<b>Willamette Resisting Weyerhaeuser Takeover</B>

Willamette Industries’ board of directors has issued a letter resisting Weyerhaeuser’s plan to acquire it.

According to the letter, issued this week, Willamette is contesting the Weyerhaeuser proposal on the grounds that it does not offer an adequate value.

“Although Willamette is not for sale, we understand and take very seriously our fiduciary obligations and are willing to listen to any serious, legitimate proposal that may benefit our shareholders.  As we have said many times, your offer grossly undervalues the premier franchise in the forest products industry.  In fact, since we rejected your offer in November, a relevant composite of forest product company stocks has appreciated by an average of approximately 16 percent, making your offer of $48 even more unappealing.  Our company is performing well and we remain confident that we can deliver greater value to our shareholders over the long term.”