The Shareholder Forum™

Purpose

The Shareholder Forum provides all decision-makers – from the ultimate owners of capital to the corporate managers who use their capital, and all of the professionals in between – with reliably effective access to the information and views participants consider relevant to their respective responsibilities for the common objective of using capital to produce goods and services.

Having pioneered what became the widespread practice of "corporate access" events over two decades ago, the Forum continues to refine its "Direct Access" practices to assure effective support of marketplace interests.

Access Policies

To provide the required investor access without regulatory constraints, the Forum developed policies and practices allowing it to function as an SEC-defined independent moderator. We also adopted well-established publishing standards to assure essential participant privacy and communication rights.

These carefully defined and thoroughly tested Forum policies are the foundation of our unique marketplace resource for clearly fair access to information and exchanges of views.

History

We have been doing this for more than two decades. The Forum programs were initiated in 1999 by the CFA Society New York (at the time known as the New York Society of Security Analysts) with lead investor and former corporate investment banker Gary Lutin as guest chairman to address the professional interests of the Society’s members.

Independently supported by Mr. Lutin since 2001, the Forum’s public programs – often in collaboration with the CFA Society as well as with other educational institutions such as the Columbia Schools of Business and Journalism, the Yale School of Management and The Conference Board – have achieved wide recognition for their effective definition of both company-specific and marketplace issues, followed by an orderly exchange of the information and views needed to resolve them.

The Forum's ability to convene all key decision-making constituencies and influence leaders has been applied to subjects ranging from corporate control contests to the establishment of consensus marketplace standards for fair disclosure, and has been relied upon by virtually every major U.S. fund manager and the many other investors who have participated in programs that addressed their interests.

Commitment

The Forum welcomes suggestions for its continuing support of fair access to the information needed by both shareholders and corporate managers.

Responding to the recent increases in investor engagement and activism, we have established a strong policy commitment to supporting corporate managers who wish to provide the leadership expected of them by assuring orderly reviews of issues. We will of course also continue to welcome the initiation of company-specific programs by shareholders concerned with the use of their capital to produce goods and services, and we naturally remain committed to addressing general marketplace interests in collaboration with educational institutions and publishers.

1. Long-term Active - professional fund managers as well as non-professional individuals whose investment decisions are based primarily on an analysis of essential enterprise value.
2. Short-term Active - arbitrage funds and others whose investment decisions are based primarily on transaction prospects, and whose shifting trading positions may vary significantly from record date holdings for voting purposes.
3. Long-term Passive - funds which hold stock based on its inclusion in an index, and make voting decisions based on fiduciary investment optimization policies applicable to broadly diversified portfolios.
4. Strategic - individuals or entities with shareholder positions based on some interest other than pure investment, including Weyerhaeuser with its interest in acquiring Willamette as well as executives of Willamette with their interests in employment prospects.

Press Release

Weyerhaeuser Extends Tender Offer for Willamette Industries Until June 7, 2001

Encourages Shareholders To Support Election Of Weyerhaeuser Nominees At June 7th Annual Meeting

FEDERAL WAY, Wash.--(BUSINESS WIRE)--May 21, 2001-- Weyerhaeuser Company (NYSE: WY) today announced that it has extended its $50 per share cash tender offer for all of the outstanding common stock of Willamette Industries, Inc. (NYSE: WLL). The offer, which was scheduled to expire at midnight New York City time on May 18, 2001, has been extended until midnight New York City time on June 7, 2001.

As of midnight on May 18, 2001, Willamette shareholders had tendered and not withdrawn 49,239,993 shares pursuant to Weyerhaeuser's tender offer.

Steven R. Rogel, chairman, president, and chief executive officer of Weyerhaeuser, stated, ``Given the fact that Willamette's poison pill and other defensive measures prevent Weyerhaeuser from purchasing any shares pursuant to our tender offer, we are pleased with the level of support we have received. The Willamette board has undertaken a six-month effort to prevent us from consummating our tender offer and delivering premium value to shareholders. At Willamette's long-delayed annual meeting on June 7th, shareholders will have an opportunity to send a message that the Willamette board of directors cannot ignore. Shareholders will be able to elect directors who are committed to maximizing value for shareholders now. We believe the only way to facilitate the proposed combination is to vote the GOLD proxy card for the election of the Weyerhaeuser nominees.

``If Willamette is prepared to negotiate a definitive merger agreement promptly, Weyerhaeuser is willing to increase its offer above $50 per share. Now is the time for Willamette shareholders to take control of their company to maximize the value of their shares,'' Rogel continued.

``If the Weyerhaeuser nominees are not elected on June 7th, we will withdraw our offer, since it will take at least two more years, until the 2003 Annual Meeting, to effect a transaction not approved by the current Willamette board,'' Rogel concluded.

Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2000, sales were $16 billion. It has offices or operations in 17 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser' s businesses, products and practices is available at www.weyerhaeuser.com.

FORWARD-LOOKING STATEMENTS

This news release contains statements concerning the company's future results and performance that are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward looking statement made by Weyerhaeuser with respect to the Willamette tender offer is not entitled to the benefit of the safe harbor protections of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts; market demand for the company's products, which may be tied to the relative strength of various US business segments; performance of the company's manufacturing operations; the types of logs harvested in the company's logging operations; the level of competition from foreign producers; the effect of forestry, land use, environmental and other governmental regulations; and the risk of losses from fires, floods and other natural disasters. The company is also a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan, and by changes in currency exchange rates, particularly the relative value of the US dollar and the Euro, and restrictions on international trade. These and other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company' s Securities and Exchange Commission filings.

IMPORTANT INFORMATION

Company Holdings, Inc. (``CHI''), a wholly owned subsidiary of Weyerhaeuser Company, has commenced a tender offer for all the outstanding shares of common stock of Willamette Industries, Inc. at $50.00 per share, net to the seller in cash, without interest. The offer currently is scheduled to expire at 12:00 midnight, New York City time, on June 7, 2001. CHI may extend the offer. If the offer is extended, CHI will notify the depositary for the offer and issue a press release announcing the extension on or before 9:00 a.m. New York City time on the first business day following the date the offer was scheduled to expire.

Contact:
 

     Weyerhaeuser contacts:
     Weyerhaeuser
     Analysts
     Kathryn McAuley
     (253) 924-2058
          or
     Joele Frank, Wilkinson
     Joele Frank / Jeremy Zweig
     Brimmer Katcher
     (212) 355-4449
          or
     Weyerhaeuser
     Media
     Bruce Amundson
     (253) 924-3047