Weyerhaeuser : March 2024 Investor Meetings

Investor Presentation

March 2024

ANDY TAYLOR

Vice President, Investor Relations

KARA HERCHE

Senior Manager, Investor Relations

AMANDA LUPER

Senior Manager, Investor Relations

Contact Us: (206) 539-3907

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 the following: our future goals and prospects, including 2025 goals and targets relating to our timberlands investments, operational excellence and sustainable margin improvements, growth and annual Adjusted EBITDA performance of our Natural Climate Solutions business, increase in annual lumber production, reductions of greenhouse gas emissions, and achievement of external ESG recognitions; business strategies; factors affecting market supply of lumber; key initiatives; expected levels of demand and market drivers for our products, including expected growth projections in U.S. housing demand, repair and remodel activity and adoption of wood-based building; market dynamics for housing; replenishment of HBU acres through timberland acquisitions; expected growth in export markets; our cash dividend framework, base dividend sustainability and target annual growth, and our target percentage return to shareholders of Adjusted Funds Available for Distribution (Adjusted FAD), including expected supplemental cash dividends and future share repurchases; capital structure, credit ratings, debt maturities, liability management, and revolving line of credit capacity; our outlook for capital expenditures across the company for 2023, 2024 and 2025; our sustainability ambitions and goals, including our 2030 greenhouse gas emissions reduction targets and our 2040 net-zero emissions goal; and expected growth in cash flows from our natural climate solutions business resulting from forecasted growth in markets and demand for renewable energy, mitigation and conservation, carbon off-sets and carbon sequestration. 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 "committed," "expect," "emerging," "growing," "maintain," "outlook," "sustainable," "target," "will," and similar words or phrases using such words, as well as references to future dates. 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, targets, or 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 risks, uncertainties 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 risks, uncertainties and other factors include without limitation: the effect of general economic conditions, including employment rates, interest rate levels, inflation, housing starts, general availability of financing for home mortgages and the relative strength of the U.S. dollar; the effects of viral or disease outbreaks, including without limitation any related regulatory restrictions or requirements 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; the success of our operational excellence initiatives; the successful and timely execution of our strategic acquisitions strategy, including the successful integration of our acquisitions and our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which could be subject to a number of risks and conditions beyond our control including without limitation timing, required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination event 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 any such changes; the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters; energy prices; availability and costs for transportation and labor; federal tax policies; the effect of forestry, land-use, environmental and other governmental regulations; legal proceedings; the performance of pension fund investments and related derivatives; the effect of timing of employee retirements as it relates to the cost of pension benefits 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 2023 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements and reports, including reports, registration statements, prospectuses, information statements and other filings with the SEC, as well as other factors not described herein because they are not currently known to us or we currently judge them to be immaterial. 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 that management believes complement the financial information presented in accordance with U.S. GAAP and therefore 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. Except for certain forward-looking non-GAAP measures, a reconciliation of each presented non-GAAP measure to its most directly comparable GAAP measure is provided in the appendices to this presentation.

TABLE OF CONTENTS

Company Overview

Investment Thesis | 2025 Targets & Progress | Who We Are | What We Do | Why We Matter

Unmatched Portfolio

Timberlands | Real Estate, Energy & Natural Resources | Wood Products

Industry-Leading Performance

Operational Excellence | Relative Competitive Performance | Innovation

Strong ESG Foundation

Sustainability Strategy | ESG Performance | Carbon Record

Disciplined Capital Allocation

Shareholder Returns | Capital Expenditures | Capital Structure

Key Market Drivers

Current Market Dynamics | Long-Term Demand Fundamentals | Carbon Platform

WEYERHAEUSER INVESTMENT THESIS

2025 YEAR-END TARGETS

Driving Growth and Shareholder Value

CONTINUED STRONG PERFORMANCE

Making Progress Against Our Multi-Year Targets

WHO WE ARE

Largest Timber REIT with Unmatched & Complementary Industry-Leading Businesses

TIMBERLANDS

We are the largest private owner of timberlands in North America

•  Unrivaled portfolio that cannot be replicated

•  Leader in sustainable forestry practices

•  10.5 million acres held in the U.S. and 14 million acres licensed in Canada

REAL ESTATE, ENERGY & NATURAL RESOURCES

We capture the highest value from every acre

•  Expertise and technology platform enables end-to-end portfolio value creation

•  Emerging Natural Climate Solutions business will serve the rising demand for net-zero solutions

WOOD PRODUCTS

We are one of North America's largest, low-cost wood products manufacturers

•  Industry-leading scale, brand and reputation

•  Diversified mix of high-quality products

•  35 manufacturing facilities across North America

CARBON PLATFORM

We are an unrivaled carbon investment opportunity

•  Our forests and wood products sequester millions of tons of CO2 annually, and we are significantly carbon negative

•  Emerging carbon markets will drive long-term portfolio value creation

WHAT WE DO

Create and Capture Superior Value at Every Step

PREMIUM LAND SALES maximizing value from each acre via higher-and-better-use parcelsNATURAL CLIMATE SOLUTIONS maximizing value through wind, solar, carbon, mitigation & conservationSTEADY ROYALTY & LEASE INCOME maximizing value from surface & subsurface assets

WHY WE MATTER

Long-Standing Focus on Sustainability

•  We manage the most sustainable, versatile resource on earth: forests

•  We are experts at using trees to make products people need

•  We do it the right way so our forests will last forever

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Disclaimer

Weyerhaeuser Company published this content on 29 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 14:37:06 UTC.