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CONSOLIDATED BALANCE SHEET

September 26, 2004 and December 28, 2003
(Dollar amounts in millions)
(Unaudited)

		Sept. 26,				Dec. 28,
		2004				2003
Assets
Weyerhaeuser
Current assets:
Cash and cash equivalents		$	1,227			$	171
Receivables, less allowances			1,804				1,484
Inventories (Note 9)			1,998				1,911
Prepaid expenses			527				455
Total current assets			5,556				4,021
Property and equipment, net			11,838				12,243
Construction in progress			242				403
Timber and timberlands at cost, less fee stumpage charged to disposals			4,193				4,287
Investments in and advances to equity affiliates (Note 7)			632				603
Goodwill (Note 8)			3,241				3,237
Deferred pension and other assets			1,243				1,311
			26,945				26,105
Real Estate and Related Assets
Cash and cash equivalents			8				31
Receivables, less discounts and allowances			52				64
Real estate in process of development and for sale			934				723
Land being processed for development			995				922
Investments in unconsolidated entities, less reserves (Note 7)			48				38
Other assets			302				226
			2,339				2,004
Total assets		$	29,284			$	28,109