In the future, we will continue to focus our investment activities on these low-cost regions of the world. We also expect to benefit from our forestry practices, especially from our land in the United States.

Over the next 10 years, we’ll see a significant increase in the volume of timber we harvest. At 1997 prices, the pre-tax cash flow generated by these forests will increase by more than 50 percent. We took some important steps in 1998. Weyerhaeuser is becoming more efficient, more cost-competitive and better positioned for future growth. Our work, however, is not done.

We must drive these changes further into our organization. We must learn to operate more reliably. We must eliminate redundancy. We must continue our control on capital spending. We must look for future growth opportunities. Weyerhaeuser is a great company. It has a promising future. Our challenge is to fulfill our potential. We will do that. We will prove to you that at Weyerhaeuser “the future is growing.”