Code of Ethics

Our first code of ethics, "Weyerhaeuser's Reputation, A Shared Responsibility," was issued to managers in 1976. The code was renamed "Our Reputation: A Shared Responsibility" in 1993. It is currently in its seventh edition and is issued to all employees. It is also available to customers, contractors, suppliers and the public.

The code of ethics explains the standards of conduct that employees are expected to follow. Topics covered include:

• Antitrust and competition laws
• Company assets
• Conflict of interest
• Corporate opportunities
• Employment expectations
• Employment issue resolution process
• Entertainment
• Environmental responsibility
• Full and fair disclosure
• Gifts
• Government affairs and reports
• Inside information and insider trading
• Intellectual property
• International business conduct
• Protection of employee information
• Protection of third-party information
• Safety and health
• Suppliers, contractors and customers

Regular improvements are made to our Ethics and Business Conduct program, including seven revisions of our code of ethics to address new issues or clarify company policies. In addition to receiving the code, all employees participate in ethics training on a regular basis and are expected to role-model and promote ethical behavior.

Our top senior managers complete a certificate of compliance with our code of ethics every year, and salaried employees do so every two years. New employees are introduced to our code of ethics as part of orientation. All employees participate in regular training to understand and reinforce our ethics expectations.

Key ethics and business conduct accomplishments in 2007 include:

• We updated our long-standing Foreign Corrupt Practices Act policy and created training and tools to provide better guidance to employees. All salaried employees who work internationally or are in positions to have interactions with foreign government officials will take anti-bribery training in 2008.
• We also updated our U.S. antitrust compliance program to include improved training and tools. All U.S. salaried employees and their managers who have direct contact with customers or competitors, and certain salaried employees in staff functions, are expected to complete the online antitrust training in 2008.
• 98.5 percent of employees completed ethics training as of June 2007.
• We developed a Supplier Code of Ethics for distribution to suppliers and contractors in 2008.
• We improved our new-employee ethics orientation process to ensure every new or transferred employee is provided ethics information. We created a brochure, Ethics is Rooted in Our Culture, and made it available to the public.
• Weyerhaeuser's CEO and President reinforced the company's commitment to ethical business conduct and issue resolution process via a mailing to all employees in January 2008.