration, with the remaining amount paid in stock Special dividend
Slide 5: Special Dividend Calendar
Action Key Dates Special Dividend Calendar File prospectus with SEC Later this week Ex-dividend date Set by NYSE; Typically 2 business days prior to record date Dividend record date Thursday, July 22 Prospectus and election form mailed to shareholders Thursday, July 29 Election forms due Monday, Aug
Slide 6: Hypothetical Share Impact: Special Dividend
Hypothetical Share Impact: Special Dividend (For illustrative purposes only) Special Dividend $ 5.60 billion Current Shares Outstanding 211.60 million Special Dividend per Share $26.47 per share Share Calculation Total Special Dividend $ 5.60 billion Cash Portion of Special Dividend (10%) $ .56 bill
Slide 7: Hypothetical Market Capitalization Impact: Special Dividend
Hypothetical Market Capitalization Impact: Special Dividend (For illustrative purposes only) Value Share Count Per Share Pre-Distribution Market Capitalization $7,584 211.6 $35.84 Special Dividend ($5,600) ______________________________________ 211.6 _________________________________________________
Slide 8: Accounting Impact of $5.6 Billion Special Dividend
Accounting Impact of $5.6 Billion Special Dividend Pro-forma changes to balance sheet Cash reduced by $560 million Deferred tax liability reduced by approximately $1.0 billion Shareholders’ equity increased by $440 million Pro-forma changes to income statement Tax benefit of approximately $1.0 billi
Slide 9: Ongoing REIT Requirements
Ongoing REIT Requirements Ownership tests Asset tests Income tests Distribution requirements Details are described in the prospectus
Slide 10: Post REIT Conversion Dividend Considerations
Post REIT Conversion Dividend Considerations Macroeconomic climate Earning potential of the company Target capital structure Appropriate debt levels Long term liquidity Maintaining access to capital Affordability Future growth opportunities Guidance to be provided in Q4 2010
Slide 11: Reasons to Own Weyerhaeuser
Reasons to Own Weyerhaeuser Most attractive timberland in the world Leader in adding and extracting value from timberlands Uniquely positioned to benefit from the recovery Focused on returning value to shareholders REIT structure best supports strategic direction
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