Weyerhaeuser : May 2024 Investor Presentation

WEYERHAEUSER

Investor Presentation

May 2024

ANDY TAYLOR

Vice President, Investor Relations

KARA HERCHE

Senior Manager, Investor Relations

AMANDA LUPER

Senior Manager, Investor Relations

Contact Us: [phone]

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 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, as well as expected increases to our underlying portfolio value, 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 rates, inflation rates, housing starts, general availability of financing for home mortgages and the relative strength of the U.S. dollar; the effects of significant geopolitical conditions or developments such as significant international trade disputes or domestic or foreign terrorist attacks, armed conflict and political unrest; the occurrence of regional or global health epidemics and their potential effects 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-lookingnon-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.

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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

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WEYERHAEUSER INVESTMENT THESIS

Unmatched	Industry-Leading	Strong ESG	Disciplined
Portfolio	Performance	Foundation	Capital Allocation

Superior Shareholder Value

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2025 YEAR-END TARGETS

Driving Growth and Shareholder Value

Unmatched

Portfolio

Industry-Leading	Strong ESG	Disciplined
Performance	Foundation	Capital Allocation

TIMBERLANDS

GROWTH

MAKE DISCIPLINED

INVESTMENTS OF

$1 BILLION

FROM 2022 TO 2025

NATURAL CLIMATE

SOLUTIONS

GROW ANNUAL EBITDA TO

$100 MILLION

OPERATIONAL

EXCELLENCE

CAPTURE IMPROVEMENTS OF

$175-250 MILLION

FROM 2022 TO 2025

LUMBER

GROWTH

INCREASE PRODUCTION BY

5% ANNUALLY

GREENHOUSE GAS	SUSTAINABLE
REDUCTIONS	DIVIDEND
MAKE PROGRESS AGAINST OUR	GROW BASE
SCIENCE-BASED TARGET	DIVIDEND BY
ALIGNED WITH A 1.5 DEGREE SCENARIO	5% ANNUALLY

EXTERNAL	SHAREHOLDER
RECOGNITIONS	RETURNS
MAINTAIN & ENHANCE	COMMITTED TO RETURNING
THROUGH COMMITMENTS	75-80% OF ADJUSTED FAD
AND PERFORMANCE	ANNUALLY TO SHAREHOLDERS
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CONTINUED STRONG PERFORMANCE

Making Progress Against Our Multi-Year Targets

Unmatched Industry-Leading

PortfolioPerformance

✓	TIMBERLANDS			OPERATIONAL
GROWTH	✓ EXCELLENCE
INVESTED ~$530 MILLION	CAPTURED $77 MILLION
INCLUDING STRATEGIC ACQUISITIONS		IN OPX IMPROVEMENTS
IN THE CAROLINAS & MISSISSIPPI		ACROSS OUR BUSINESSES
		IN 2022 & 2023			IN 2022 & 2023
✓	NATURAL CLIMATE	✓	COMPETITIVE
SOLUTIONS	POSITION
INCREASED EBITDA BY 114%			WE ARE #1
		SINCE 2020		IN EBITDA MARGIN
1ST FOREST CARBON CREDITS MONETIZED		IN ALL MANUFACTURING
THREE CCS AGREEMENTS IN PLACE			BUSINESSES
					FOR FULL-YEAR 2023

Strong ESG

Foundation

• GREENHOUSE GAS
  REDUCTIONS

WE ARE MEMBERS OF THE CLIMATE PLEDGE

COMMITTED TO NET-ZERO

EMISSIONS BY 2040

• EXTERNAL
  RECOGNITIONS

MAINTAINED OUR

ESG LISTINGS

ON MULTIPLE KEY

SUSTAINABILITY INDICES

Disciplined

Capital Allocation

• SUSTAINABLE
  DIVIDEND

INCREASED OUR

BASE DIVIDEND BY >5%

ANNUALLY, 2022-2024

• SHAREHOLDER
  RETURNS

RETURNED TOTAL CASH OF

~$4.6 BILLION

TO SHAREHOLDERS

BASED ON 2021-2023 RESULTS

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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-leadingscale, 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	7

WHAT WE DO

Create and Capture Superior Value at Every Step

PROPRIETARY	CUSTOMIZED	TARGETED	HEALTHY	HARVEST	DELIVERED	OPTIMAL RAW	LOW-COST	DIVERSE
SEEDLINGS	PLANTING	SILVICULTURE	FORESTS	AND HAUL	LOG MODEL	MATERIALS	PRODUCER	CUSTOMER MIX
yield superior	deploys the best	generates	that are diverse,	efficiency and	captures maximum	to maximize mill	that achieves top	that fully values
growth, wood	genetic material for	superior volume	productive and	logistics capabilities	value from each	margins through	margin for lumber,	our quality, scale,
quality and survival	each acre on our	and value in each	grown sustainably	for low-cost and	tree using data-	cost-effective fiber	panels and	reliability and
characteristics	land base	geography	to financial maturity	reliable operations	driven optimization	procurement	engineered wood	sustainable practices

PREMIUM LAND SALES

maximizing value from each acre via higher-and-better-use parcels

NATURAL CLIMATE SOLUTIONS	STEADY ROYALTY & LEASE INCOME
maximizing value through wind, solar,	maximizing value from
carbon, mitigation & conservation	surface & subsurface assets

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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

WE ARE		OUR		WE ARE
SUSTAINABLE		PORTFOLIO IS		SOCIALLY
BY NATURE		CLIMATE-FRIENDLY		RESPONSIBLE

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UNMATCHED

PORTFOLIO

Our Quality, Diversity and Scale Cannot Be Replicated

Timberlands

Real Estate, Energy &

Natural Resources

Wood Products

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